MR No. 2019 – 59
29 November 2019
The Council of Financial Regulators (CoFR) has announced its work priorities for the coming year.
The work programme includes seven separate work streams, each led by one of the CoFR agencies, but involving all the members (alongside other government agencies as necessary) in a coordinated effort to tackle issues that reach across the financial system.
The CoFR work streams are as follows:
Responsibility for chairing CoFR alternates between the Reserve Bank Governor and the FMA Chief Executive.
The Reserve Bank’s Governor, Adrian Orr, said: “I am pleased to set out this ambitious work programme for the Council of Financial Regulators. This shows that different agencies with different responsibilities can work together to deliver real benefits to consumers of the financial services sector.”
The Financial Markets Authority’s Chief Executive, Rob Everett, said: “These work streams will focus CoFR agencies’ coordination efforts over the coming years. The result will be agencies collaborating where this adds value and ensuring clarity about roles and responsibilities for the financial system.”
About the Council of Financial Regulators
The Council of Financial Regulators (CoFR) has been operating since 2011 as a forum for agencies with responsibility for financial sector regulation. CoFR is comprised of the Reserve Bank, Financial Markets Authority, the Treasury, Ministry of Business, Innovation and Employment, and the Commerce Commission.
CoFR’s main objectives are to:
CoFR formally meets quarterly to discuss financial markets regulatory issues, risks and priorities. It comprises senior leaders from each agency and from time to time, CoFR may invite representation from other regulatory agencies and public authorities, as required.
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