Regulation and supervision Financial Sector Assessment Programme

Financial Sector Assessment Programme

The International Monetary Fund (IMF) undertook a Financial Sector Assessment Programme (FSAP) for New Zealand in 2016, with the findings and recommendations released in May 2017. An FSAP is a comprehensive review of a country’s financial system, with a particular focus on the quality of financial sector regulation. The previous New Zealand FSAP was conducted over 2003-04.

The 2016 New Zealand FSAP included a review of the Reserve Bank’s set of financial sector responsibilities, as well as an assessment of changes in New Zealand’s approach to securities and market conduct regulation.

Go to the International Monetary Fund's website

20 July 2017

11 May 2017

IMF releases individual FSAP reports:

9 May 2017

8 May 2017

27 April 2016

23 June 2004

Regulatory news & updates

Mar 2020 AML-CFT

The AML/CFT Supervisors have published urgent guidance related to verifying a person’s identity during COVID-19 Level 4. Please find this guidance below.

Feb 2020 Insurance

The Reserve Bank of New Zealand is satisfied that OnePath Life (NZ) Limited is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (‘the Act’). At the request of OnePath Life (NZ) Limited, the licence issued to it on 7 May 2013 under section 19 of the Act was cancelled on 31 January 2020 pursuant to section 30(1) of the Act.

Feb 2020 Insurance

The Reserve Bank of New Zealand is satisfied that Youi NZ Pty Limited is no longer carrying on insurance business in New Zealand according to the Insurance (Prudential Supervision) Act 2010 (‘the Act’). At the request of Youi NZ Pty Limited, the licence issued to it on 28 July 2014 under section 19 of the Act was cancelled on 1 February 2020 pursuant to section 30(1) of the Act.

Jan 2020 NBDTs

Non-bank Deposit Taker licence cancelled
At the request of UDC Finance Limited, The Reserve Bank has cancelled UDC’s Non-bank Deposit Takers licence on 15 January 2020, under section 21(h) of the Non-bank Deposit Takers Act 2013.

Dec 2019 FMI

Summary of submissions on the exposure draft of the FMI Bill published and FMI Bill introduced into parliament.

Go to Financial Market Infrastructures regulatory developments page