by Daniel Smith
New laws reforming institutional investment payment and settlement systems have been established by Parliament with the passing of the Financial Market Infrastructures Bill.
Under the bill the Reserve Bank and the Financial Markets Authority will be joint regulators of most FMIs, including central securities depositories, securities settlement systems, central counterparties, and trade repositories.
Reserve Bank deputy governor Geoff Bascand has said the legislation will also bring regulation of the sector into line with international best practice.
Rob Everett, chief executive of the FMA says the framework will "...help us in our goal to promote fair, efficient and transparent financial markets, given the important role FMIs play in the financial system".
The reforms include a transitional phase of 18 months. Public consultation on the standards of the new regime will also occur during this period.
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