Regulatory Alerts2023-11-29
Overview of the Deposit Takers Act
The Reserve Bank of New Zealand issued the Deposit Takers Act 2023, which received Royal Assent on 6 July 2023 to replace previous banking legislation. The Act establishes a single regulatory regime for all deposit takers, introduces a Depositor Compensation Scheme guaranteeing up to $100,000 per depositor, and strengthens the Reserve Bank's supervision and enforcement powers. Implementation involves a work programme to develop regulatory requirements and a licensing process while retaining specific parts of prior Acts until full adoption.
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