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

International Monetary Fund

No 2017/115, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; resolution authority; financial system; New Zealand FMI transaction; FMI overseer; clearing member; government guarantee; oversight function; management regime; discretionary power; OBR regime; FMA's responsibility; FMIs in New Zealand; crisis management regime; proposed regime; oversight regime; authorities' comment; authorities' plan; oversight regime for FMIs; statutory management regime; PFM information systems; Payment systems; Crisis management framework; Crisis management; Principles for Financial Market Infrastructures; Global (search for similar items in EconPapers)
Pages: 35
Date: 2017-05-10
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