Regulatory Alerts2022-05-17
Strengthening Statutory Payment Oversight Powers Consultation Paper
The Reserve Bank of New Zealand proposes strengthening its statutory payment oversight powers to address gaps in regulating systemically important systems identified after a review of existing legislation. The consultation seeks submissions on introducing graduated regulatory tools, including the authority to direct operators, enforce compliance, and manage crises, to align with international standards like the Principles for Financial Market Infrastructures. These changes aim to ensure financial stability by providing the central bank with explicit intervention capabilities beyond current moral suasion and limited designation regimes.
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