Regulatory Alerts2022-02-27
Deposit Takers Bill Exposure Draft Explanatory Notes
The Reserve Bank of New Zealand issued this explanatory document for the Deposit Takers Bill Exposure Draft to outline the proposed regulatory framework for firms taking public deposits. The Bill establishes a single licensing regime, grants the Reserve Bank enhanced supervisory and enforcement powers, and introduces a $100,000 Depositor Compensation Scheme funded by industry levies. Stakeholders are invited to submit feedback on these measures by 21 February 2022 before the legislation is finalized for parliamentary introduction.
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