The European Commission has recognised New Zealand’s regulatory framework for financial benchmarks as equivalent to EU standards, allowing EU institutions to continue using the New Zealand Bank Bill Market Rate (BKBM) from 1 January 2026.
This avoids disruption to more than €50 billion in EU financial instruments that reference the benchmark, supporting ongoing trade and transactions between the EU and New Zealand.
The decision follows several years of work by the Financial Markets Authority, Ministry of Business, Innovation and Employment, and the New Zealand Financial Benchmark Facility to align licensing and regulatory requirements, and it strengthens cooperation between EU and New Zealand financial authorities.
© NZ Lawyer