The FMA has joined the Global Financial Innovation Network (GFIN), as we continue to enhance support for innovation in financial services in New Zealand. Membership of GFIN will provide the FMA with greater opportunities to collaborate with and learn from other regulators across the globe. It aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches. Daniel Trinder, Executive Director, Strategy and Design said: “The FMA has a strong tradition of collaborating with international regulators on numerous fronts. Membership of GFIN will provide the FMA with greater opportunities to collaborate with and learn from other regulators across the globe and work on important topics impacting innovation, such as Artificial Intelligence and Tokenisation. GFIN provides a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas,” he said. The FMA also chairs the Fintech Forum – a single point of regulatory support and information for the FinTech sector. For more information visit: How we can help – fintech.govt.nz or get in touch with Alan Crofts FMA Fintech Specialist alan.crofts@fma.govt.nz #FMA #GFIN #Fintech #Innovation #Regulation
Financial Markets Authority - New Zealand
Government Administration
Auckland, Auckland 20,075 followers
Promoting fair, efficient and transparent financial markets. Terms = fma.govt.nz/social-media
About us
The Financial Markets Authority regulates New Zealand's financial markets. We oversee and enforce securities, financial reporting, and company law as they apply to financial services and securities markets. We also regulate securities exchanges, financial advisers and brokers, trustees and issuers - including issuers of KiwiSaver and superannuation schemes. Our main vision is to promote and facilitate the development of fair, efficient and transparent financial markets. As a risk-based conduct regulator, we focus our resources on conduct that we think poses the most significant risk to achieving this objective. The FMA was established in 2011 under the Financial Markets Authority Act 2011. It replaced the Securities Commission and took over some roles of the Ministry of Economic Development, in particular the regulatory role of the Government Actuary and some of the roles of the Registrar of Companies.
- Website
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https://www.fma.govt.nz/
External link for Financial Markets Authority - New Zealand
- Industry
- Government Administration
- Company size
- 201-500 employees
- Headquarters
- Auckland, Auckland
- Type
- Government Agency
- Founded
- 2011
Locations
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Primary
Level 5, Ernst & Young Building
2 Takutai Square
Auckland, Auckland 1010, NZ
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1 Grey Street
Level 2
Wellington, WGN 6011, NZ
Employees at Financial Markets Authority - New Zealand
Updates
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We have published insights from our recent supervision of disclosure for funds that claim to have ethical features. The update summarises findings from our reviews of disclosure documents, advertising and reporting on sustainability progress, and whether investments held by funds align with their sector exclusion policies. While we have not identified any situations where an issuer deliberately used ethical labelling or marketing with no intention of implementing an ethical investment strategy, we have given feedback on areas for improvement, and noted good practices for other issuers to consider. Given that approaches to ethical investing have developed materially in the past few years, we are also seeking feedback from the market about potential updates to our 2020 market guidance. If you would like to register your interest and/or share your views please email consultation@fma.govt.nz with the subject line ‘Ethical disclosure guidance.’ Read more here - https://loom.ly/JS7TeOk #FMA #EthicalInvesting #disclosureinsights
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AI adoption in financial services offers significant opportunities but also presents emerging risks. The FMA has released research around how institutions are navigating these challenges. We spoke with Chief Economist Stuart Johnson in the second episode of our Occasional Conversations podcast series where he delves deeper into the key findings and what this means for New Zealanders. Have a listen to our podcast – https://lnkd.in/g9_k7pvw To access the full AI research paper, you will find it on our website – https://lnkd.in/ghqu9uqP #AI #GovermentAI #FMA #Research
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We’re thrilled to support World Investor Week and its important mission! As we gear up for this global event, we’re dedicated to promoting investor education and safeguarding against scams. Let’s work together to empower safe and informed investment decisions.
