Regulatory co-operation

Council of Financial Regulators (CoFR)

We coordinate our efforts and share intelligence with other government agencies to ensure our work is informed, proportionate and effective.  View the Council of Financial Regulators (CoFR) website

Regulatory Charter

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.

This Charter represents a mutual undertaking about how the Council of Financial Regulators (CoFR) members commit to work together to deliver the CoFR vision.

Our behaviours will be:

Our communications with each other will be:

We recognise our responsibility for joint stewardship (te hunga tiaki) of a healthy and efficient financial system that benefits all New Zealanders.

Consumer vulnerability framework

The FMA has developed a non-binding framework for industry when developing or reviewing the way it treats vulnerable customers. When considering your customer vulnerability practices, we would expect you to consult widely in developing your own terminology, procedures, and processes for assisting vulnerable consumers. These should focus on the evolving needs of the consumers you serve, should be appropriate for your business and in accordance with any specific legislative requirements.  View the Council for Financial Regulators (CoFR) common understanding of the characteristics of a vulnerable consumer. 

Global co-operation

• The FMA works with the Australian Securities and Investments Commission (ASIC) to streamline trans-Tasman regulation, to reduce compliance costs and facilitate opportunities for New Zealand investors.
• 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.
• We also contribute to the development of international standards for financial market regulation and are a member of IOSCO - the International Organisation of Securities Commissions.

MOUs with other financial regulators and agencies

• Advertising Standards Authority
• Australian Securities and Investments Commission (ASIC)
• Banking Ombudsman Scheme Limited
• Commerce Commission
• Controller and Auditor-General (the Auditor-General)
• CPA Australia Limited
• Electricity Authority
• Financial Dispute Resolution Scheme
• Financial Services Complaints Limited
• Inland Revenue
• Insurance & Savings Ombudsman
• New Zealand Council of Victim Support Groups
• New Zealand Financial Markets Association
• New Zealand Institute of Chartered Accountants (NZICA)
• New Zealand Law Society
• New Zealand Police
• NZX
• Reserve Bank of New Zealand (RBNZ)
• Reserve Bank of New Zealand (RBNZ) on the designation and oversight of settlement systems
• Serious Fraud Office (SFO)
• Takeovers Panel 

Bilateral MOUs

The FMA also has bilateral MOU obligations with 15 countries, the most significant being with the Australian regulator, ASIC.  The 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 FMA and Financial Conduct Authority UK
• MOU between Securities Commission and China Securities Regulatory Commission
• MOU between Securities Commission and Dubai Financial Services Authority
• MOU between Securities Commission and Emirates Securities and Commodities Authority
• MOU between Securities Commission and Securities and Futures Commission in Hong Kong
• MOU between Securities Commission and Israel Securities Authority
• MOU between Securities Commission and Financial Services Agency of Japan
• MOU between Securities Commission and Jordan Securities Commission
• MOU between Securities Commission and Securities Commission of Malaysia
• MOU between Securities Commission and Securities Commission of Papua New Guinea
• MOU between Securities Commission and Securities and Exchange Commission of Sri Lanka
• MOU between Securities Commission and Securities and Exchange Commission in Taipei
• MOU between Securities Commission and The United States Commodity Futures Trading Commission

MOUs with European Union (EU) authorities

The FMA has entered into 24 supervisory cooperation agreements with EU securities regulators to supervise fund managers operating across borders.

The agreements allow New Zealand fund managers to manage and market alternative investment funds in the EU under the rules of the alternative investment fund managers directive.

MOUs have been entered into by the FMA and the following EU authorities:

Other 

• Asia Region Funds Passport MOC (also see our fact sheet) 
• IFIAR MMOU concerning co-operation in the exchange of information for audit oversight (see MMOU List of Signatories)
• ISOCO MMOU
• MOU between FMA, Reserve Bank of New Zealand and the European Securities and Markets Authority