FMA gets set for new regime
An increase in funding for the Financial Markets Authority brings with it a heightened need for transparency about how it allocates resources, its director of regulation says.
Friday, November 18th 2016, 5:59AM
Liam Mason
Liam Mason said the recently-approved increase in funding of almost $10 million would help it plan further ahead and take a fresh look at where, and how, it focused its efforts.
“We intend, over the coming months, to provide a clearer line of sight between our identification and prioritisation of risks, the outcomes we’re targeting, actions we take and the costs those actions impose on industry.”
The FMA has been working towards a December 1 deadline for the transition to the new Financial Markets Conduct Act.
Mason said the majority of market participants had made good efforts to get applications for licenses and exemptions in, in good time. “this has helped us to complete a relatively smooth transition,” he said.
He said the FMA was looking forward to its first year of monitoring conduct and disclosure under the new framework.
“Building on what we’ve learnt from the transition is a key theme for our strategic planning, business planning and budgets for next year. “
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