Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019

Reprint as at 16 May 2020

Coat of Arms of New Zealand

Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019

Public Act
 
2019 No 46
Date of assent
 
30 August 2019
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment and the Reserve Bank of New Zealand.

Contents

1Title
2Commencement
3Principal Act
4Section 122 amended (Moratorium)
5New sections 122A to 122E inserted
122ADefinitions of terms relating to qualifying derivatives
122BMatters relating to possession or control of collateral
122CBank may reduce or extend stay on exercise of rights to enforce security interest over collateral
122DMatters Bank must be satisfied of under section 122C(3)(b)
122EPublication and status of notice under section 122C
6Section 134 amended (Sale of property or assets subject to a security)
7Section 173 amended (Regulations)
8Schedule 1 amended
9Principal Act
10New section 239ABMA inserted (Enforcement of security interest over collateral for qualifying derivative)
239ABMAEnforcement of security interest over collateral for qualifying derivative
11Schedule 1AA amended
12Consequential amendment to Insolvency Practitioners Regulation (Amendments) Act 2019
13Schedule 7 amended
14Principal Act
15New section 2A inserted (Transitional, savings, and related provisions)
2ATransitional, savings, and related provisions
16Section 42 amended (Moratorium)
17Section 51 amended (Sale of property or assets subject to a security)
18Schedule replaced
19Principal Act
20New section 21A inserted (Transitional, savings, and related provisions)
21ATransitional, savings, and related provisions
21New section 103B and cross-heading inserted
103BPriority of interests under qualifying derivatives
22New Schedule 1AA inserted
23Principal Act
24New section 6A inserted (Transitional, savings, and related provisions)
6ATransitional, savings, and related provisions
25Section 153 amended (Preferential claims)
26New Schedule 1AA inserted
27Principal Act
28New section 3A inserted (Transitional, savings, and related provisions)
3ATransitional, savings, and related provisions
29Section 30 amended (Preferential claims)
30New Schedule 1AA inserted
31Consequential amendments to Insolvency Practitioners Regulation (Amendments) Act 2019
32Principal Act
33Section 6 amended (Interpretation)
34Section 18 amended (Interpretation in this Part)
35Section 351 amended (Regulations modifying this Part or Part 7 for licensed markets)
36Section 386 amended (Overview)
37Section 390 amended (When providers of other market services may be licensed)
38Section 393 amended (Principles guiding the exercise of FMA powers)
39Section 396 amended (When licence must be issued)
40Section 403 amended (When FMA may impose permitted conditions)
41Section 410 amended (Meaning of material change of circumstances)
42Section 414 amended (FMA’s powers in case of contravention of market services licensee obligation, material change, etc)
43New subpart 7A of Part 6 inserted
448AApplication of subpart
448BAdditional purposes for licences relating to financial benchmarks
448CFMA’s powers to direct contributor to provide information or data
448DFMA’s powers to direct administration of financial benchmark
448EDuration of direction
448FFMA must follow steps for giving direction
448GFMA may give interim direction pending exercise of power
448HFMA must give notice after giving interim direction
448IGeneral provisions on FMA’s directions
448JProtection for persons in respect of provision of material, information, or data under this subpart
44Section 449 amended (Part 6 services provisions)
45Section 451 amended (Meaning of FMC reporting entity)
46Section 452 amended (Company that issues equity securities not FMC reporting entity if fewer than 50 shareholders)
47Section 532 amended (Appeals against other decisions of FMA on questions of law only)
48Section 546 amended (Regulations for purposes of Part 6 (market services))
49Section 548 amended (Other regulations)
50Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
51Schedule 4 amended
52Consequential amendments
Reprint notes

The Parliament of New Zealand enacts as follows: