This bill will establish a new regulatory regime for financial market infrastructures (FMIs). It also provides certain FMIs with more legal protections relating to settlement, netting, and also the enforceability of those rules. The bill would also replace the current regime, which is contained in sections 5B and 5C of the Reserve Bank of New Zealand Act 1989. Financial market infrastructures, or FMIs using the acronym, are multilateral systems that provide trading, clearing, settlement, and reporting in relation to payments, securities, derivatives, and other financial transactions, I appreciate it is a mouthful but that is the reality of what it does. It includes payment systems, securities, settlement systems, central security depositories, central counterparties, and trade repositories. 