The full graded assessments for the banking and insurance sectors will result in a Detailed Assessment Report (DAR) for each sector, while the assessments for securities regulation and FMI will result in Technical Notes.
Anti-money laundering and countering financing of terrorism (AML/CFT) will be excluded from the 2016 assessment as it is scheduled to be reviewed in 2019 by the Financial Action Taskforce (FATF).
Update: 14 June 2016
The International Monetary Fund (IMF) and the FMA have agreed the scope of the IMF’s review of New Zealand’s securities regime. The review will take a deep dive into our managed investment scheme (MIS) regulation, and the reforms and improvements made to our regulatory framework since New Zealand’s last assessment in 2004.
The review of our MIS regulation will test many aspects of the new FMC Act regime in the managed investment scheme context. It will examine both the new legislative framework put in place through the FMC Act and also the FMA’s plans and activity in areas such as licensing, supervision and enforcement.
The FMA will also provide a detailed background piece for the IMF. This will provide narrative about the reforms and improvements to the regulatory framework since New Zealand’s last FSAP in 2004, which resulted in a relatively poor assessment of our securities market regulation.
Alongside this, we continue to work closely with the RBNZ to prepare for the IMF’s first visit in August. During this visit the IMF will review the insurance and banking sectors, as well as financial markets infrastructure and crisis management.