The regime in the bill is administered jointly by the Reserve Bank and the Financial Markets Authority, except in relation to payment systems where the Reserve Bank will be the sole regulator. It also provides different treatment for the regulation of designated and non-designated FMIs. Designated FMIs are those that are identified as systemically important and brought into the regime or have opted into the regime to access the current legal protections around settlement, finality, netting, and the enforceability of rules which are being carried across into this FMI bill. 