The Reserve Bank of New Zealand has published the exposure draft of the Financial Market Infrastructures Bill (FMI Bill), and is asking for feedback from stakeholders over the next eight weeks. "This draft Bill comes as a result of three rounds of public consultation - the first two on the proposed framework as a whole, and the third was specifically on crisis management powers. As a result we now have a draft Bill that we think hits the mark in terms of powers and coverage, and we're keen to hear if others agree," said Geoff Bascand, Deputy Governor and GM Financial Stability. The RBNZ says the current regime is too limited, and wants banks and other designated FMIs to be under an enhanced regulatory regime that includes crisis management powers (ie direction powers and a tailored statutory management scheme, enhanced oversight of their rules, legally binding standards and a requirement they have contingency plans for dealing with financial or operational failure.The regime also provides for a graduated range of investigative and enforcement tools. These include some new tools that are not currently provided for under existing prudential regimes for banks and insurers, such as the power to enter into enforceable undertakings.The Bill is expected to be introduced into Parliament later this year.