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.
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:
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:
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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