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.
The Council of Financial Regulators (CoFR) held its quarterly meeting on Wednesday 31 May 2023. The meeting was chaired by Financial Markets Authority Chief Executive Samantha Barrass. The Council discussed the regulatory agenda for the insurance sector, the future of New Zealand’s payments landscape, the combined efforts to ensure proportionate regulation of New Zealand’s financial system, joint work on Māori access to capital, and the Commerce Commission’s experience with market studies.
31 May 2023
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The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector for Q1 2023. This document is produced to help the sector understand the aggregate picture of initiatives from CoFR members that are either planned or under way. CoFR members are mindful of the operational impact on the insurance sector of the recent severe weather events and will continue to consider implications for the initiatives contained in this calendar.
10 March 2023
The Council of Financial Regulators (CoFR) held its quarterly meeting on Thursday 9 March 2023. The Council discussed their role in responding to the recent severe weather events and work underway to deepen co-operation and co-ordination across CoFR agencies more broadly. They also discussed the Reserve Bank's work plan to explore a central bank digital currency and the Commerce Commission’s work on retail payments system regulation.
10 March 2023
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The Council of Financial Regulators (CoFR) has released an updated Regulatory Initiatives Calendar for the financial sector for Q4 2022. CoFR has also released a statement that summarises the feedback provided by the financial services sector on CoFR’s proposals for enhancing the quarterly calendar.
15 December 2022
Photo by Kanchanara on Unsplash
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
The Relationship and Regulatory Charters set out the goals, principles, roles and functions of CoFR.
The two Charters:
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.
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.
To help facilitate a smooth transition to a low-carbon and climate-resilient economy, while supporting the soundness and efficiency of the financial system.
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.
To ensure the regulatory system facilitates innovation that improves outcomes for customers and financial system participants.
To coordinate the work of CoFR agencies to improve consumers’ access to, and understanding of, financial services, particularly in hard-to-reach communities.
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.
