Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009 No 35)
In section 137(2), after “Reserve Bank of New Zealand Act 1989,”
, insert “the Financial Market Infrastructures Act 2019,”
.
In section 137(3), after “Reserve Bank of New Zealand Act 1989,”
, insert “the Financial Market Infrastructures Act 2019,”
.
In section 137(4), after “Financial Markets Conduct Act 2013,”
, insert “the Financial Market Infrastructures Act 2019,”
.
In section 137(5), after “Financial Markets Conduct Act 2013,”
, insert “the Financial Market Infrastructures Act 2019,”
.
Companies Act 1993 (1993 No 105)
In section 2(1), replace the definition of designated settlement system with:
designated FMI means a designated FMI as defined in section 5 of the Financial Market Infrastructures Act 2019 and to which subpart 5 of Part 3 of that Act applies
In section 2(1), insert in its appropriate alphabetical order:
rules, in relation to a designated FMI, is to be read in accordance with section 36 of the Financial Market Infrastructures Act 2019
In section 85(1A) and (2), replace “settlement system”
with “FMI”
.
In section 95(2), replace “settlement system”
with “FMI”
.
Replace section 269(2)(b)(iii) with:
(iii)
a settlement instruction or a settlement under the rules of a designated FMI.
Corporations (Investigation and Management) Act 1989 (1989 No 11)
In section 8(1), insert in their appropriate alphabetical order:
designated FMI means a designated FMI within the meaning of the Financial Market Infrastructures Act 2019
operator means an operator within the meaning of the Financial Market Infrastructures Act 2019
In section 8(2)(a) to (c), replace “or registered bank”
with “, registered bank, or operator of a designated FMI”
.
After section 38(5), insert:
(6)
The FMA must consult the Reserve Bank of New Zealand before making a recommendation under this section that would lead to an operator of a designated FMI being subject to statutory management.
(7)
In subsection (6), designated FMI and operator have the meanings given in section 5 of the Financial Market Infrastructures Act 2019.
In section 42(8), replace “settlement system that is declared to be a designated settlement system under Part 5C of the Reserve Bank of New Zealand Act 1989”
with “designated FMI to which subpart 5 of Part 3 of the Financial Market Infrastructures Act 2019 applies”
.
In section 42(8)(b)(i), replace “settlement system”
with “FMI”
.
Replace section 42(9) with:
(9)
In subsection (8) and this subsection,—
(a)
designated FMI, netting, and participant have the meanings given in section 5 of the Financial Market Infrastructures Act 2019; and
(b)
netted balance means any amount calculated in accordance with the rules of a designated FMI as the net debit payable by, or on behalf of, a participant of the designated FMI to, or on behalf of, another participant of that designated FMI for all or any claims or obligations to which those rules apply; and
(c)
rules is to be read in accordance with section 36 of the Financial Market Infrastructures Act 2019.
In section 44(4), replace “section 156T of the Reserve Bank of New Zealand Act 1989”
with “section 58(1) and (2) of the Financial Market Infrastructures Act 2019”
.
Financial Markets Authority Act 2011 (2011 No 5)
In section 4, definition of financial markets participant, after paragraph (b)(iiia), insert:
(iiib)
an operator of a designated FMI within the meaning of section 5 of the Financial Market Infrastructures Act 2019 (other than a pure payment system within the meaning of that section):
In Schedule 1, Part 1, insert in its appropriate alphabetical order:
Financial Market Infrastructures Act 2019
In Schedule 1, Part 2, repeal the item relating to Part 5C of the Reserve Bank of New Zealand Act 1989.
Financial Markets Conduct Act 2013 (2013 No 69)
Replace section 238(1)(h) with:
(h)
A is an operator of a designated FMI and is acting in the ordinary course of that business.
After section 238(3), insert:
(4)
In subsection (1)(h), designated FMI and operator have the meanings given in section 5 of the Financial Market Infrastructures Act 2019.
