RBNZ gains new FMI oversight powers
Central bank and FMA will be able to set standards for systemically important infrastructures
The Reserve Bank of New Zealand has gained new powers to regulate financial market infrastructures (FMIs).
On May 6, New Zealand’s government passed the Financial Markets Infrastructures Bill, which will allow the central bank and Financial Markets Authority to set new “legally binding standards” for systemically important FMIs.
Under the new legislation, the RBNZ and the FMA remain joint regulatory bodies for the oversight of most financial market infrastructures. The RBNZ is the sole
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