Regulatory Alerts2025-05-05
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Reserve Bank of New Zealand Notice of Approval of Exchange Settlement Account System Rule Change
The Reserve Bank of New Zealand approved a rule change for the Exchange Settlement Account System that transitions the governing framework from bilateral terms to multilateral industry rules. The amendments establish binding contractual effects, define accountholder status, introduce a mechanism for revoking unsettled payment instructions, and grant the Reserve Bank the authority to amend rules without prior consent. These changes take effect on 1 May 2025 to enhance the enforceability and operational flexibility of the system.
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