Regulatory Alerts2022-02-27
Overview of non-bank deposit takers regime
The Financial Markets Authority outlines the regulatory framework for non-bank deposit takers under the Non-bank Deposit Takers Act 2013 to ensure financial system resilience. The regime mandates that these entities, which include finance companies and credit unions, comply with prudential standards and maintain trust deeds supervised by licensed trustees. This oversight aims to mitigate contagion risks and protect investors while allowing the sector to provide essential funding and alternative investment options.
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