Regulatory Alerts2022-05-17
BS7A Disclosure Regime Explanatory Information on Orders in Council
The Reserve Bank of New Zealand issued this document to provide guidance to registered banks on complying with disclosure requirements specified by Orders in Council under the Reserve Bank of New Zealand Act 1989. It mandates that banks publish detailed financial and risk-related statements twice annually, ensuring they are accurate, accessible on websites for five years, and signed by all directors and the New Zealand chief executive officer for overseas banks. The guidance outlines strict timelines for publication, rules for handling comparative data and credit ratings, and highlights the significant criminal and civil liabilities directors face for non-compliance or misleading disclosures.
Share