Regulatory Alerts2022-05-17
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Summary of Submissions on Strengthening Statutory Payment Oversight Powers and Reserve Bank Responses
The Reserve Bank of New Zealand issued this document to summarize stakeholder feedback on its proposal to establish a formal Recognition Regime for strengthening statutory oversight of systemically important financial market infrastructures. The Bank rejected suggestions to appoint Payments NZ as a co-regulator and decided to broaden the scope of oversight to include system-wide important infrastructures to maintain public confidence and minimize market distortions. It confirmed the adoption of a co-regulatory model with the Financial Markets Authority and outlined plans to issue detailed policy papers and draft legislation to implement enhanced crisis management and governance powers.
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