New regulatory initiatives
Initiatives currently under development
Initiative |
Description |
Timing |
|
Review of the Prudential Regime for Non-bank Deposit Takers – consultation document |
A document seeking stakeholder feedback (PDF 384KB) on the operation to date of the prudential regime for non-bank deposit takers, and on a number of potential changes to the regime the Reserve Bank is considering. |
17 May 2013 |
|
Non-Bank Deposit Takers Bill |
A bill extending the powers of the Reserve Bank in relation to the prudential regulation of NBDTs. The Minister of Finance issued a press release (PDF 350KB) announcing the August introduction to the House of the Non-Bank Deposit Takers Bill. |
2 August 2011 |
Consultation Document: Review of the Prudential Regime for Non-bank Deposit Takers
Section 157ZZ of the Reserve Bank of New Zealand Act 1989 and clause 86 of the Non-bank Deposit Takers Bill require the Reserve Bank to carry out a review of the operation of the prudential regime for non-bank deposit takers, and to prepare a report on this review for the Minister of Finance before 9 September 2013.
As part of this review process, the Reserve Bank has prepared a discussion document entitled Review of the Prudential Regime for Non-bank Deposit Takers (PDF 384KB). The document aims to seek stakeholder feedback on the operation of the prudential regime to date, and on a number of potential changes to the regime the Reserve Bank is considering.
The Reserve Bank invites submissions on its proposals by 5pm on Friday, 17 May 2013.
Development of a second Bill for the NBDT sector
Following recent approval by Cabinet in June 2011, the Reserve Bank has released a Cabinet Paper (PDF 179KB) which confirms policy positions relating to the matters discussed in the Reserve Bank's October 2010 consultation paper.
In October 2010 the Reserve Bank released a consultation paper (PDF 148KB) on policy proposals for a second bill for the regulation of NBDTs (following the passing of the Reserve Bank of New Zealand Amendment Act in 2008). This consultation document included proposals for all NBDTs to be licensed by the Reserve Bank, together with fit and proper person requirements for directors and senior office holders, and controls on changes of ownership of NBDTs. They also included a framework for dealing with NBDT distress and failure, and some technical changes to aspects of the regime already enacted.
In April 2012 the Reserve Bank released a consultation paper (PDF 90KB) on proposals for regulations under the second bill (the Non-bank Deposit Takers Bill 2011). One set of regulations is to declare the shares of building societies, that are in-substance the same as debt securities, to be debt securities for the purposes of the NBDT regime. The other set is to prescribe suitability concerns for the purposes of the new law.
