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The Council of Financial Regulators (CoFR) – Kaunihera Kaiwhakarite Ahumoni – contributes to maximising New Zealand’s sustainable, economic wellbeing through effective and responsive regulation of the financial system in New Zealand.

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Regulatory Initiatives Calendar

The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector for Q2 2022. This document is produced to help the sector understand the aggregate picture of initiatives from CoFR members that are either planned or under way.

2 June 2022

Council of Financial Regulators: meeting on 31 May 2022

The Council of Financial Regulators met on 31 May 2022. The Council discussed cross-agency protocols during a cyber incident, system-wide risks and opportunities in relation to crypto-assets, and the coordination of monitoring activities across CoFR members. The Council also received an update on the investigation into recent changes in the Credit Contracts and Consumer Finance Act (CCCFA), efforts to address price inflation, and reflected on the continuing situation in Ukraine and risks related to the COVID-19 pandemic.

2 June 2022

Emissions Reduction Plan

New Zealand’s first Emissions Reduction Plan was published on 16 May 2022. It contains strategies, policies and actions for achieving our first emissions budget and contributing to global efforts to limit global temperature rise to 1.5˚C above pre-industrial levels. The financial sector has a key role in the transition to a low-carbon economy. For example, climate-related risk reporting for some listed companies and financial institutions supports the consideration of climate change in business decisions, helping the market to allocate investments in a way that contributes to a low-emissions and climate resilient economy.

23 May 2022

Draft National Adaptation Plan

Climate change is already affecting the economy of New Zealand. It is increasing existing risks, such as floods and droughts, and has resulted in sea-level rise. The Government is consulting on a draft National Adaptation Plan for how New Zealand can adapt to and minimise the harmful impacts of our changing climate. The draft National Adaptation Plan outlines the actions the Government will take over the next six years to respond to the 2020 National Climate Change Risk Assessment. The financial sector can support investment in adaptation across the economy, and also has a key role in ensuring its own resilience to a changing climate.

23 May 2022

Photo credit: freepik, tirachardz

Council of Financial Regulators: meeting on 1 March 2022

The Council of Financial Regulators met on 1 March 2022. The council discussed the regulatory agenda for 2022, cyber resilience in the financial sector, the investigation into recent changes in the Credit Contracts and Consumer Finance Act, and the impact for New Zealand’s financial sector of the developing situation in Ukraine.

3 March 2022

Regulatory Initiatives Calendar

The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector. This document is produced to help industry understand the aggregate picture of initiatives from CoFR members that are either planned or under way.

3 March 2022

Ngā tuhinga matuaKey documents

The Relationship and Regulatory Charters set out the goals, principles, roles and functions of CoFR.

The two Charters:

  • set clear expectations for what we intend to achieve
  • outline our key principles for the design of the regulatory systems
  • describe the respective roles and functions of the five member agencies.

CoFR Relationship Charter

Our vision and activities operate within the framework of the statutory responsibilities set for each agency and the preferences and priorities set by Government. Our charter sets out how we work together to deliver the vision.

CoFR Regulatory Charter (PDF 718KB)

The regulatory charter promotes good regulatory stewardship to monitor the performance and quality of the financial markets regulatory system.

CoFR has agreed a Memorandum of Understanding to facilitate consistent cooperation and mutual assistance between CoFR members.

CoFR Memorandum of Understanding

The Memorandum of Understanding is a statement of the members’ intent to work together and cooperate in relation to the regulation of New Zealand’s financial system.

Ngā aronga matuaPriority themes

These are the current focus areas for CoFR. They represent the priority areas for CoFR, but the activities undertaken under each of them may vary – for example, taking forward specific projects or developing communities of interest to ensure that agencies can build a common understanding of the risks and opportunities in each area.

Climate risks RBNZ

To help facilitate a smooth transition to a low-carbon and climate-resilient economy, while supporting the soundness and efficiency of the financial system.

Cyber resilience FMA

To maintain an up-to-date and shared understanding of the cyber risk and threat landscape and ensure effective coordination and cooperation among agencies when dealing with cyber incidents that affect New Zealand’s financial system.

Digital and innovation FMA

To ensure the regulatory system facilitates innovation that improves outcomes for customers and financial system participants.

Inclusion ComCom

To coordinate the work of CoFR agencies to improve consumers’ access to, and understanding of, financial services, particularly in hard-to-reach communities.

Regulatory burden and barriers to entry RBNZ

To coordinate the work of CoFR agencies to ensure that regulatory initiatives are developed and implemented in a joined up manner, to minimise burdens on the financial sector and ensure that they do not cause unintended barriers to entry.