RBNZ’s Spencer sees need for better approach to FMI oversight
Central bank could gain new powers under proposed legislation
The Reserve Bank of New Zealand (RBNZ) could be about to gain new powers to oversee major financial market infrastructure (FMI) in the country, deputy governor Grant Spencer said today (November 8).
Spencer told a conference organised by Payments NZ that proposed legislation could establish the RBNZ and Financial Markets Authority (FMA) as jointly responsible for overseeing systemic financial market infrastructure. The plans still need approval from the cabinet office.
Under the proposals, the
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