Rating agency application process for non-bank deposit taker sector approval

Applications are invited from rating agencies for approval under Part 5D of the Reserve Bank of New Zealand Act 1989.

In deciding whether to approve a person as a rating agency the Reserve Bank will consider any information provided in relation to the rating agency guidelines for approval (“guidelines”), have regard to the matters set out in section 157J and take into account the principles in section 157F. Applications need only address the guidelines and do not need to directly address the principles and matters in those sections of the Act.

Applications should be made in writing and benchmark an applicant rating agency against the guidelines. An applicant rating agency should look to draw from, or point to, aspects of its operations that address the guidelines and document this in its application. There is no specific form for the information a rating agency may wish to provide on application.

Applicants may indicate whether they wish to supplement the information provided in writing with a meeting or presentation. In any case the information provided when making an application may be supplemented by further discussions or requests for further information to enable the Reserve Bank to make an approval decision under the Act.

The Reserve Bank has provided the guidelines for application purposes but recognises that practices may vary when compared to the guidelines, and may do so appropriately given the generalised nature of the guidelines. Practices that vary from the guidelines do not automatically preclude an applicant from being approved or maintaining its approval over time.

Any aspect of the process for application may be discussed with the Reserve Bank. Enquiries may be made to Alistair Henry on +64.4.472 2029.

Applications should be addressed to:
Toby Fiennes, Head of Prudential Supervision
Prudential Supervision Department
Reserve Bank of New Zealand
PO Box 2498
Wellington
New Zealand

Applications or enquiries may be sent by email to: nbdt.enquiry@rbnz.govt.nz with “Application for credit rating agencies approval for the non-bank deposit taker sector” in the subject line.