Regulatory Alerts2022-05-17
Summary of submissions and feedback on FMI Bill exposure draft consultation
The Reserve Bank of New Zealand published this document to summarize 16 stakeholder submissions received during the August to September 2019 consultation on the Financial Market Infrastructures Bill exposure draft. The Reserve Bank addressed key concerns regarding regulatory tailoring, crisis management powers, and settlement finality, confirming that the Bill provides sufficient flexibility while introducing amendments to clarify rule definitions and adjust penalty structures. Specific changes include narrowing the definition of insolvency events to New Zealand jurisdiction, removing time limits on settlement finality for central counterparties, and shifting the default confidentiality status of regulatory directions to enhance transparency.