Consultation: Proposed standards for Financial Market Infrastructure Act

The Financial Market Infrastructures Act 2021 (the Act) establishes a comprehensive framework for the oversight and regulation of financial markets infrastructures (FMIs). The purposes of the Act include promoting the maintenance of a sound and efficient financial system and promoting and facilitating the development of fair, efficient and transparent financial markets.

The development of the FMI Standards is a key milestone in the implementation of the FMI Act. The FMI Standards provide a comprehensive framework for the regulation of FMIs operating in New Zealand. Following consultation on the approach to developing the FMI Standards in the second half of 2021, the Reserve Bank of New Zealand and Financial Markets Authority (together the Regulator) have prepared exposure drafts of the FMI Standards, along with related guidance, and a draft equivalence framework for overseas FMIs.

The RBNZ and the FMA are inviting written feedback on these exposure drafts and related documents until 18 November 2022.

Background to consultation

The FMI Act was passed in May 2021. In July 2021, the RBNZ and the FMA sought views from interested parties on aspects of how the new FMI Act should be implemented, including on the systemic importance framework and the approach to developing standards for FMIs. In January 2022, the RBNZ and the FMA published a response to submissions on the consultation. More information is available at: Implementing the new regime for financial market infrastructures - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz)