Regulatory Alerts2022-09-27
Questions and answers - Deposit Takers Act
The Reserve Bank of New Zealand issued this document to provide answers regarding the Deposit Takers Act and the Depositor Compensation Scheme. The Act establishes a prudential framework for deposit takers, including a compensation scheme with a coverage limit designed to protect ordinary depositors and enhance financial stability. It grants the Reserve Bank enhanced supervision and enforcement powers while imposing licensing, lending standard, and director liability requirements on regulated entities.
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