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Financial market infrastructures (FMIs) Standards consultation

The Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua and the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko are inviting feedback on the exposure drafts of standards for designated financial market infrastructures (FMIs). These standards would be issued under the Financial Market Infrastructures Act 2021 (the FMI Act).

The FMI Standards consultation package includes the exposure drafts of the FMI Standards, accompanying guidance, and a draft equivalence framework for overseas FMIs, linked below. We have also published a cover note, which provides background to the consultation, sets out the rationale behind the drafting of the exposure draft FMI Standards and guidance, and asks some consultation questions.


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.

There are several types of FMIs, including payment systems, securities settlement systems and central counterparties. The FMI Act also establishes the RBNZ and the FMA as the joint regulator of FMIs (other than for pure payment systems, where the RBNZ is the sole regulator).

The proposed FMI Standards, along with the FMI Act, create a comprehensive regulatory regime for FMIs that are designated under the FMI Act. The development of the FMI Standards and guidance is a key milestone in the implementation of the FMI Act. 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.

The exposure drafts FMI Standards and guidance are largely based on the international standards for the regulation of systemically important FMIS, the Principles for Financial Market Infrastructures (PFMI) issued by the Committee on Payments and Market Infrastructure (CPMI) and the International Organization of Securities Commissions (IOSCO).

To translate the PFMI into the exposure draft FMI Standards, the language of the PFMI has been modified to align with New Zealand legal norms, and to make the language more appropriate for secondary legislation. The exposure draft guidance is largely based on the PFMI explanatory notes, adapted to reflect any changes made in adapting PFMI into standards.  A small number of standards (in addition to those based on the PFMI) have been created to ensure that the overall regulatory requirements are appropriate for the New Zealand financial system context. This reflects the approach we consulted on in 2021, see Reserve Bank and FMA finalise FMI regulatory framework January 2022

Alongside the consultation package, we have 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 (

How to make a submission

We welcome submissions the exposure draft Standards and Guidance, and on the draft equivalence framework, by 18 November 2022. To make a submission, please email
[email protected]