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Financial Markets Authority (New Zealand)

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Financial Markets Authority
Agency overview
Formed1 May 2011 (2011-May-01)
Preceding agency
JurisdictionNew Zealand
HeadquartersWellington, New Zealand
Agency executives
  • Mark Todd, Chairman
  • Rob Everett, Chief executive
Websitewww.fma.govt.nz

The Financial Markets Authority (FMA) is the New Zealand government agency responsible for financial regulation. It is responsible for regulating all financial market participants, exchanges and the setting and enforcing of financial regulations.

History

See also: Finance company collapses, 2006–2012 (New Zealand)

The authority was established on 1 May 2011 as part of the Financial Markets (Regulators and KiwiSaver) Bill which was passed by the New Zealand parliament on the 7 April 2011. It was established in a wake of criticism over the failure of the previous regulatory regime to halt the failure of a large number of finance companies and to stem investor losses in the period between 2006 and 2010. It was introduced by Commerce Minister Simon Power, with him saying "This move is at the centre of the Government's drive to restore the confidence of mum and dad investors in our financial markets."[1]

Structure

The FMA is controlled by a board appointed by the Minister of Commerce and run by chief executive Rob Everett. The board comprises chairman Mark Todd and members Ainsley McLaren, Christopher Swasbrook, Elizabeth Longworth, Prasanna Gai, Vanessa Stoddart, and Sue Chetwin[2]

Priorities

The FMA's official website says its key statutory objective is "to promote and facilitate the development of fair, efficient, and transparent financial markets" and that it "will use the full range of its enforcement powers, targeting conduct that presents the greatest likelihood of harm to the function of open, transparent and efficient capital markets."[3] Since it was established in 2011, it has been involved in legal action against Bridgecorp, KA Trustee Ltd, Perpetual, Hanover Finance, Lombard Finance, Sean Wood, Christopher Swasbrook, Nathans Finance, Bernard Whimp and David Ross.[4]

See also

References

  1. ^ "New Financial Watchdog to Be Up and Running in Three Weeks". Financial Markets Authority. 7 April 2011.
  2. ^ https://www.fma.govt.nz/about-us/governance/
  3. ^ FMA Enforcement Policy, FMA website
  4. ^ FMA Court Decisions, FMA Official website
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