Regulatory Alerts2022-05-17
Reserve Bank of New Zealand Regulatory Impact Statement on Bank Disclosure Review
The Reserve Bank of New Zealand proposes amending bank disclosure requirements to eliminate redundant compliance costs and align reporting with user needs. The preferred option abolishes the Key Information Summary, replaces quarterly General Disclosure Statements with annual and interim reports compliant with NZ IAS 34, and removes mandatory branch printing of documents. These changes are estimated to save large banks between $99,000 and $140,000 annually and smaller banks approximately $21,500 while enhancing market discipline through clearer information.
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