The Deputy Governor of RBNZ, Grant Spencer, in a recent speech delivered to the New Zealand Banker’s Association outlined details of RBNZ’s proposed stocktake of its regulatory framework for banks and non-bank deposit takers (NBDTs).
Included in the scope of the review will be the regulatory documents, regulations and legislative provisions containing the prudential requirements for banks and NBDTs.
For banks, this means all of the standard conditions of registration, guidance and Orders in Council that make up the Banking Supervision Handbook, and that contain requirements relating to everything from capital to OBR pre-positioning.
For NBDTs, it means the regulations and legislative provisions that establish their specific prudential requirements.
The project will not be looking at changes to the Reserve Bank Act itself, or the recently enacted Non-bank Deposit Takers Act 2013. Mr Spencer has also confirmed that the regulatory stocktake will not look at the insurance regulatory regime, which at this stage is still considered to be too new to be reviewed.
The review is expected to take about 12 months and involve several stages as set out in the indicative timetable below:
Click here to view table.
For further details of the review, read the full speech here.