Then, secondly, an FMI which is identified as being significant could be required to be designated under a revised designation regime. And then, thirdly, the joint regulators would have enhanced regulatory oversight powers for designated FMIs, including the powers to set regulatory requirements, oversee their rules, investigative and enforcement powers, and crisis management powers. And finally, where relevant, designated FMIs would be able to access the legal protection around settlement finality—that is, some final clarity around where they sit and netting that currently exists under Part 5C of the Reserve Bank of New Zealand Act. 