RBNZ and FMA seeking feedback on draft FMI Standards
The development of the FMI Standards is a key milestone in the implementation of the FMI Act. The FMI Standards provide a comprehensive framework for the regulation of FMIs operating in New Zealand.
FMIs are often described as the plumbing of the financial system. They are systems that enable electronic payments and financial market transactions to occur, and are therefore essential for the day-to-day operation of the financial system and in turn the economy. Effective regulation of FMIs is essential to promoting robust FMIs and consequently protecting New Zealand’s financial system while facilitating efficient financial markets, ultimately supporting the economic wellbeing of New Zealanders.
Following consultation on the content of the FMI Standards in the second half of 2021, the RBNZ and FMA have prepared exposure drafts of the FMI Standards, along with related guidance, and a draft equivalence framework for overseas FMIs. The RBNZ and the FMA are inviting written feedback on these exposure drafts and related documents until 18 November 2022.
Deputy Governor and General Manager of Financial Stability Christian Hawkesby says: ‘the proposed FMI Standards would align the regulatory regime for FMIs in New Zealand with international best practice. The binding requirements in the proposed FMI Standards would complete the establishment of a modern regulatory regime for FMIs that is appropriate for New Zealand.’
FMA Acting Director of Capital Markets Paul Gregory says: ‘we thank industry and stakeholders who have helped inform the development of this work to date. It is important we continue to hear these views and encourage interested parties to share their views on the proposed standards and guidance.’
More information
- Cover note: exposure draft FMI Standards (PDF 656KB)
- Exposure draft FMI Standards (PDF 669KB)
- Exposure draft Guidance (PDF 1.1MB)
- Comparison of the FMI Standards to the Principles for Financial Market Infrastructures (PDF 507KB)
- Comparison of the FMI Standards exposure draft guidance to the Principles for Financial Market Infrastructures (PDF 1.1MB)
- Overseas equivalence framework guidance note (PDF 239KB)
- Reserve Bank and FMA finalise FMI regulatory framework January 2022
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