Regulatory Alerts2023-07-31
FMI Standard 14: Segregation and Portability
The Reserve Bank of New Zealand and the Financial Markets Authority jointly issued FMI Standard 14 to mandate segregation and portability requirements for designated central counterparty operators. The standard requires operators to implement rules and account structures that protect customer positions and collateral from participant default or insolvency, ensuring high probability of transfer to other participants. Operators must also publicly disclose their segregation arrangements, protection basis, and any legal or operational constraints affecting portability.
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