Relationships with other financial regulators
FMA maintains relationships with other banking and financial regulators in New Zealand and internationally.
These relationships reflect our shared interests, and promote effective financial sector regulation through knowledge sharing, co-operation and benchmarking.
In particular, FMA contributes to the development of the trans-Tasman Single Economic Market agenda, ratified by both the Australian and New Zealand governments. To this end, we maintain a strong relationship with Australia's financial markets regulator, ASIC.
FMA also participates in international MOUs that reflect a mutual commitment to effective co-operation and enforcement of financial and securities law and to facilitate cross-border investments.
Council of Financial Regulators
FMA is a member of the Council of Financial Regulators. It met for the first time in September 2011.
The purpose of the Council is to share information, identify important trends and issues and co-ordinate responses to those issues, and ensure appropriate co-ordination arrangements are in place to respond to events and developments.
The permanent members of the Council are the FMA, the Reserve Bank of New Zealand (RBNZ), The Treasury and Ministry of Business, Innovation and Development.
The following documents provide some background to the Council.
New Zealand regulators
FMA and RBNZ have signed a separate MOU in relation to Part 5C of the Reserve Bank of New Zealand Act 1989, setting out a transparent and readily available record of how they will work together as joint regulators of designated settlement systems.
This MOU was signed on 7 December 2011 at a meeting of the Council of Financial Regulators.
FMA is a member of the International Organisation of Securities Commissions (IOSCO).
IOSCO's members regulate more than 95 percent of the world's securities markets.
IOSCO members resolve to co-operate in developing, implementing and promoting adherence to internationally recognised and consistent standards of regulation, oversight and enforcement in order to address systemic risks across borders, maintain fair, efficient and transparent markets, and protect investors.
FMA is a full signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMOU). New Zealand has been a full signatory since 2003.
This MOU enables regulators to seek the assistance of co-regulators to enforce and secure compliance with the respective laws of each regulator's jurisdiction. New Zealand can request assistance from overseas regulators and also provides assistance for this purpose.
FMA also has bilateral MOU obligations with 14 countries, the most significant being with our Australian peer co-regulator, ASIC. FMA and ASIC signed a new MOU in relation to assistance and mutual cooperation on 28 August 2012.
- MOU between FMA and ASIC
- MOU between Securities Commission and The United States Commodity Futures Trading Commission
- MOU between Securities Commission and Securities and Exchange Commission of Sri Lanka
- MOU between Securities Commission and Securities Commission of Papua New Guinea
- MOU between Securities Commission and Securities Commission of Malaysia
- MOU between Securities Commission and Jordan Securities Commission
- MOU between Securities Commission and Financial Services Agency of Japan
- MOU between Securities Commission and Israel Securities Authority
- MOU between Securities Commission and Indonesian Capital Market Supervisory Agency
- MOU between Securities Commission and Securities and Futures Commission in Hong Kong
- MOU between Securities Commission and Emirates Securities and Commodities Authority
- MOU between Securities Commission and Dubai Financial Services Authority
- MOU between Securities Commission and Securities and Exchange Commission in Taipei
- MOU between Securities Commission and China Securities Regulatory Commission