The first round of consultation for Phase 2 of the Reserve Bank Act Review: Safeguarding the future of our financial system closed on 25 January 2019.
This round of consultation focused on five key issues:
- Objectives: What high-level financial policy objectives should the Reserve Bank have?
- Regulatory Perimeter: Which financial firms should the Reserve Bank regulate and how should the regulatory perimeter be set?
- Depositor Protection: Should there be depositor protection in New Zealand?
- Separation: Should the regulation of financial firms remain with the Reserve Bank?
- Governance: How should the Reserve Bank be governed, including who should make the Reserve Bank’s decisions?
What comes next
The Review team has considered all submissions to the consultation received on or before the closing date of 25 January 2019 in the development of the documents for the second round of consultation. A report summarising the key messages and themes emerging from the submissions received can be found at Reserve Bank Act Review – Summary of Submissions – first consultation.
The second round of public consultation is currently under way. More information on the second round of consultation can be found at Public Consultation - round two. A third round of for the Review is expected in late 2019.
Key documents from the first round of consultation
There were several consultation documents, available below, that each explored the key issues under consideration in this round of consultation.
Not all of these consultation materials are relevant to all respondents, as they cover the issues at different depths. Please feel free to choose the materials you think are best suited to your level of interest in the issues under consideration.
- Full Consultation Document - Safeguarding the future of our financial system: The role of the Reserve Bank and how it should be governed
- Executive Summary - Safeguarding the future of our financial system: The role of the Reserve Bank and how it should be governed - Executive Summary
- Summary booklet - Safeguarding the future of our financial system: The role of the Reserve Bank and how it should be governed - Booklet
- Background paper on the regulatory perimeter - Who does the Reserve Bank regulate and how should the regulatory perimeter be set?
- Background paper on separation - The case for and against separating prudential regulation and supervision from the Reserve Bank of New Zealand
- Background paper on governance - Current governance arrangements for the Reserve Bank of New Zealand
- Summary of submissions from the first round of consultation