Regulatory Alerts2022-02-27
Guidance on reporting by banks of breaches of regulatory requirements
The Reserve Bank of New Zealand issued this January 2021 guidance to clarify reporting obligations for banks regarding material breaches of prudential requirements. Banks must immediately report actual, potential, or likely material breaches to the regulator and submit six-monthly reports on all breaches to monitor their materiality assessments. The document defines materiality using market-moving and prudential tests, outlines specific factors for evaluation, and details the process for publishing confirmed material breaches on the Reserve Bank's website.
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