Regulatory Alerts2022-05-17
Developing Standards for Designated Financial Market Infrastructures
The Reserve Bank of New Zealand and the Financial Markets Authority invite submissions on a consultation paper outlining their approach to developing legally binding standards for designated financial market infrastructures under the Financial Market Infrastructures Act 2021. The regulatory framework is structured around three pillars: integrating existing conditions of designation, reflecting the international Principles for Financial Market Infrastructures, and addressing specific matters such as cyber risk and contingency planning not fully covered by core international standards. The regulators aim to finalize the complete set of standards by the end of 2022 to ensure a sound and efficient financial system while minimizing long-term compliance costs through a one-time transition approach.