New laws to regulate and supervise payment and settlement
systems have been passed by Parliament following the third
reading of the Financial Market Infrastructures Bill (the
Bill) yesterday.

FMIs are critical systems that
support day-to-day payments and financial transactions in
the economy. They include electronic payment systems, and
systems to settle trades in a range of financial products,
such as equities and bonds. These systems are mostly used by
banks and other financial institutions, but payment systems
are also used by individuals, retailers, and other
businesses.

Under the Bill the Reserve Bank of New
Zealand – Te Pūtea Matua (the Reserve Bank) and the
Financial Markets Authority – Te Mana Tātai Hokohoko
(FMA) will be joint regulators of most FMIs, including
central securities depositories,…

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