Regulatory burden and barriers to entry
This priority theme exists 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.
Why this is important
There are a number of areas of overlap between the roles of the three regulators in CoFR. These include remit overlaps (where different regulators oversee particular systems or regimes) and entity overlaps (where different regulators have oversight of the same financial institution for different purposes). These areas have the potential to cause confusion for firms and duplication of effort for firms and regulators alike.
CoFR forward work plan
The CoFR agencies recognise the importance of providing stakeholders with a broad picture of the consultations and implementation projects affecting all parts of the financial sector. This timetable sets out the planned regulatory initiatives from the CoFR agencies covering the rest of 2021 and throughout 2022. We will update this timetable regularly.Regulatory initiatives affecting the financial sector – forward plan (August 2021) (PDF 637KB)
The CoFR agencies are working together to ensure that there is coordination among regulators dealing with the following issues, which affect firms across the financial sector:
- ‘Fit and proper’/suitability requirements
- Supervision and monitoring
- Enforcement strategy and activities
Current consultations and policy development
Reserve Bank of New Zealand
- Conduct of financial institutions – treatment of intermediaries (MBIE, closing date 4 June 2021)
- Conduct of financial institutions regulations (MBIE, closing date 4 June 2021)