Regulatory Alerts2023-07-31
Guidance Note for Overseas FMIs under the Equivalence Framework
The Reserve Bank of New Zealand and the Financial Markets Authority issued this guidance to outline the overseas equivalence framework for designating foreign financial market infrastructures under the Financial Market Infrastructures Act 2021. Overseas FMIs meeting specific conditions regarding cooperation arrangements, regulatory equivalence, and operator compliance are exempt from most New Zealand FMI Standards, retaining only the obligation to notify the regulator of contraventions and outages. The document details the assessment criteria for equivalence, including reliance on international standards like the PFMIs, and specifies the information applicants must provide to demonstrate their home jurisdiction's regulatory integrity.
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