Regulatory Alerts2022-05-17
Final consultation paper on the outsourcing policy for registered banks
The Reserve Bank of New Zealand invites submissions on revised proposals for its outsourcing policy (BS11) applicable to large locally incorporated banks with net liabilities exceeding NZ$10 billion. The document retains the existing liability threshold while introducing a robust backup capability requirement for critical functions and extending the compliance transition period to five years. These changes aim to align the policy with Open Bank Resolution objectives and address stakeholder feedback regarding systemic risk and operational continuity.
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