CoFR meets quarterly to discuss financial markets regulatory issues, risks and priorities.
The RBNZ Governor and the FMA Chief Executive alternate chairing meetings.
Attendance is normally at CEO level, accompanied by one or two senior colleagues, with the emphasis being on continuity of attendance. Further attendance depends on the particular topics on the agenda for the meeting.
CoFR may invite other regulatory agencies or any other relevant organisations to attend meetings, as required.
CoFR may establish sub-committees and working groups as required to address particular issues, with membership drawn from CoFR agencies and others.
Responsibilities and relationships
CoFR’s vision and activities operate within the framework of the statutory responsibilities set for each agency and the preferences and priorities set by the Government.
CoFR members may formalise their bilateral working relationships through appropriate mechanisms such as a Memorandum of Understanding.
CoFR has signed a regulatory charter that promotes good regulatory stewardship to monitor the performance and quality of the financial markets regulatory system. MBIE developed the charter as a management tool to set expectations and provide an overview of the regulatory system.
We are also a member of the Trans-Tasman Council on Banking Supervision, set up by the Australian Treasurer and New Zealand Minister of Finance. This was to encourage a joint approach to trans-Tasman banking supervision; promote and review crisis preparedness and enhance policy harmonisation, mutual recognition and trans-Tasman cooperation.