Consultation opens for rollout of Financial Market Infrastructure Act
Groups with an interest in financial market transactions and payments are being asked for their views on how a new law governing the ‘plumbing’ of the financial system should be implemented.
Tuesday, July 27th 2021, 10:59AM
The Financial Market Infrastructure Act became law in May 2021 and governs Financial Market Infrastructures (FMIs) – a set of critical systems that allow electronic payments and financial market transactions to occur.
The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) are the regulators of FMIs under the Act, which will be implemented over an approximately 18-month transitional period.
The RBNZ and FMA are asking industry groups and stakeholders to give their views on how systemically important FMIs will be identified and the proposed approach to developing standards, with the release of consultation documents.
Consultation ends on September 20. Click here for the implementation plan and email fmiconsultation@rbnz.govt.nz with your submission.
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