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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Additional regulation of licences relating to financial benchmarks

448B: Additional purposes for licences relating to financial benchmarks

You could also call this:

"Extra rules for people who manage important financial numbers to keep them accurate and reliable"

Illustration for Financial Markets Conduct Act 2013

When you get a licence to manage a financial benchmark, there are extra goals for this licence. These goals are to make sure financial benchmarks are accurate and reliable, and that they keep being available to support the purposes set out in sections 3 and 4. You also want to promote New Zealand financial benchmarks in other countries.

You do this by making sure the benchmarks follow international rules, and that the people managing them are regulated properly. This helps the benchmarks be used in international agreements. This section does not change what section 3 or 4 say. These sections are part of the law that explains how financial markets should work in New Zealand.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS462790.

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Part 6Licensing and other regulation of market services
Additional regulation of licences relating to financial benchmarks

448BAdditional purposes for licences relating to financial benchmarks

  1. In relation to market services licences to act as an administrator of a financial benchmark, this Part has the purposes (in addition to those set out in sections 3 and 4) of—

  2. ensuring the accuracy, integrity, and reliability of financial benchmarks, and providing for their continued availability, to support the purposes set out in sections 3 and 4; and
    1. promoting the recognition of New Zealand financial benchmarks in overseas jurisdictions by ensuring that—
      1. those benchmarks comply with applicable international requirements; and
        1. an administrator of a financial benchmark is subject to effective regulation when generating and operating those benchmarks; and
          1. those benchmarks may be referenced or otherwise used in international instruments.

          2. This section does not limit section 3 or 4.

          Notes
          • Section 448B: inserted, on , by section 43 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).