New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures
IMF Staff Country Reports, May 10, 2017
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- New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures
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Bibliographic details
- Published: May 10, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475599824.002
Overview
- This Technical Note assesses regulation and oversight of financial market infrastructures (FMIs) in New Zealand.
- The regulatory and oversight framework for FMIs in New Zealand is undergoing a major reform.
- The Reserve Bank of New Zealand and the Financial Markets Authority (FMA) currently lack sufficient legal powers to identify and address risks building up in FMIs, partly because the regime is voluntary and the authorities do not have the appropriate toolkit to pursue their oversight objectives.
Key findings
- The current regime for FMI oversight in New Zealand is voluntary.
- The Reserve Bank of New Zealand and the FMA lack sufficient legal powers to identify and address risks building up in FMIs.
- Authorities do not have the appropriate toolkit to pursue their oversight objectives under the existing framework.
Policy recommendations and supervisory priorities
- Formalize supervisory practices.
- Increase staff resources for FMI oversight.
- Further clarify the role of the Financial Markets Authority (FMA).
Thematic scope and keywords
- Subject areas covered: Banking; Crisis management; Crisis management framework; Financial crises; Financial markets; Financial regulation and supervision; Payment systems; PFM information systems; Principles for Financial Market Infrastructures; Public financial management (PFM).
- Keywords provided in the source: authorities' comment; authorities' plan; clearing member; CR; Crisis management; Crisis management framework; crisis management regime; discretionary power; financial system; FMA's responsibility; FMI overseer; FMIs in New Zealand; Global; government guarantee; ISCR; management regime; New Zealand FMI transaction; OBR regime; oversight function; oversight regime; oversight regime for FMIs; Payment systems; PFM information systems; Principles for Financial Market Infrastructures; proposed regime; resolution authority; statutory management regime.
New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures, IMF Staff Country Reports, May 10, 2017.
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- Country Report