RBNZ on Responses to Proposed Changes to Disclosure Rules for Banks
RBNZ published a summary of the submissions received on the November 2017 consultation on changes to the disclosure requirements for registered banks. RBNZ also confirmed the previously signaled policy decision on the Dashboard approach for quarterly disclosures for locally incorporated banks. Work to implement the Dashboard has commenced and RBNZ aims to publish the first Dashboard in late May 2018, with data from the first quarter of 2018. Corresponding changes to bank disclosure requirements take effect for the same reporting date—that is, March 31, 2018.
The paper on the summary of submissions includes feedback to the November 2017 consultation, provides RBNZ responses to key issues raised in the feedback, and notes the resulting policy decisions. RBNZ also published individual submissions received on the consultation on changes to the existing bank disclosure requirements, where respondents have consented to the publication of their responses by RBNZ. Amending Orders in Council were published in the New Zealand Gazette on February 22, 2018, to implement the changes in disclosure needed to coincide with the first Dashboard publication. Subject to the 28-day notice period, these amendments will take effect on March 31, 2018.
RBNZ will update its working copies of the principal Orders on the Banking Supervision Handbook page in late March. The main impact of these changes will be that no bank will be required to publish an off-quarter disclosure statement for a period ending on March 31, 2018. RBNZ has also prepared a Regulatory Impact Statement assessing the combined impact of implementing the Dashboard and removing off-quarter disclosure statements.
Related Link: Press Release
Effective Date: March 31, 2018
Keywords: Asia Pacific, New Zealand, Banking, Reporting, Quarterly Disclosures, Responses to Consultation, RBNZ
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