RBNZ Consults on Changes to Disclosure Requirements for Banks
RBNZ is consulting on changes to the disclosure requirements for registered banks and comments are due by January 12, 2018. 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.
Along with the implementation work on the Dashboard, RBNZ needs to make changes to the existing registered bank disclosure requirements, to take effect at the same time as the Dashboard. These changes include the removal of the requirement for off-quarter disclosure statements. The proposed changes also include a number of other improvements confirmed during the Regulatory Stocktake. RBNZ is, therefore, consulting on changes to the disclosure Orders in Council. The changes would be made by Amending Orders and they take effect from March 31, 2018.
Related Links
- Consultation on Updates to Registered Bank Disclosures Arising from Stocktake (PDF)
- Disclosure Order for New Zealand Banks: Red-Lined with Proposed Changes (PDF)
- Disclosure Order for Branches of Overseas Banks: Red-Lined with Proposed Changes (PDF)
Comment Due Date: January 12, 2018
Effective Date: March 31, 2018
Keywords: Asia Pacific, New Zealand, Banking, Reporting, Quarterly Disclosures, Dashboard, Regulatory Stocktake, RBNZ
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Salman Siddiqui
ESG and climate expert for P&C insurance; IFRS 17 specialist and chartered accountant; extensive experience in both life and non-life insurance, with focus on capital management, financial performance, and financial reporting.
Previous Article
Sabine Lautenschläger of ECB on Addressing the Brexit ChallengesRelated Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards