The Financial Market Infrastructure Act (the Act) became law in May 2021. The new Act governs Financial Market Infrastructures (FMIs)—a set of critical systems that allow electronic payments and financial market transactions to occur.
Together with the Financial Markets Authority (FMA), we are the joint regulators of FMIs under the Act. The Act will be implemented over an approximately 18-month transitional period.
We encouraged industry groups and other 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:
The FMI Act implementation plan (PDF 437 KB)
A framework for identifying systematically important financial markets infrastructures (PDF 937 KB)
Approach to developing standards for financial market infrastructures (PDF 1.1 MB)
Summary of submissions and finalised approach to implementing the FMI Act 2021
On 20 January 2022 the Reserve Bank of New Zealand and the Financial Markets Authority (FMA) published the results of their July 2021 consultation on implementing the FMI Act 2021. A total of eight submissions were received. The consultation has resulted a refined approach to developing legally binding standards for designated FMIs as outlined in the summary of submissions document and a finalised framework to identify systemically important Financial Market Infrastructure (FMIs).
Media release: Reserve Bank and FMA finalise FMI regulatory framework, 20 January 2022
A Framework for Identifying Systemically Important Financial Market Infrastructures (PDF 967KB)
Response to Submissions: Approach to Implementing the Financial Market Infrastructures Act 2021 (PDF 1MB)
Full Submissions: Approach to Implementing the Financial Market Infrastructures Act 2021 (PDF 1.2MB)
The Financial Market Infrastructures Act Implementation Plan (437KB)
Reserve Bank and FMA consult on implementing new law to safeguard the ‘plumbing’ of the financial system, July 2021