The Financial Markets Authority (FMA) is the New Zealand government agency responsible for
financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handle ...
. It is responsible for regulating all financial market participants, exchanges and the setting and enforcing of financial regulations.
History
The authority was established on 1 May 2011 as part of the ''Financial Markets (Regulators and KiwiSaver) Bill'' which was passed by the New Zealand parliament on the 7 April 2011. It was established in a wake of criticism over the failure of the previous regulatory regime to halt the failure of a large number of finance companies and to stem investor losses in the period between 2006 and 2010. It was introduced by Commerce Minister Simon Power, with him saying "This move is at the centre of the Government's drive to restore the confidence of mum and dad investors in our financial markets."
Structure
The FMA is controlled by a board appointed by the Minister of Commerce and run by chief executive Samantha Barrass. The board comprises chairman Mark Todd and members Christopher Swasbrook, Elizabeth Longworth, Kendall Flutey, Mark Weenink, Prasanna Gai, Sue Chetwin, Steven Bardy and Vanessa Stoddart.
Priorities
The FMA's official website says its key statutory objective is "to promote and facilitate the development of fair, efficient, and transparent financial markets" and that it "will use the full range of its enforcement powers, targeting conduct that presents the greatest likelihood of harm to the function of open, transparent and efficient capital markets." Since it was established in 2011, it has been involved in legal action against
Bridgecorp
Bridgecorp Holdings Ltd is a former high-risk property development group that was operating in New Zealand and Australia. It was placed in receivership in July 2007.
History
The company was originally listed on the New Zealand stock exchange as ...
, KA Trustee Ltd, Perpetual,
Hanover Finance
Hanover Finance was a New Zealand non-bank finance company that focused on lending for high-risk property development
Real estate development, or property development, is a business process, encompassing activities that range from the renovat ...
,
Lombard Finance
William Patrick Jeffries (born 19 September 1945) is a former New Zealand politician of the Labour Party. He was elected as the Member of Parliament for Heretaunga and served as Minister of Transport and Minister of Justice.
Biography Early l ...
, Sean Wood, Nathans Finance, Bernard Whimp and David Ross.
FMA Court Decisions
FMA Official website
See also
* Securities Commission
*Finance company collapses, 2006-12 (New Zealand)
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of Production (economics), production, Distribution (economics), distribution, and Consumption (economics) ...
References
External links
FMA official web site
{{Authority control
New Zealand independent crown entities
Financial regulatory authorities of New Zealand