Payment Systems Update

After most recently signalling in 2017 the adoption of an enhanced legislative framework for financial market infrastructure or FMI, the Reserve Bank has today published an exposure draft of the Financial Market Infrastructure Bill. The Reserve Bank is now seeking submissions on the Bill, which is anticipated to be introduced to Parliament later this year. Submissions close on 26 September.

The Bill will establish a new framework for regulation and supervision of operators and participants of FMIs, being systems used for payment, clearing, settling or recording of financial transactions. Under the proposed regime, the regulators will be looking to monitor the sector with a range of information gathering and investigative powers, with enhanced regulation in certain circumstances.

Please contact any of our experts listed below if you would like to discuss any aspect of the FMI Bill or assistance in making submissions.

This article is intended only to provide a summary of the subject covered. It does not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in this publication without first obtaining specific professional advice. If you require any advice or further information on the subject matter of this newsletter, please contact the partner/solicitor in the firm who normally advises you, or alternatively contact one of the partners listed below.