RBNZ proposes new powers over FMIs in times of crisis
Final crisis management plan proposal details two-tiered framework for FMIs
The Reserve Bank of New Zealand (RBNZ) would have the power to take over financial market infrastructures (FMIs) in a crisis, under proposals announced today (March 24).
In a consultation paper, the RBNZ outlines a new crisis management regime, with two tiers. First, significant FMIs (SIFMIs) would be required to maintain business continuity plans and recovery and wind-down plans.
Second, the Reserve Bank and the Financial Markets Authority (FMA) could call on new statutory powers when these
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