Financial Market Infrastructures Bill

  • enacted
12 General provisions about regulator’s functions and Ministers’ functions

(1)

The regulator’s functions are as follows:

(a)

to recommend the designation of FMIs and the amendment or revocation of designation notices (see subpart 1 of Part 3):

(b)

to regulate designated FMIs (see subparts 2 to 4 and 6 of Part 3):

(c)

to deal with designated FMIs that are distressed (see Part 4):

(d)

the other functions of the regulator under this Act.

(2)

The functions of the FMA Minister and the RBNZ Minister (whether acting jointly or of their own account) are as follows:

(a)

on the recommendation of the regulator, to declare an FMI to be a designated FMI (see subpart 1 of Part 3, section 20 in particular):

(c)

to approve the exercise of powers of the regulator in respect of systemically important FMIs (see subpart 2 of Part 4):

(d)

to provide advice on declaring an operator of an FMI to be subject to statutory management and on the termination of statutory management, to approve the exercise of powers in respect of an operator of an FMI that is subject to statutory management, to appoint an advisory committee, and to perform or exercise other functions in respect of that statutory management (see subpart 3 of Part 4):

(e)

the other functions of the Minister or Ministers under this Act.