In 2016 the International Monetary Fund (IMF) visited New Zealand to conduct a Financial Sector Assessment Program (FSAP) of this country’s financial system. New Zealand’s last assessment by the IMF was completed over a decade ago in 2003/2004.
This was a great opportunity for us to be benchmarked against international principles to show how much progress we have made since the last mission, and to receive some recommendations and feedback from the IMF. The goal of FSAP assessments is to gauge the stability of the country’s financial sector, to identify any potential sources of systemic risk and to assess its potential contribution to growth and development.
The FMA agreed with the IMF that instead of a full detailed assessment with a rating, the IMF would conduct a review of New Zealand securities regulation and provide ‘technical notes’ on its findings. Read more about FSAP and a brief summary of IMF feedback here.