Financial Markets Authority (New Zealand)
Encyclopedia
The Financial Markets Authority (FMA) is the New Zealand government agency responsible for financial regulation
. It is responsible for consumer protection, regulating all financial market participants, exchanges and the setting and enforcing of regulations.
It took over the functions of the Securities Commission of New Zealand
and Government Actuary which were disestablished, and consolidates other regulatory functions which were fragmented across the Ministry of Economic Development (New Zealand).
As off May 1, Simon Allen is the chairman, Sean Hughes is the chief executive and the board was made up of Shelley Cave, Colin Giffney, Mary Holm, Murray Jack, James Miller, Justine Smyth, Michael Webb, and Mark Verbiest, plus three associate board members Bruce Sheppard, Rebecca Eele, and Arthur Grimes.
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
. It is responsible for consumer protection, regulating all financial market participants, exchanges and the setting and enforcing of regulations.
It took over the functions of the Securities Commission of New Zealand
Securities Commission of New Zealand
The Securities Commission was an independent Crown Entity of the government of New Zealand and the main regulator of investments. It was replaced on the 1 May 2011 by the Financial Markets Authority ....
and Government Actuary which were disestablished, and consolidates other regulatory functions which were fragmented across the Ministry of Economic Development (New Zealand).
History
The authority was established on the 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 to 2010.Structure
The FMA will be controlled by a board appointed by the Minister of Commerce and run by a chief executive.As off May 1, Simon Allen is the chairman, Sean Hughes is the chief executive and the board was made up of Shelley Cave, Colin Giffney, Mary Holm, Murray Jack, James Miller, Justine Smyth, Michael Webb, and Mark Verbiest, plus three associate board members Bruce Sheppard, Rebecca Eele, and Arthur Grimes.