Regulatory Alerts2022-05-11
Consultation on Exposure Draft for BS11: The Outsourcing Policy for Registered Banks
The Reserve Bank of New Zealand invites submissions on an exposure draft of the revised outsourcing policy BS11, which applies to large locally incorporated banks. The consultation focuses on clarifying the wording of the finalized policy decisions and feedback on the new document format, rather than substantive policy changes. Key requirements include maintaining compendiums of outsourced arrangements, establishing separation plans for foreign-owned groups, and undergoing annual external reviews during a five-year transition period.
Share