Regulatory Alerts2023-07-31
FMI Standard 17A: Contingency Plans
The Reserve Bank of New Zealand and the Financial Markets Authority jointly issued FMI Standard 17A to mandate comprehensive contingency plans for designated financial market infrastructure operators. The standard requires operators to identify essential services, assess significant operational and financial disruption risks, and establish robust recovery, wind-down, and change-of-operator procedures. Additionally, operators must define acceptable recovery timeframes, implement reliable financial recovery tools, and conduct annual testing and reviews of these contingency plans.
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