Stakeholders have until Nov. 18 to submit their feedback
The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) are inviting written feedback on the exposure drafts of standards for financial market infrastructures (FMIs) and related documents until Nov. 18.
RBNZ and the FMA are joint regulators of designated FMIs as mandated by the Financial Market Infrastructures Act 2021 (the FMI Act).
Read more: FMA and RBNZ release finalised regulatory framework
The FMI Standards provide a comprehensive framework for the regulation of FMIs – systems that enable electronic payments and financial market transactions to occur. Often described as the “plumbing of the financial system,” FMIs are essential for the day-to-day operation of the financial system and the economy.
“The proposed FMI Standards would align the regulatory regime for FMIs in New Zealand with international best practice,” said Christian Hawkesby, RBNZ deputy governor and general manager of financial stability. “The binding requirements in the proposed FMI Standards would complete the establishment of a modern regulatory regime for FMIs that is appropriate for New Zealand.”
The exposure drafts of the FMI Standards, along with related guidance, and a draft equivalence framework for overseas FMIs, were prepared by FMA and RBNZ, following consultation on the content of the FMI Standards in the second half of 2021.
“We thank industry and stakeholders who have helped inform the development of this work to date,” said Paul Gregory, FMA acting director of capital markets. “It is important we continue to hear these views and encourage interested parties to share their views on the proposed standards and guidance.”
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