Regulatory Alerts2022-05-17
ISDA Submission on New Zealand Financial Market Infrastructures Bill
The International Swaps and Derivatives Association submitted feedback to the Reserve Bank of New Zealand regarding the draft Financial Market Infrastructures Bill. ISDA recommends amending Section 113 to extend statutory management protections to all FMIs rather than just central counterparties and clarifying Section 116 to ensure derivative rights are stayed regardless of existing prohibitions. The submission also addresses the inter-relation with the Derivatives Margin Act and urges precise drafting to limit regulatory scope to entities relevant to New Zealand financial markets.
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