A new Council of Financial Regulators has been established to foster cooperation between financial and prudential regulators in New Zealand. The permanent members of the Council are the Reserve Bank and the FMA. Associate members are The Treasury and the Ministry of Economic Development.
The Council's objectives include the sharing of information, identifying important trends and issues and coordinating responses to those issues, and ensuring appropriate coordination arrangements are in place to respond to events and developments. The regulators expect that the arrangement will enable them to identify and respond more quickly to emerging common concerns in the financial system.
The Council held its inaugural meeting on 9 September.
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