Regulation of Non-Bank Deposit Takers
[ Last Updated 19 June 2007 ]
All Non-Bank Deposit Takers (NBDTs e.g. finance companies, building societies and credit unions) will be required to be licensed by a prudential regulator (the Reserve Bank) and to comply with minimum prudential, governance and fit and proper requirements at licensing and on an ongoing basis.
- NBDTs will continue to be supervised by trustee corporations under the proposed enhancements to trustee-based supervision for debt issuers
- NBDTs will be required to obtain and publicly disclose a credit rating, subject to Cabinet being advised by 30 July 2007 on satisfactory options for minimising the compliance costs of a ratings regime for NBDTs, particularly for small providers
- NBDTs will be subject to enhanced public disclosure requirements
The Reserve Bank will lead the development of any further policy decisions and the necessary legislative amendments.
Cabinet Papers
Regulation of Non-Bank Deposit Takers
Regulation of Non-Bank Deposit Takers - Addendum Paper
Frequently Asked Questions
Regulation of Non-Bank Deposit Takers Q&A
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