Regulatory Alerts2022-05-17
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Govt toughens rules for non-bank finance firms
Finance Minister Bill English announced the introduction of the Non-Bank Deposit Takers Bill to Parliament to strengthen regulatory oversight and restore investor confidence in New Zealand's financial sector. The legislation establishes a comprehensive licensing regime for non-bank deposit takers and empowers the Reserve Bank to remove directors and issue directions when prescribed suitability criteria are breached. The new rules are scheduled to become fully effective on 1 June 2013 following a one-year transition period for existing firms to comply with the enhanced requirements.
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