Regulatory Alerts2023-04-04
Guidance Note on Suitability Assessments under the Non-bank Deposit Takers Act 2013
The Reserve Bank of New Zealand issued this guidance to clarify the suitability assessment process for directors and senior officers of non-bank deposit takers under the Non-bank Deposit Takers Act 2013. It mandates that applicants and licensed entities submit suitability notices disclosing specific concerns, such as bankruptcy or criminal records, and outlines the Bank's criteria for issuing notices of non-objection. The document details the regulatory framework, including the Bank's inquiry powers, the requirement for directors to verify information, and the legal consequences for providing false or misleading certifications.
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