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Reserve Bank and FMA consult on implementing new law to safeguard the ‘plumbing’ of the financial system
Groups with an interest in the financial market transactions and payments are being asked for their views on how a new law governing the ‘plumbing’ of the financial system should be implemented. The Financial Market Infrastructure Act became law in May 2021. The new Act governs Financial Market Infrastructures (FMIs) – a set of critical systems that are sometimes referred to as the plumbing of the financial system. These systems allow electronic payments and financial market transactions to occur. The Reserve Bank of New Zealand – Te Pūtea Matua and the Financial Markets Authority (FMA) - Te Mana Tātai ... (full story)