Regulatory Alerts2022-02-27
Declaration power and considerations for non-bank deposit takers
The regulator exercises powers under Section 73 of the Non-bank Deposit Takers Act 2013 to recommend declarations regarding the classification of persons and securities within the regulatory regime. Recommendations must consider business activities, public interest, and specific factors such as economic substance and the potential for regulatory avoidance when determining NBDT status. The process is further guided by statutory principles emphasizing consistency, sound governance, risk management, and the avoidance of unnecessary compliance costs.
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