Regulatory Alerts2022-05-17
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Reserve Bank of New Zealand BS18 Registration of Covered Bond Programmes
The Reserve Bank of New Zealand issues document BS18 to specify the process and information requirements for registered banks to register and maintain covered bond programmes under the Reserve Bank of New Zealand Act 1989. The document mandates that banks satisfy specific registration criteria, including the appointment of an independent cover pool monitor and the maintenance of accurate asset registers, while adhering to ongoing obligations such as annual value tests and immediate notifications of material changes. It further details the application procedure, including a $2,500 fee and a 60-working-day assessment period, alongside precise data submission requirements for both initial registration and subsequent bond issuances.
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