Regulatory Alerts2022-06-22
Added · Updated
BS17 Open Bank Resolution Pre-Positioning Requirements Policy
The Reserve Bank of New Zealand issues this policy to mandate Open Bank Resolution pre-positioning requirements for locally-incorporated banks with retail deposits exceeding NZ$1 billion. The regulation requires these institutions to establish IT and operational capabilities to close access channels, freeze liabilities, and reopen for core transactions by 9am the next business day following a statutory management appointment. Compliance is enforced through a condition of registration that necessitates an approved Implementation Plan, a Compendium of Liabilities, and a robust testing strategy to ensure durable operational readiness.
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