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Lessons from the IOSCO trenches

Rob Everett, CE, FMA


It’s been a busy month out and about for me. I got to share a regulator’s thoughts on culture within financial services as a speaker at the annual INFINZ awards dinner; presented the FMA’s five-year report card to a Trans-Tasman Business Circle event; and participated in a panel discussion organised by the Commission of Financial Capability about decumulation at the point of retirement.  Last but not least, I attended four days of IOSCO meetings, workshops and committees in Lima, Peru.


We are in regular dialogue with our counterpart in Australia (ASIC) and those further afield through our IOSCO membership.  In those discussions, we find there is great alignment between the issues we grapple with when regulating conduct in securities markets here, and those that our peer regulators deal with elsewhere.

Whether it’s during sessions with the Asia Pacific Regional Committee or with other regulators outside of the region, the same topics came up repeatedly at IOSCO -  financial advice; crowdfunding regimes; monitoring frameworks for licensed sectors; fees and disclosures in funds management and cross-border co-operation in enforcement. The cross-over in issues on securities regulators' plates is very clear.


As we prepare for the International Monetary Fund's FSAP visit later this year, where we will be measured against the IOSCO principles for securities regulators, being able to test our approach with other regulators is beneficial. A number of regulators showed particular interest in our crowdfunding and peer-to-peer lending framework as many are in the process of consulting on enabling legislation.  They have the same balancing act between fostering innovation and breadth in capital-raising versus protecting investors - something our legislators faced when introducing the relevant provisions of the FMC Act.


I am always proud to represent NZ at these events, and greatly encouraged by the positive light in which NZ and its cultural values are viewed by all participants.


Rob Everett

Chief Executive, FMA

Seeking Morgan Cooper investors

Morgan Cooper Limited (MCL) claims to offer foreign exchange currency programmes. 


Anyone who has been in contact with MCL or Mr McCall about offers of such programmes, or any other form of financial product or service, is encouraged to contact us on 0800 434 566, or log a complaint via our website.



30 June

MIS manager licensing - plan to submit your application by the end of June.  Read more ›

1 July - 31 August

Annual AML/CFT reports - reporting entities supervised by the FMA are required to submit their annual AML/CFT report on their risk assessment and compliance programme through our online system between 1 July 2016 and 31 August 2016. Read more ›


17 August - 30 September

AFA Information return - early notification for AFAs to start preparing for their annual information return.  Submissions open on Monday 15 August until 30 September 2016.  Read more ›

Licence holders’ notification obligations

Licensees have obligations to notify the FMA of certain events and provide us with information.  These obligations are set out in legislation, regulations and standard licence conditions.


Upcoming consultation

Later this month, we will carry out a targeted consultation about class designation of shares that are in substance managed investment products. This follows on from our earlier consultation on the same topic. If you would like to be included in this consultation please contact us at


IMF confirms NZ review is all about MIS

The International Monetary Fund (IMF) and the FMA have agreed on the scope of the IMF’s review of New Zealand’s securities regime. The review will look at the reforms and improvements made to our regulatory framework since New Zealand’s last assessment in 2004, and take a deep dive into our managed investment scheme (MIS) regulation.


FMA class exemptions that recognise existing regulation of overseas issuers

We have approved a series of class exemptions for overseas issuers which allow issuers making offers to New Zealand investors to rely on the disclosure, governance, financial reporting and audit requirements of their overseas jurisdiction where their regulatory standards are equivalent to New Zealand’s.


Latest guidance

Information sheet - Crowdfunding services for property investments – meeting the eligibility criteria



Guidance Note – Fee disclosure by managed funds.  Also see our response to submissions.


Auditor regulation and oversight plan 2016-2019

Read our latest three-year auditor regulation and oversight plan that sets out our intentions and expectations.


Why risk, return and cost matter

Often people choose investments without giving much thought to their financial goals or their personal tolerance to risk. Our new consumer webpages, ‘Prepare to invest’ and ‘Choose to invest' can help people make more informed investment choices by explaining:

  • why it’s important to set an investment goal
  • why risk isn’t bad
  • how to know whether a return is reasonable
  • how fees stop your money growing.

Coming soon

Look out for the following publications we’ll be releasing before the end of the month.

  • A report on life insurance products sold through financial advisers
  • NZX general obligations review
  • Guide to good conduct

FMA news

3 June – Investigation into Morgan Cooper Limited

25 May – Presentation by Rob Everett to Trans-Tasman Business Circle

20 May - FMA orders Cambrian to change misleading materials

19 May – Presentation by Rob Everett at INFINZ Industry Awards

All news
Industry insights

Financial Industry Regulatory Authority - Small firm cybersecurity checklist

Video presented by Dr Lee Braine, introduced by Brad Novak, R3 - Barclays’ Smart Contract Templates

LinkedIn, Sallie Krawcheck, CEO and Co-Founder of Ellevest - The investing mistakes women make (and they're different from the guys')

Crowdfund Insider - Weighing the risks for the “crowd” in equity crowdfunding 

LinkedIn, Jim Ware, CFA - Lessons on leadership (lol) - No, Gordon, greed is not good


Thomson Reuters - Brexit: what are the markets telling us?


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