Reserve Bank of New Zealand Notice of Approval of ESAS Rule Change under Section 39(3)

Ref #22700353 v1.1 IN CONFIDENCE IN CONFIDENCE Financial Market Infrastructures Act 2021 Section 39(3) Notice of Approval of Rule Change Exchange Settlement Account System (ESAS) The Reserve Bank of New Zealand (the regulator), under section 39(3) of the Financial Market Infrastructures Act 2021 (Act) approves the rule change pursuant to the application by the Reserve Bank of New Zealand, as the operator of ESAS, under section 39(1) of the Act dated 19 May 2025. The rule changes relate to both the Exchange Settlement Account Rules and the Submission Settlement Mechanism Notice, forming part of the ESAS rules pursuant to Paragraph 7(a) of the Financial Market Infrastructures Act Designation Notice (ESAS) 2023. A number of consequential and minor amendments noted below give effect to the overall rule change. Changes to ESAS Rules  The definition of Public Holiday in subclause (b) has been updated to exclude from the definition of Public Holiday.  The wording “pursuant to clause 20.4(g)” in Clause 10.5(b) has been removed as it is no longer applicable.  Clause 1.1 of Schedule E now refers to Schedule “D”. Changes to the Settlement Submission Mechanism Notice  All the reference to ESAS “Terms and Conditions” have been amended to ESAS “Rules”.  Bolded definitions to LOM, FIFO Bypass and Next Payment Instruction. The rule change takes effect from 09:00 on 30 June 2025.

23 June 2025 Scott McKinnon Director, Specialist Supervision