Financial Markets Authority (New Zealand)

Financial regulator in New Zealand

Financial Markets Authority

Agency overview
Formed| 1 May 2011 (2011-05-01)
Preceding agency|

* Securities Commission of New Zealand

Jurisdiction| New Zealand
Headquarters| Wellington, New Zealand
Agency executives|

* Craig Stobo, Chairman
* Samantha Barrass, Chief executive

Website| www.fma.govt.nz

The Financial Markets Authority (FMA, Maori:Te Mana Tātai Hokohoko) is a New Zealand government agency responsible for financial regulation. It is responsible for regulating all financial market participants, exchanges and the setting and enforcing of financial regulations.

## History

[edit]

See also: Finance company collapses, 2006–2012 (New Zealand)

The authority was established on 1 May 2011 as part of the Financial Markets (Regulators and KiwiSaver) Bill which was passed by the New Zealand parliament on the 7 April 2011.[1] It was established in a wake of criticism over its predecessor, the Securities Commission, being unable to halt the failure of a large number of finance companies and to stem investor losses in the period between 2006 and 2010. It was introduced by Commerce Minister Simon Power, with him saying "This move is at the centre of the Government's drive to restore the confidence of mum and dad investors in our financial markets."[2][3]

## Structure

[edit]

The FMA is controlled by a board appointed by the Minister of Commerce and run by chief executive Samantha Barrass. The board comprises chairman Craig Stobo and members Suzanne Chetwin, Prasanna Gai, Christopher Swasbrook, Kendall Flutey, Steven Bardy, Tracey Berry, Nick Hegan and Mariette van Ryn.[4]

## Priorities

[edit]

The FMA's official website says its key statutory objective is "to promote and facilitate the development of fair, efficient, and transparent financial markets" and that it "will use the full range of its enforcement powers, targeting conduct that presents the greatest likelihood of harm to the function of open, transparent and efficient capital markets."[5] Since it was established in 2011, it has been involved in legal action against Bridgecorp, KA Trustee Ltd, Perpetual, Hanover Finance, Lombard Finance, Sean Wood, Nathans Finance, Bernard Whimp and David Ross.[6]

## See also

[edit]

* Securities Commission
* Finance company collapses, 2006-12 (New Zealand)
* List of financial regulatory authorities by jurisdiction

## References

[edit]

1. ^ "Financial Markets Authority Act 2011". www.legislation.govt.nz. Retrieved 17 August 2023.
2. ^ "New Financial Watchdog to Be Up and Running in Three Weeks". Financial Markets Authority. 7 April 2011.
3. ^ "New Zealand Financial Markets Authority". www.moneyhub.co.nz. 12 April 2023. Retrieved 17 August 2023.
4. ^ "Board and governance".
5. ^ FMA Enforcement Policy, FMA website
6. ^ FMA Court Decisions, FMA Official website

## External links

[edit]

* FMA official web site

Portals:

* New Zealand
* banks

Financial Markets Authority (New Zealand) at Wikipedia's sister projects:

* Data from Wikidata

* v
* t
* e

Independent Crown entities of New Zealand

Part of the public sector organisations in New Zealand

* Accounting Standards Review Board
* Broadcasting Standards Authority
* Children's Commissioner +
* Children and Young People's Commission
* Climate Change Commission
* Commerce Commission
* Drug Free Sport New Zealand +
* Electoral Commission
* Financial Markets Authority
* Health and Disability Commissioner
* Human Rights Commission
* Independent Police Conduct Authority
* Law Commission
* Office of Film and Literature Classification
* Privacy Commissioner
* Productivity Commission +
* Sport Integrity Commission
* Takeovers Panel
* Te Kāhui Tātari Ture Criminal Cases Review Commission
* Transport Accident Investigation Commission

† indicates an entity which has been dissolved

Authority control databases

International|

* VIAF

National|

* United States

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template