The full graded assessments for the banking and insurance sectors resulted in a Detailed Assessment Report (DAR) for each sector, while the assessments for securities regulation and FMI resulted in Technical Notes.
Anti-money laundering and countering financing of terrorism (AML/CFT) was excluded from the 2016 assessment but the IMF did hold meetings on correspondent banking relationships (CBRs) and the interface between New Zealand’s AML/CFT regime and money remittances.
AML/CFT is scheduled to be reviewed in 2019 by the Financial Action Taskforce (FATF).
The International Monetary Fund (IMF) and FMA agreed the scope of the IMF’s review of New Zealand’s securities regime.
The review included a deep dive into managed investment scheme (MIS) regulation, and the reforms and improvements made to regulatory framework since New Zealand’s last assessment in 2004.
The MIS regulation review tested many aspects of the new FMC Act regime in the managed investment scheme context. It examined 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.
We provided a detailed background piece for the IMF. This included 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.