Nau mai, haere mai. Welcome.

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.

Ngā tariAgencies

Pānui pāpāhoLatest news

Summer Beach

Photo by Mourad Saadi on Unsplash

Regulatory Initiatives “no-fly zone”

The Council of Financial Regulators (CoFR) have again decided, on a best endeavours basis, to observe a “no-fly zone” over the summer holidays – 19 December 2022 until 20 January 2023 (inclusive).

30 September 2022

Council of Financial Regulators: meeting on 31 August 2022

The Council of Financial Regulators (CoFR) met on Wednesday 31 August 2022. The Council discussed how its agencies could further enhance collaboration when setting priorities for regulatory initiatives, the shared goals and success measures for each of CoFR’s priority themes, and public messaging regarding cryptoassets.

2 September 2022

Photo credit: rawpixel.com

Regulatory Initiatives Calendar

The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector for Q3 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 September 2022

Photo by Kanchanara on Unsplash

Cryptoassets: a statement from the Council of Financial Regulators

The Council of Financial Regulators (CoFR) has today released a statement regarding cryptoassets. CoFR notes that cryptoassets and their underlying technologies such as distributed ledger technology (i.e. blockchain technology) and cryptography are being used to develop new and innovative financial products and services. CoFR welcomes the continued exploration of how these technologies can support greater competition and more innovation in financial services, while noting the rise of cryptoassets poses additional risks.

2 September 2022

Financial Markets (Conduct of Institutions) Amendment Act (CoFI)

The Government has introduced a new regulatory regime to govern conduct in the financial sector. The Financial Markets (Conduct of Institutions) Amendment Act 2022 received royal assent on 29 June 2022. The Act requires banks, insurers and non-bank deposit takers to have the right systems in place for ensuring they treat their customers fairly.

5 July 2022

Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand Act 2021 comes into force today. Sections 285-288 of the Act provide statutory recognition for the Council of Financial Regulators and its function to ‘facilitate co-operation and co-ordination between members of the council to support effective and responsive regulation of the financial system in New Zealand.’ This recognises the ongoing importance of CoFR’s work.

1 July 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.