The Financial Markets (Regulators and KiwiSaver) Bill was introduced in Parliament earlier this week and provides for the creation of the new financial regulator, the Financial Markets Authority (FMA), and sets out its objective, functions and powers.
The Financial Markets Authority (FMA) will consolidate functions currently fragmented across the Securities Commission, the Ministry of Economic Development, including the Government Actuary, and NZX.A key focus of the FMA will be on visible, proactive, and timely enforcement.
It will enforce securities, financial reporting, and company law as they apply to financial services and securities markets. It will also regulate and oversee, trustees, auditors, financial advisers and financial service providers including people who offer investments.
It is expected that legislation establishing the FMA will be passed this year, and it will be up and running early in 2011. A copy of the Bill is available here.
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