Standards for designated FMIs overview
FMIs are multilateral systems that provide clearing, settling or recording services in relation to payments and transactions involving financial products. There are several types of FMIs, including payment systems, securities settlement systems, central securities depositories and central counterparties.
The Standards for designated FMIs were issued on 27 July 2023 under section 31 of the Financial Market Infrastructures Act 2021 (the FMI Act) by the Reserve Bank of New Zealand and the Financial Markets Authority acting jointly as the regulator under the FMI Act. The Standards come into effect starting from 1 March 2024.
Table 1 details how the Standards apply to the different classes of FMIs and has links to guidance materials.
The Standards and related guidance are based on the relevant international standards — the Principles for Financial Market Infrastructures (PFMI) — but adapted to align with New Zealand legal norms and the New Zealand operating environment for designated FMIs.
Table 1: Standards and related materials for designated Financial Market Infrastructures (FMIs)
FMI Standards (PDF, 4.45MB)
Guidance for FMI Standards (PDF, 925KB)
Guidance Note: Overseas FMIs (equivalence framework) (PDF, 169KB)
FMIs are designated because they are determined to be systemically important by the regulator or because they apply for designation status.