CQIB - Ch.3 The Regulatory & Legal
Environment exam(42 questions and answers)
5 members of the Council of Financial Regulators
| | | | | | |
(CoFR) - answer 1. RBNZ
| | | || |
2. FMA |
3. Commerce Commission
| |
4. MBIE |
5. The Treasury
| |
What is the RBNZ responsible for? - answer Overall
| | | | | | | ||
stability of the financial system, the national
| | | | | | |
payments infrastructure as well as monetary
| | | | | |
policy via the Monetary Policy Committee (MPC) as
| | | | | | | |
defined in the Remit.
| | | |
Administers provisions which are covered in the | | | | | |
RBNZ Act 2021. This Act increases transparency
| | | | | | |
and accountability of the Reserve Bank and better
| | | | | | | |
aligns it with government entities to help with
| | | | | | | |
decision making and improving.
| | | |
Setting the OCR, producing the Financial Stability
| | | | | |
Report, meeting the currency needs (ie issuing
| | | | | | |
,| bank notes), managing NZ's gold and foreign
| | | | | |
| exchange reserves, maintaining the financial | | | |
| system to avoid significant damage, and providing
| | | | | |
| banking services to the NZ Government and its | | | | | | |
| agencies.
What are the three pieces of legislation that RBNZ
| | | | | | | |
has powers under? In the RBNZ Act 2021 - answer
| | | | | | | | | | |
1. The Non-bank Deposit Takers Act 2013: Operates
| | | | | | | |
as a prudential regulator and licensing authority
| | | | | | |
for nonbank deposit takers. Protects consumer
| | | | | |
deposits via the Depositor Compensation Scheme
| | | | | |
and increases the stability of the financial system
| | | | | | | |
by strengthening the supervising if the Reserve
| | | | | | |
Bank to allow it to act before deposit takers are in
| | | | | | | | | | |
trouble
|
2. Insurance Act 2010: Issuing licenses to insurers
| | | | | | |
carrying on insurance business in NZ - undertakes
| | | | | | | |
prudential supervision.
| |
3. Anti-Money Laundering and Countering
| | | |
Financing of Terrorism Act 2009: Supervises
| | | | | |
banks, life insurers, and non-bank deposit takers
| | | | | | |
to ensure compliance with anti-money laundering
| | | | | |
and countering financing of terrorism obligations.
| | | | | |
, Payments - Payments NZ - answer RBNZ has
| | | | | || |
responsibility for payment and settlement systems.
| | | | | |
Working alongside Payments NZ, they are
| | | | | |
responsible for the daily management of the
| | | | | | |
payments system
| |
Payments - CECS - answer Consumer Electronic
| | | | || |
Clearing System - CECS enables the processing of
| | | | | | | |
EFTPOS, mobile payments and operation of ATMs.
| | | | | | |
Transactions are settled in the Settlement Before
| | | | | | |
Interchange - SBI - multiple times a business day.
| | | | | | | | |
Payments - BECS - answer Bulk Electronic Clearing
| | | | || | |
System - BECS governs bulk electronic payments -
| | | | | | | |
DD's, AP's, BP's and DC's. Transactions are settled
| | | | | | | |
in the Settlement Before Interchange - SBI -
| | | | | | | |
multiple times a business day.
| | | | |
Payments - HVCS - answer High Value Clearing
| | | | || | |
System - HVCS governs large payments such as
| | | | | | | |
property settlements and exchange between
| | | | |
corporate institutions. Payments are fast and
| | | | | |
irreversible. Enables DD's, AP's, BP's and DC's.
| | | | | | |
Mechanism for HVCS participants exchanging
| | | | |
payments is based on the SWIFT system.
| | | | | | |
Environment exam(42 questions and answers)
5 members of the Council of Financial Regulators
| | | | | | |
(CoFR) - answer 1. RBNZ
| | | || |
2. FMA |
3. Commerce Commission
| |
4. MBIE |
5. The Treasury
| |
What is the RBNZ responsible for? - answer Overall
| | | | | | | ||
stability of the financial system, the national
| | | | | | |
payments infrastructure as well as monetary
| | | | | |
policy via the Monetary Policy Committee (MPC) as
| | | | | | | |
defined in the Remit.
| | | |
Administers provisions which are covered in the | | | | | |
RBNZ Act 2021. This Act increases transparency
| | | | | | |
and accountability of the Reserve Bank and better
| | | | | | | |
aligns it with government entities to help with
| | | | | | | |
decision making and improving.
| | | |
Setting the OCR, producing the Financial Stability
| | | | | |
Report, meeting the currency needs (ie issuing
| | | | | | |
,| bank notes), managing NZ's gold and foreign
| | | | | |
| exchange reserves, maintaining the financial | | | |
| system to avoid significant damage, and providing
| | | | | |
| banking services to the NZ Government and its | | | | | | |
| agencies.
What are the three pieces of legislation that RBNZ
| | | | | | | |
has powers under? In the RBNZ Act 2021 - answer
| | | | | | | | | | |
1. The Non-bank Deposit Takers Act 2013: Operates
| | | | | | | |
as a prudential regulator and licensing authority
| | | | | | |
for nonbank deposit takers. Protects consumer
| | | | | |
deposits via the Depositor Compensation Scheme
| | | | | |
and increases the stability of the financial system
| | | | | | | |
by strengthening the supervising if the Reserve
| | | | | | |
Bank to allow it to act before deposit takers are in
| | | | | | | | | | |
trouble
|
2. Insurance Act 2010: Issuing licenses to insurers
| | | | | | |
carrying on insurance business in NZ - undertakes
| | | | | | | |
prudential supervision.
| |
3. Anti-Money Laundering and Countering
| | | |
Financing of Terrorism Act 2009: Supervises
| | | | | |
banks, life insurers, and non-bank deposit takers
| | | | | | |
to ensure compliance with anti-money laundering
| | | | | |
and countering financing of terrorism obligations.
| | | | | |
, Payments - Payments NZ - answer RBNZ has
| | | | | || |
responsibility for payment and settlement systems.
| | | | | |
Working alongside Payments NZ, they are
| | | | | |
responsible for the daily management of the
| | | | | | |
payments system
| |
Payments - CECS - answer Consumer Electronic
| | | | || |
Clearing System - CECS enables the processing of
| | | | | | | |
EFTPOS, mobile payments and operation of ATMs.
| | | | | | |
Transactions are settled in the Settlement Before
| | | | | | |
Interchange - SBI - multiple times a business day.
| | | | | | | | |
Payments - BECS - answer Bulk Electronic Clearing
| | | | || | |
System - BECS governs bulk electronic payments -
| | | | | | | |
DD's, AP's, BP's and DC's. Transactions are settled
| | | | | | | |
in the Settlement Before Interchange - SBI -
| | | | | | | |
multiple times a business day.
| | | | |
Payments - HVCS - answer High Value Clearing
| | | | || | |
System - HVCS governs large payments such as
| | | | | | | |
property settlements and exchange between
| | | | |
corporate institutions. Payments are fast and
| | | | | |
irreversible. Enables DD's, AP's, BP's and DC's.
| | | | | | |
Mechanism for HVCS participants exchanging
| | | | |
payments is based on the SWIFT system.
| | | | | | |
