  
  
S/C/N/11 43 
14 November 2023 
(23-7654) Page: 1/2 
Council for Trade in Services  Original:  English  
 
  
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE  
GENERAL AGREEMENT ON TRADE IN SERVICES  
The following notification from the delegation of New Zealand , dated 10 November  2023, is being 
circulated to the Members of the Council for Trade in Services.  
 
_______________  
 
 
1  MEMBER NOTIFYING:  
New Zealand  
2  NOTIFICATION UNDER ARTICLE:  
Article III:3 of the General Agreement on Trade in Services  
3  DATE OF ENTRY INTO FORCE:  
1 March 2024 
3.1  Duration:  
Indefinite  
4  AGENCY RESPONSIBLE FOR ENFORCEMENT OF THE MEASURE:  
Reserve Bank of New Zealand (RBNZ), Financial Markets Authority (FMA)  
5  DESCRIPTION OF THE MEASURE:  
The Financial Market Infrastructures Act 2021 (the FMI Act) establishes an enhanced regulatory 
framework for financial market infrastructures (FMIs) . The FMI Act gives the regulator (the RBNZ 
and FMA acting jointly, except for pure payment systems where the RBNZ is the sole regulator) 
powers to set legally binding standards for FMIs designated under the FMI Act and powers to oversee 
the rules and cont ingency plans of designated FMIs.  
 
a. Designated FMIs are FMIs designated as systemically important or those who opt into the 
regime established by the FMI Act.  
b. The regulator plans to implement the international Principles for Financial Market 
Infrastructure s (PFMI), issued by CPMI -IOSCO into legally binding standards in New 
Zealand. The proposed standards would be tailored in a manner appropriate for the New 
Zealand legal system and the NZ operating environment.  
c. As part of the proposed standards, if operato rs of FMIs domiciled in other jurisdictions 
meet certain requirements, those operators will not need to comply with the majority of 
the proposed standards, and instead the regulator will rely on the home jurisdiction 
regulatory regime.  
 S/C/N/114 3 
 
- 2 - 
 
  The FMI Act also g ives the regulator:  
 
a. an updated set of supervisory and enforcement tools  
b. in the event of a systemically important FMI becoming distressed, crisis management 
powers.   
6  MEMBERS SPECIFICALLY AFFECTED, IF ANY:  
None 
7  TEXT AVAILABLE FROM:  
Developing the legislative framework for financial market infrastructures - Reserve Bank  of New 
Zealand - Te Pūtea Matua (rbnz.govt.nz)  
Consultation: Proposed stan dards for Financial Market Infrastructure Act | Financial Markets 
Authority (fma.govt.nz)  
Financial Market Infrastructures Act 2021 No 13 (as at 01 July 2022), Public Act – New Zealand 
Legislation  
 
__________  