In 2016 the International Monetary Fund (IMF) will be visiting New Zealand to conduct a Financial Sector Assessment Programme (FSAP) of this country’s financial system. New Zealand’s last assessment by the IMF was completed over a decade ago in 2003.
This is a great opportunity for us to be benchmarked against international principles to show how much progress we have made since the last mission, and to receive some recommendations and feedback from the IMF.
The FSAP is a comprehensive assessment of the country’s financial sector and is being coordinated by the Reserve Bank of New Zealand (RBNZ) on behalf of the members of New Zealand’s Council of Financial regulators, which includes the FMA, the Treasury and MBIE.
New Zealand’s prudential and securities regulation will be tested against international principles and practices.
Taking part in the IMF assessment programme is an important way for New Zealand to show we want to be recognised as an international destination for investor capital. Seeing how our system stacks up against international best practice means investors both here and abroad can have confidence in the regulatory framework we have been building over the last decade.
The regulations covering our financial system, and in particular our securities markets, have been transformed since the IMF’s last FSAP review. And not only as a result of the shortcomings reported in the last FSAP. The impacts of the Global Financial Crisis and the recommendations from the Capital Markets Development Taskforce have also contributed to a huge overhaul of our regulatory framework. Read more.
Director of Regulation, FMA
The updated standard conditions came into effect on, and from, 31 March 2016.
This means that the new audit procedures and financial resources requirements will apply to licensees for accounting periods ending on or after 31 March 2016.
We encourage all licensees to review and discuss the new conditions with their advisers.
New Zealanders love investing in property, so we’ve developed some information about the risks involved with buying property for rental return or capital gain.
We also remind investors that investing through a managed fund, property syndicate or listed property fund provides many of the advantages of property ownership without the risks of having to find and manage property on your own.
We will shortly be asking for feedback on proposed relief for racing syndicates and bloodstock companies from standard requirements of the FMC Act regime.
This is as a result of co-regulation arrangements between industry bodies and the FMA. Please let us know if you would like to receive the proposals for your consideration and input.
The release date for this consultation is still to be confirmed, but if you have any questions, please contact us at firstname.lastname@example.org
The FMA will soon launch a new e-services portal for its customers, accessed directly from the FMA website homepage. AFA and QFE renewals, and AML/CFT and AFA returns, will be the first services available on the new portal when it goes live in May. Guides to the new online processes will be published at the end of April. Additional services will be added once the portal is operational.
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