Regulatory Alerts2012-05-17
Memorandum of Understanding on Cooperation in Banking and Insurance Supervision between APRA and RBNZ
The Australian Prudential Regulation Authority and the Reserve Bank of New Zealand established a non-binding framework to facilitate cooperation in the prudential supervision of banking and insurance entities. The agreement mandates the exchange of confidential information regarding cross-border establishments, including fitness and propriety assessments, on-site inspection results, and enforcement actions. It further outlines protocols for notifying each other of regulatory changes and coordinating responses to suspected financial crimes to ensure the stability of the financial systems in both jurisdictions.
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