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CoFI change would give FMA power of onsite inspection without warning

Friday 31st of May 2024

The discussion document issued by the Ministry of Business, Innovation and Employment (MBIE) notes that the Reserve Bank already was recently granted such powers over deposit takers under the Deposit Takers Act 2023 and argues that both regulators should have similar powers.

“The power would not function as a 'search and seizure' power,” the discussion paper says. &l...

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