Regulatory Alerts2022-05-17
Summary of Submissions and Final Policy Proposals on FMI Crisis Management Powers
The Reserve Bank of New Zealand issued final policy proposals for a crisis management framework for Systemically Important Financial Market Infrastructures following stakeholder consultation. The framework requires designated operators to maintain business continuity and recovery plans, while granting joint regulators direction powers and a statutory management regime to ensure service continuity during failures. Key adjustments include clarifying the definition of New Zealand presence, refining triggers for statutory management, and retaining powers to appoint or replace directors to address governance issues.
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