The Reserve Bank today announced two developments regarding non-bank deposit-takers (NBDTs).
- Consultation paper on a second NBDT Bill
The Bank today released a consultation paper seeking comment on policy proposals for a second Bill to complete the legislative framework for the Bank's regulation of the NBDT sector.
Deputy Governor Grant Spencer said these proposals would give the Bank a number of powers covering licensing, fit and proper person requirements for directors and senior office holders of NBDTs, the ability to place restrictions on changes of ownership, as well as distress and failure management.
Submissions for the consultation paper close on 5 November.
- Implementation of liquidity regulations
The Bank also noted that new liquidity requirements for NBDTs have been gazetted.
The Deposit Takers (Liquidity Requirements) Regulations 2010 were gazetted on 7 October 2010 and will commence on 1 December 2010. These regulations require quantitative liquidity requirements to be included in trust deeds.
The Bank will shortly release guidelines on quantitative liquidity requirements. "These guidelines are intended to assist NBDTs and trustees to meet prudential liquidity requirements," Mr Spencer said.
The consultation paper and information on prudential liquidity requirements can be accessed on the Bank's website.
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