IMF Staff Country Reports

New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures

May 10, 2017

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International Monetary Fund. Monetary and Capital Markets Department "New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures", IMF Staff Country Reports 2017, 115 (2017), accessed 12/6/2025, https://doi.org/10.5089/9781475599824.002

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Summary

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. It is recommended that supervisory practices be formalized and staff resources increased. The role of the FMA should be further clarified.

Subject: 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: 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

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