Regulatory Alerts2022-05-17
Application Guidelines for Designation under Part 5C of the Reserve Bank of New Zealand Act 1989
The Reserve Bank of New Zealand and the Financial Markets Authority issued these guidelines to outline the opt-in application process for settlement systems seeking designation under Part 5C of the Reserve Bank of New Zealand Act 1989. The document details the required written application content, including self-assessments against international standards and specific system information, alongside a mandatory fee of $30,000. It further explains the joint regulatory review process, noting that designation requires a joint recommendation to the Ministers of Finance and Commerce before an Order in Council is made by the Governor-General.
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