Regulatory Alerts2022-05-17
Response to Submissions: Approach to Implementing the Financial Market Infrastructures Act 2021
The Reserve Bank of New Zealand and the Financial Markets Authority issued this document to summarize stakeholder feedback on implementing the Financial Market Infrastructures Act 2021. The regulators confirmed a principles-based framework for identifying systemically important financial market infrastructures and outlined a three-pillar approach to developing regulatory standards. Key decisions include adopting specific cyber risk standards, granting regulators discretion over publishing material breaches, and establishing requirements for contingency planning and critical service provider contracts.
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