Regulatory Alerts2023-11-05
Financial Market Infrastructures Act Designation Notice (ESAS) 2023
The Reserve Bank of New Zealand issued this notice to designate the Exchange Settlement Account System as a designated Financial Market Infrastructure under the Financial Market Infrastructures Act 2021. The designation, effective 1 March 2024, establishes the Reserve Bank as the operator and participant while classifying the system as a pure payment system of systemic importance. This status triggers the application of Subpart 5 of Part 3 of the Act and specific provisions of the Personal Property Securities Act 1999 to ensure regulatory oversight.
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