We coordinate our efforts and share intelligence with other government agencies to ensure our work is informed, proportionate and effective.
The Council of Financial Regulators (CoFR) contributes to maximizing New Zealand’s sustainable economic well-being through responsive and coordinated financial system regulation.
CoFR’s main objectives are to:
The members of CoFR are:
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.
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’s Relationship Charter sets out how CoFR members work together to deliver the CoFR vision. You can see this below.
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.
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:
Diligent |
We will provide clear expectations and deliver on them. |
Honest |
We will state positions openly, honestly, freely and frankly. |
Achievement-focused |
We will work together to achieve sound and efficient outcomes. |
Open-minded |
We will seek each other’s perspectives constructively and make sure we understand them. |
Professional |
We recognise that disagreements happen on issues, not people. |
Collegial |
We recognise our common interests in sharing information and finding solutions. |
Our communications with each other will be:
Clear |
Easily understood, with decisions explained. |
Timely |
Provided in good time and with no surprises. |
We recognise our responsibility for joint stewardship (te hunga tiaki) of a healthy and efficient financial system that benefits all New Zealanders.
Below are our Memorandums of understanding (MOUs) with other financial regulators:
The FMA also has bilateral MOU obligations with 14 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.
The FMA has entered into 25 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: