This note is not part of the order, but is intended to indicate its general effect.
This order comes into force on the 28th day after the date of its notification in the Gazette.
Part 5C of the Reserve Bank of New Zealand Act 1989 provides for the designation of settlement systems and gives statutory backing for finality of settlement and netting through a designated settlement system. Part 5C also makes the Reserve Bank and the Financial Markets Authority joint regulators of designated settlement systems. Designation under Part 5C is an opt-in regime, requiring a person to apply for a settlement system to be designated.
In this order, the NZClear settlement system is declared to be a designated settlement system for the purposes of Part 5C. The order also specifies—
the document that evidences the rules of the NZClear settlement system:
the specified operator of the NZClear settlement system:
the contact person for the NZClear settlement system:
conditions to which the designation of the NZClear settlement system as a designated settlement system is subject:
that the Reserve Bank of New Zealand is the operator of, and a participant in, the NZClear settlement system.
Date of notification in Gazette: 6 September 2012.
This order is administered by the Reserve Bank of New Zealand.