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 its notification in the Gazette and varies the Reserve Bank of New Zealand (Designated Payment Systems) Order 2004 (the principal order).
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. Designation under Part 5C is an opt-in regime, requiring a person to apply for a settlement system to be designated.
This order amends the principal order to apply a number of standard conditions to the designation of both the CLS System and the Exchange Settlement Account System and to change the contact person in the case of the CLS System.
This order specifies in full—
the documents that evidence the rules of each system:
the specified operator of each system:
the contact person for each system:
the conditions to which the designation of each system as a designated settlement system is subject:
that CLS Bank International is the operator of, and a participant in, the CLS System:
that the Reserve Bank of New Zealand is the operator of, and a participant in, the Exchange Settlement Account System:
that both systems are pure payment systems.
Date of notification in Gazette: 31 October 2013.
This order is administered by the Reserve Bank of New Zealand.