Regulatory Alerts2023-04-18
Financial Market Infrastructures Act 2021: Proposed Regulations
The New Zealand Ministers of Finance and Commerce and Consumer Affairs seek Cabinet approval for two regulations to finalize the implementation of the Financial Market Infrastructures Act 2021. The proposals extend regulatory standards-making powers to require overseas financial market infrastructures to report home jurisdiction contraventions and establish a $45,000 cost-recovery fee for voluntary designation applications. These measures support the joint regulatory framework administered by the Reserve Bank of New Zealand and the Financial Markets Authority to manage systemic risk and ensure legal certainty.
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