New FMA Role
The Financial Markets Authority (FMA) is the New Zealand government agency responsible for financial regulation. It is responsible for regulating all financial market participants, exchanges and the setting and enforcing of financial regulations.
FMA is one of three main regulators working together to regulate economy and support a financially healthy New Zealand.
- The Reserve Bank of New Zealand – prudential regulation and supervision, in charge to implement monetary policy;
- Financial Markets Authority – Financial Conduct Regulator, in charge for licensing, compliance, supervision and systems oversight;
- Commerce Commission – In charge for Fair-trading, mergers and acquisitions, regulated industries
FMA has been shown they are not satisfied about the way the FSPs are conducting their business in NZ. In their view, just having an administrative office in NZ, it is not sufficient by a large measure.
An existing FSP or an application must show clearly how the FSP is conducting their business from NZ for both overseas and NZ based clients.
FMA expects that a current or prospective FSP must show clearly how they are conducting the business from NZ, in order to justify having a New Zealand FSP registration.