Cover; CONTENTS; Glossary; EXECUTIVE SUMMARY; INTRODUCTION; DESCRIPTION OF FINANCIAL MARKET INFRASTRUCTURES IN NEW ZEALAND; A. Overview of Financial Market Infrastructures; ANALYSIS OF SELECTED ISSUES; A. Oversight of FMIs; B. Crisis Management and Interdependencies; BOXES; 1. The Five Responsibilities of the PFMI; 2. Network Analysis of FMIs and their Members; FIGURE; 1. Critical FMI Members; TABLES; 1. Recommendations for FMI Supervision and Crisis Management; 2. Systemic Indicators for FMIs; 3. Overview of Responsible Authority per FMI; APPENDICES; I. FMI landscape in New Zealand
II. Statistics of FMIsIII. Laws and Guidelines for New Zealand FMIs; IV. Key Features of Current and Proposed Oversight Regime for FMIs; V. Cooperation Agreements between New Zealand Authorities and Foreign Authorities
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
Notes
Online resource; title from PDF title page (IMF eLibrary, viewed July 27, 2018)