Get ready for the 8th edition of World Investor Week (WIW) which takes place across the week of October 7-13. This global initiative will bring together over 100 jurisdictions to highlight and address key issues impacting retail investors worldwide. This year's spotlight is on Technology and Digital Finance, Crypto Assets, and Sustainable Finance. Join us in prioritizing investor education, as securities regulators globally lead the charge to inform and empower investors to make safe investment decisions. https://lnkd.in/dKEBimU #WorldInvestorWeek #IOSCOWIW2024
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FMA Head of Insurance Jane Brown spoke at the New Zealand Insurance Law Association's 2024 Conference in Christchurch this week about the FMA’s approach to regulatory investigations. The conference theme was Regeneration / Whakahounga, reflecting the reconstruction and transformation that has occurred in Christchurch following the earthquakes. Jane spoke of how, under the upcoming Conduct of Financial Institutions regime, the FMA is moving from a reactive to a more proactive supervisory approach. You can read Jane’s full speech here https://lnkd.in/gs5mwWE9
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This week FMA had the privilege of hosting representatives from the Securities and Exchange Commission Philippines (SEC). We discussed funding and governance models, our approach to AI, our regulatory and enforcement powers, our online licensing processes, and scams and frauds in both countries. It was a great opportunity to share insights into the work of both agencies and we are grateful we were able to spend the time together. SEC was represented by the SEC Commissioner Javey Paul D. Francisco, Gerardo De Rosario (Director, Company Registration & Monitoring Department), Oliver Chato (Director, Information & Communications Technology) and Dondie Esquerra (Commissioner, Financial Management Department). The FMA was represented by Daniel Trinder (Executive Director Strategy and Design), Scott McMurray (Chief Executive’s Chief of Staff), Anita Frazer (Head of Licensing and Regulatory Services), Courtney Brooke (Principal Legal Counsel, Enforcement) and Ying Zhang (Financial Controller). #FMA #ExchangeComission
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On the internet we can chat and play games with people across the globe. But along with that comes scammers who use the web for fraud. A Kiwi woman lost $100,000 on a crypto investment through someone she met playing online scrabble. It started as an innocent online friendship with months of communication and some chat about investing in crypto currency. Scams like this can happen to anyone! – these criminals are experienced and may take a long time to gain your trust. Read her full story - https://loom.ly/aLfLF2s If you think you have been scammed: Stop all contact with the scammer and contact your bank immediately. #Cryptocurrency #scammers #Onlinescam
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Our Chief Executive Samantha Barrass spoke at the Financial Services Council New Zealand conference in Auckland today. Samantha spoke about guidance, our outcomes-focused approach and the Conduct of Financial Institutions legislation. “The FMA and I are incredibly focused on regulation that genuinely matters and delivers for New Zealanders. The underlying philosophy remains - we cannot simply regulate for the sake of regulating”. For Samantha’s full speech, click here - https://lnkd.in/gputYzpP #FMA #CoFI #OFR #FinancialServicesCouncil #fsc24conference
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Stay informed with the latest edition of the monthly FMA Update newsletter! In this issue, we cover: CoFI Licensing Climate-related disclosures Financial Advice Providers: Have you submitted your regulatory return? Warnings and alerts for the latest scams Insights from our latest fairness research roundtable with industry leaders Explore the FMA Update to stay current: https://loom.ly/QahPRFs Subscribe to receive future updates: https://loom.ly/dgsAHoY #FMAUpdate #NZFinance #StayInformed
August FMA Update - FINAL | Campaign Monitor
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Any registered bank, licensed insurer, or licensed non-bank deposit taker in the business of providing one or more relevant services will, from 31 March next year, need to hold a financial institution license to continue operating. SBS Bank was one of the first organisations to be granted its Financial Institution licence. Rowena Thompson, SBS Group Chief Risk Officer, talked to FMA’s Anita Frazer about the bank’s experience and its licensing journey. Read the interview with Rowena Thompson - https://lnkd.in/gmAcSgkx #SBS #Licensing #FMA
CoFI Licensing – the SBS experience
fma.govt.nz