A new Council of Financial Regulators has been established to foster co-operation between financial and prudential regulators in New Zealand. The Reserve Bank and the Financial Markets Authority are the permanent members of the Council, with the Treasury and the Ministry of Economic Development associate members.
The objectives of the Council include sharing information, identifying important trends and issues and responding to such trends and issues. The formation of the Council is expected to allow for quicker identification and response to common concerns arising in the financial system.
Issues that are discussed at meetings of the Council are confidential, unless disclosure is required by law or agreed to by the Reserve Bank and the Financial Markets Authority.
The Council will meet on a quarterly basis, with the chairing of the meetings being alternated between the Reserve Bank and the Financial Markets Authority. The first meeting of the Council was held on 9 September, with a Memorandum of Understanding being signed at this meeting between Dr Alan Bollard on behalf of the Reserve Bank and Sean Hughes on behalf of the Financial Markets Authority.