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.
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.
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 a point in time documents that are periodically updated.
ENVIRONMENTAL SCAN - September 2018
RISK REGISTER DASHBOARD – September 2018
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.
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.
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