About the consultation
We invited feedback on the exposure drafts of the FMI standards and guidance, and a draft equivalence framework for overseas FMI.
The exposure drafts of the FMI standards and guidance, and the draft equivalence framework, were developed in line with the approach we consulted on in 2021. This approach includes the translation of the Principles for Financial Market Infrastructures (PFMI) into standards appropriate for New Zealand.
Alongside the consultation package, we also published comparisons of the FMI standards and accompanying guidance against the PFMI. These documents provide more detail on how the PFMI have been translated into the FMI standards.
Background to the FMI Act implementation
The FMI Act was passed in May 2021. In July 2021, the RBNZ and the FMA sought views from interested parties on aspects of how the new FMI Act should be implemented, including on the proposed systemic importance framework and the approach to developing standards for FMIs. In January 2022, the RBNZ and the FMA published a response to submissions on the consultation. More information is available at: Implementing the new regime for financial market infrastructures - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz)