Regulatory Alerts2022-05-17
NZX Submission on the Financial Market Infrastructures Bill Exposure Draft
NZX Limited submitted concerns to the Reserve Bank of New Zealand regarding the draft Financial Market Infrastructures Bill, citing inadequate consultation and disproportionate compliance costs. The submission argues against the regulator's intense interventionist powers, including the ability to appoint directors, and highlights risks to competitive neutrality between domestic and overseas operators. Additionally, NZX warns that confidentiality provisions for direction notices conflict with continuous disclosure obligations and urges a principles-based rather than prescriptive regulatory approach.
Share