In section 338(4), replace “settlement system (within the meaning of section 156M(1) of the Reserve Bank of New Zealand Act 1989)”
with “FMI (as defined in section 5 of the Financial Market Infrastructures Act 2019)”
.
Replace section 389(1)(b) with:
(b)
acts as an operator of a designated FMI:
After section 389(1), insert:
(1A)
In subsection (1)(b), designated FMI and operator have the meanings given in section 5 of the Financial Market Infrastructures Act 2019.
In Schedule 5, replace clause 21(a) with:
(a)
the person giving the service is an operator of a designated FMI and the service is provided by the receipt, holding, payment, or transfer of money or property in accordance with the designated FMI’s rules; or
In Schedule 5, clause 21, insert as subclause (2):
(2)
In subclause (1)(a),—
designated FMI and operator have the meanings given in section 5 of the Financial Market Infrastructures Act 2019
rules is to be read in accordance with section 36 of that Act.
Income Tax Act 2007 (2007 No 97)
Replace section RE 10C(2), other than the subsection heading, with:
(2)
This section does not apply to a custodial institution that is the specified operator of a designated FMI to the extent that the designated FMI is a settlement system. The exclusion extends to a nominee or agent of the specified operator.
Meaning of settlement system and other terms
(2B)
For the purposes of subsection (2) and this subsection,—
(a)
FMI settlement means a settlement within the meaning of section 5 of the Financial Market Infrastructures Act 2019:
(b)
settlement system—
(i)
means a system or arrangement for effecting FMI settlements or processing settlement instructions in accordance with rules; and
(ii)
includes a payment system:
(c)
designated FMI, rules, settlement instruction, and specified operator have the same meanings as in section 5 of the Financial Market Infrastructures Act 2019.
In section RE 10C(6)(b), after “Financial Markets Conduct Act 2013,”
, insert “the Financial Market Infrastructures Act 2019,”
.
In section RE 10C, in the list of defined terms, insert, in their correct alphabetical order, “designated FMI”
, “FMI settlement”
, “rules”
, “settlement instruction”
, “settlement system”
, and “specified operator”
.
In section YA 1, insert, in their appropriate alphabetical order:
designated FMI is defined in section RE 10C(2B) (Obligations of custodial institutions in relation to certain payments of investment income) for the purposes of that section
FMI settlement is defined in section RE 10C(2B) (Obligations of custodial institutions in relation to certain payments of investment income) for the purposes of that section
rules is defined in section RE 10C(2B) (Obligations of custodial institutions in relation to certain payments of investment income) for the purposes of that section
settlement instruction is defined in section RE 10C(2B) (Obligations of custodial institutions in relation to certain payments of investment income) for the purposes of that section
settlement system is defined in section RE 10C(2B) (Obligations of custodial institutions in relation to certain payments of investment income) for the purposes of that section
specified operator is defined in section RE 10C(2B) (Obligations of custodial institutions in relation to certain payments of investment income) for the purposes of that section
Personal Property Securities Act 1999 (1999 No 126)
In the cross-heading above section 103A, replace “settlement system”
with “FMI”
.
In the heading to section 103A, replace “settlement system”
with “FMI”
.
In section 103A(1), (3), and (4), replace “settlement system”
with “FMI”
in each place.
In section 103A(1)(a)(ii), replace “the operator’s interest”
with “the participant’s interest”
.
Replace section 103A(6) and (7) with:
(6)
In this section,—
(a)
designated FMI means a designated FMI (as defined in section 5 of the Financial Market Infrastructures Act 2019)—
(i)
to which subpart 5 of Part 3 of that Act applies; and
(ii)
whose designation notice specifies under section 29(2)(b) of that Act that the specified operator is an operator to whom this section applies; and
(b)
operator means an operator of a designated FMI who is (and at the time in question remains) the specified operator in relation to the designated FMI; and
(c)
rules is to be read in accordance with section 36 of the Financial Market Infrastructures Act 2019; and
(d)
other terms used that are defined in section 5 of the Financial Market Infrastructures Act 2019 have the meanings given in that section.
