Reserve Bank seeks tougher powers

 WELLINGTON: 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 for failing systems.

The bank also wants to bring the Financial Markets Authority into a co-regulatory arrangement, giving the market watchdog oversight of securities settlements. – AAP