Regulatory Alerts2022-05-17
Memorandum of Understanding between the Reserve Bank of New Zealand and the Financial Markets Authority on designation and oversight of settlement systems
The Reserve Bank of New Zealand and the Financial Markets Authority established this Memorandum of Understanding to define their joint regulatory responsibilities for the designation and oversight of settlement systems under Part 5C of the Reserve Bank of New Zealand Act 1989. The document outlines specific procedural timelines and coordination requirements for processing applications for designation, variation, or revocation, as well as the handling of rule amendments and pure payment systems. It further mandates protocols for information sharing, confidentiality, mutual reliance on regulatory work, and joint communication with settlement system operators to ensure efficient oversight.
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