1. About us
  2. What we do
  3. How we regulate
  4. Regulatory co-operation

Regulatory co-operation

We co-ordinate our efforts and share intelligence with other government agencies to ensure our work is informed, proportionate and effective. Those agencies include: the Reserve Bank, Companies Office, Department of Internal Affairs, Commerce Commission, Serious Fraud Office and the Inland Revenue Department.

Council of Financial Regulators 

We are a member of the New Zealand Council of Financial Regulators (CoFR). This is an important forum for financial market regulators and policy agencies collaboration and information sharing. The members of CoFR are:

  • Reserve Bank of New Zealand (RBNZ)
  • Financial Markets Authority (FMA)
  • Ministry of Business, Innovation and Employment (MBIE)
  • The Treasury.

CoFR formally meets quarterly to discuss financial markets regulatory issues, risks and priorities. It comprises of senior leaders from each agency including the RBNZ Governor and the FMA Chief Executive who alternate chairing meetings. Representatives from other regulatory and government agencies are also invited to attend meetings as required.

CoFR aims to contribute to the efficiency and effectiveness of New Zealand’s prudential and financial market regulatory model. Its objectives are:

  • Share information on the strategic priorities of member agencies
  • Identify important issues and trends in the financial system that may impact upon achievement of the agencies' regulatory objectives, and where appropriate agree processes to address those issues
  • Ensure a coordinated response to issues that may require a cross-agency involvement and put in place appropriate mechanisms to achieve this
  • Ensure appropriate coordination arrangements are in place for responding to events or developments.

Environmental scan and risk dashboard

To meet these objectives CoFR regularly reviews the environment and risks to our financial markets and regulatory system. The following are examples of CoFR’s Environmental Scan and Risk Dashboard, which summarise the varied factors and key risk drivers in New Zealand’s financial system. These are point in time documents that are periodically updated.

ENVIROMENTAL SCAN - September 2018

RISK REGISTER DASHBOARD – September 2018

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.

Global co-operation

We work 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 members of IOSCO - the International Organisation of Securities Commissions.

View our MOUs with other financial regulators.