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FMA marks two-year milestone

Craig Foss
1 May, 2013

Commerce Minister Craig Foss has congratulated the Financial Markets Authority (FMA) on two years of operation.

“The FMA was established by the Government in 2011 with a clear mandate to be a visible and proactive enforcement agency operating in the financial sector while facilitating the development of fair, efficient, and transparent financial markets,” says Mr Foss.

“Following a spate of financial company failures, the FMA has worked to rebuild investor confidence and use its powers to pursue misconduct in the financial markets. The FMA is also working with the financial markets community to help them understand their legal obligations.

Mr Foss says establishing the FMA was one of the initiatives in the Government’s Business Growth Agency to build stronger capital markets.

“The Business Growth Agenda Building Capital Markets report outlines the Government’s initiatives to ensure investors are better informed and offered better protections.

“The rules are being made clearer and those who break the rules will be held to account as the government continues to progress financial markets reform. The Financial Markets Conduct Bill is the next essential piece of legislation to help restore confidence in the sector and grow our capital markets,” says Mr Foss.

For more information about the FMA, visit www.fma.govt.nz