Views Sought On Enforcement Framework

The Reserve Bank of New Zealand - Te Pūtea Matua is seeking views on its enforcement framework to promote confidence in compliance across the sectors we regulate.

“The Reserve Bank’s Enforcement Department was established in March 2021 to help us achieve our compliance goals, and we are developing an enforcement framework to guide its actions,” Deputy Governor and General Manager of Financial Stability Geoff Bascand says.

Our compliance goals across regulated sectors are to:

• Incentivise and monitor prudent behaviour;
• promote confidence in compliance; and
• enforce compliance by holding institutions to account for non-compliance

“We are developing our enforcement framework to promote confidence and consistency in our enforcement decision-making and actions.”

We are seeking feedback on the principles and criteria which guide our enforcement decision making process. The principles are a set of high-level ideals that guide the direction of our enforcement strategy and inform our approach to applying our enforcement discretion. The criteria are specific considerations which will be worked through and weighed against the available evidence when deciding on the appropriate enforcement response.

We invite feedback on the consultation document until 24 November 2021. We expect to release our finalised Enforcement Principles and Criteria in early 2022.

More information:

• Enforcement Principles and Criteria Consultation paper (PDF 902KB)

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