Regulatory Alerts2022-05-17
New Zealand: Financial Sector Assessment Program Technical Note on Fund Management Regulation and Supervision
The International Monetary Fund assessed New Zealand's overhaul of the securities market regulatory framework, which established the Financial Markets Authority as the consolidated conduct regulator for managed investment schemes. The report highlights the introduction of a licensing regime for fund managers and the appointment of private Financial Markets Supervisors to monitor compliance with governance and disclosure requirements. Key recommendations include licensing custody services, defining money market funds, and expanding regulatory oversight to cover wholesale asset management activities to mitigate systemic risks.
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