Reserve Bank of New Zealand Act 1989 (1989 No 157)
In section 2(1), repeal the definitions of designated settlement system, operator, participant, payment system, settlement system, and specified operator.
In section 39, after “2013,”
, insert “the Financial Market Infrastructures Act 2019,”
.
In section 41(1)(d), replace “2013.”
with “2013; and”
.
After section 41(1)(d), insert:
(e)
the Financial Market Infrastructures Act 2019.
In section 46(1)(b), after “insurer”
, insert “or of a relevant operator of an FMI”
.
After section 46(3), insert:
(4)
In subsection (1)(b), relevant operator of an FMI—
(a)
means an operator of an FMI within the meaning of those terms in section 5 of the Financial Market Infrastructures Act 2019; but
(b)
does not include an operator that is the Bank or a subsidiary of the Bank.
In section 47(1) and (4), after “2010,”
, insert “the Financial Market Infrastructures Act 2019,”
.
In section 49(2)(h)(iii), after “insurer”
, insert “or a relevant operator of an FMI as defined in section 46(4)”
.
In section 50(2)(d)(iii), after “insurer”
, insert “or a relevant operator of an FMI as defined in section 46(4)”
.
After section 51(5)(c), insert:
(d)
the Financial Market Infrastructures Act 2019.
After section 51(9)(c), insert:
(d)
the Financial Market Infrastructures Act 2019.
In section 53(3)(f)(iii) and (4)(d)(iii), after “insurer”
, insert “or a relevant operator of an FMI as defined in section 46(4)”
.
In section 58(b), after “2013)”
, insert “or a relevant operator of an FMI (as defined in section 46(4))”
.
In section 68A(1), after “2010”
, insert “or the Financial Market Infrastructures Act 2019”
.
In section 68B(1), delete “and Parts 5B and 5C”
.
In section 122(8), replace “a designated settlement system”
with “a designated FMI to which subpart 5 of Part 3 of the Financial Market Infrastructures Act 2019 applies”
.
In section 122(8)(b)(i), replace “settlement system”
with “FMI”
.
Replace section 122(9) with:
(9)
In subsection (8) and this subsection,—
(a)
designated FMI, netting, and participant have the meanings given in section 5 of the Financial Market Infrastructures Act 2019; and
(b)
netted balance means any amount calculated in accordance with the rules of a designated FMI as the net debit payable by, or on behalf of, a participant of the designated FMI to, or on behalf of, another participant of that designated FMI for all or any claims or obligations to which those rules apply; and
(c)
rules is to be read in accordance with section 36 of the Financial Market Infrastructures Act 2019.
In section 122A(1), definition of qualifying counterparty, replace paragraph (d) with:
(d)
a specified operator within the meaning of section 5 of the Financial Market Infrastructures Act 2019; or
In section 122A(1), definition of qualifying derivative, replace paragraph (a)(ii) with:
(ii)
netting under the rules of a designated FMI to which subpart 5 of Part 3 of the Financial Market Infrastructures Act 2019 applies; and
Replace section 122D(a)(iii) with:
(iii)
A’s liabilities that are subject to netting under the rules of a designated FMI to which subpart 5 of Part 3 of the Financial Market Infrastructures Act 2019 applies; and
Repeal section 159(1)(c) and (d).
After section 159(1)(ea), insert:
(eb)
the Financial Market Infrastructures Act 2019:
Replace section 162AB(1)(a) and (b) with:
(a)
assess the expected regulatory impacts of any policy that it intends to adopt under any of the following:
(ii)
the Insurance (Prudential Supervision) Act 2010:
(iii)
the Non-bank Deposit Takers Act 2013:
(iv)
the Financial Market Infrastructures Act 2019; and
(b)
assess the regulatory impacts of the policies adopted under the enactments listed in paragraph (a)(i) to (iv) at intervals appropriate to the nature of the policy being assessed; and
In Schedule 2, after clause 11(2)(b)(iii), insert:
(iv)
a relevant operator of an FMI as defined in section 46(4); or