RBNZ advances new regulatory framework

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The Reserve Bank of New Zealand (RBNZ) on Friday proposed new rules for non-bank deposit taking institutions that will broaden the scope of financial market supervision in New Zealand.

Non-bank deposit takers are institutions other than banks that offer financial services, such as building societies, credit unions, and other finance companies.

Under the proposal contained in the RBNZ's consultation paper, non-bank deposit takers will be required to have:

-credit ratings from an approved rating a

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