Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill

  • enacted

Hon Kris Faafoi

Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill

Government Bill

115—3

Contents

Key
1Title
2Commencement
Part 1
Amendments relating to derivative margins
Subpart 1—Amendments to Reserve Bank of New Zealand Act 1989
3Principal Act
4Section 122 amended (Moratorium)
5New sections 122A to 122D inserted
122ADefinitions of terms relating to qualifying derivatives
122ABMatters relating to possession or control of collateral
122BBank may reduce or extend stay on exercise of rights to enforce security interest over collateral
122CMatters Bank must be satisfied of under section 122B(3)(b)
122DPublication and status of notice under section 122B
5ASection 134 amended (Sale of property or assets subject to a security)
6Section 173 amended (Regulations)
7Schedule 1 amended
Subpart 2—Amendments to Companies Act 1993
8Principal Act
9New section 239ABMA inserted (Enforcement of security interest over collateral for qualifying derivative)
239ABMAEnforcement of security interest over collateral for qualifying derivative
10Schedule 1AA amended
10AConsequential amendment to Insolvency Practitioners Regulation (Amendments) Act 2019
11Schedule 7 amended
Subpart 3—Amendments to Corporations (Investigation and Management) Act 1989
12Principal Act
13New section 2A inserted (Transitional, savings, and related provisions)
2ATransitional, savings, and related provisions
14Section 42 amended (Moratorium)
14ASection 51 amended (Sale of property or assets subject to a security)
15Schedule replaced
Subpart 4—Amendments to Personal Property Securities Act 1999
16Principal Act
17New section 21A inserted (Transitional, savings, and related provisions)
21ATransitional, savings, and related provisions
19New section 103B and cross-heading inserted
Priority of interests under qualifying derivatives
103BPriority of interests under qualifying derivatives
20New Schedule 1AA inserted
Subpart 5—Amendments to Property Law Act 2007
20APrincipal Act
20BNew section 6A inserted (Transitional, savings, and related provisions)
6ATransitional, savings, and related provisions
20CSection 153 amended (Preferential claims)
20DNew Schedule 1AA inserted
Subpart 6—Amendments to Receiverships Act 1993
20EPrincipal Act
20FNew section 3A inserted (Transitional, savings, and related provisions)
3ATransitional, savings, and related provisions
20GSection 30 amended (Preferential claims)
20HNew Schedule 1AA inserted
20IConsequential amendments to Insolvency Practitioners Regulation (Amendments) Act 2019
Part 2
Amendments relating to financial benchmarks
21Principal Act
22Section 6 amended (Interpretation)
22AASection 18 amended (Interpretation in this Part)
22ASection 351 amended (Regulations modifying this Part or Part 7 for licensed markets)
23Section 386 amended (Overview)
24Section 390 amended (When providers of other market services may be licensed)
25Section 393 amended (Principles guiding the exercise of FMA powers)
26Section 396 amended (When licence must be issued)
27Section 403 amended (When FMA may impose permitted conditions)
27ASection 410 amended (Meaning of material change of circumstances)
27BSection 414 amended (FMA’s powers in case of contravention of market services licensee obligation, material change, etc)
28New subpart 7A of Part 6 inserted
Subpart 7A—Additional regulation of licences relating to financial benchmarks
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
29Section 449 amended (Part 6 services provisions)
30Section 451 amended (Meaning of FMC reporting entity)
30ASection 452 amended (Company that issues equity securities not FMC reporting entity if fewer than 50 shareholders)
31Section 532 amended (Appeals against other decisions of FMA on questions of law only)
32Section 546 amended (Regulations for purposes of Part 6 (market services))
33Section 548 amended (Other regulations)
34Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)
35Schedule 4 amended
36Consequential amendments
Schedule 1
Transitional, savings, and related provisions for amendments to Reserve Bank of New Zealand Act 1989
Schedule 2
Transitional, savings, and related provisions for amendments to Companies Act 1993
Schedule 3
Schedule of Corporations (Investigation and Management) Act 1989 replaced
Schedule 4
Transitional, savings, and related provisions for amendments to Personal Property Securities Act 1999
Schedule 4A
Transitional, savings, and related provisions for amendments to Property Law Act 2007
Schedule 4B
Transitional, savings, and related provisions for amendments to Receiverships Act 1993
Schedule 5
Consequential amendments to Financial Services Legislation Amendment Act 2019
Legislative history

The Parliament of New Zealand enacts as follows: