Regulatory Alerts2023-11-05
Financial Market Infrastructures Act Designation Notice (CLS) 2023
The Reserve Bank of New Zealand issued this notice to designate the CLS System operated by CLS Bank International as a designated financial market infrastructure under the Financial Market Infrastructures Act 2021. The designation, effective 1 March 2024, classifies the system as a systemically important pure payment system and an overseas-equivalent FMI. Consequently, Subpart 5 of Part 3 of the Act applies to the FMI, subjecting it to relevant prudential standards and regulatory oversight.
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