Regulatory Alerts2022-05-17
Financial Market Infrastructures Bill: Additional Policy Issues
The Office of the Minister of Finance proposes Cabinet agreement on six remaining policy issues for the Financial Market Infrastructures Bill to establish a new regulatory regime for systemically important financial systems. The Minister recommends using legislative standards for regulatory requirements, retaining interim statutory management provisions, and granting Ministers the power to issue general policy directions to joint regulators. These interim measures are designed to allow the Bill's enactment before the completion of the Reserve Bank Act Review phase 2, with subsequent reports planned to align the framework with broader banking regulations.
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