Regulatory effectiveness
This priority theme exists to coordinate the work of CoFR agencies to ensure that regulation of the financial sector is effective and the cost of complying with regulation is proportionate to the outcomes sought. Where legislation allows, there should be a pragmatic approach towards implementation of regulation across regulated entities of various sizes.
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). In these areas, it is important for regulators to work together to deliver effective and proportionate regulation.
CoFR Regulatory Initiatives Calendar
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. The Regulatory Initiatives Calendar sets out the regulatory initiatives from the CoFR agencies that are planned or under way. We update this timetable every quarter.
Regulatory Initiatives Calendar (PDF 885KB)Current work
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:
- Licensing
- ‘Fit and proper’/suitability requirements
- Supervision and monitoring
- Enforcement strategy and activities
More information
Current consultations and policy development
Reserve Bank of New Zealand
FMA
MBIE
- Consultation on Buy-Now, Pay-Later
- Conduct of financial institutions
- Insurance contract law review
- Review of approved financial dispute resolution scheme rules
- Retail payments system
- FMA funding
- Consumer data right
The Treasury