Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Reserve Bank seeks tougher powers on payment systems

Reserve Bank seeks tougher powers on payment systems

March 22 (BusinessDesk) - The Reserve Bank is seeking to strengthen its oversight over payment and settlement systems, and wants to bring the financial markets watchdog on side to help with securities market settlement systems.

The central bank is seeking submissions on proposals to bolster its oversight powers and give it the ability to impose penalties and management regimes for failing systems. The bank also wants to bring the Financial Markets Authority in to a co-regulatory arrangement, giving the market watchdog oversight of securities settlements.

"These additional powers will bring the Reserve Bank into line with other central banks, and better reflect the international regulatory developments in the payment oversight area, brought about by the global financial crisis," deputy governor Grant Spencer said in a statement.

"Improved oversight would also help to avoid any significant damage to the financial system that could result from the failure of a participant in a payment system, unlikely though that might be," he said.

Potential changes to the regime were flagged in last November's financial stability report, which highlighted a disruption to retail payments systems in April last year, and prompted a review to mitigate the impact of any future events.

New powers the Reserve Bank is pushing for include the ability to demand certain information, and the ability to impose warnings, directions and bigger financial penalties. The bank also wants to be able to remove directors for breaches, or appoint a statutory manager in the event of a systems failure.

Submissions close on May 3.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news