Regulatory Alerts2022-05-17
Enhanced Oversight Framework for Financial Market Infrastructures
The New Zealand Minister of Finance proposes an enhanced legislative framework for the oversight of Financial Market Infrastructures to address systemic risks and regulatory gaps identified by the IMF. The Reserve Bank and Financial Markets Authority would gain expanded powers to designate systemically important entities, enforce compliance, and manage crises, moving beyond the current limited scope. This regime aims to align New Zealand with international standards while minimizing compliance burdens through a risk-based approach tailored to the specific importance of each FMI.
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