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FMA establishment board named

Fuseworks Media
Fuseworks Media
Simon Power
Simon Power

Wellington, May 26 NZPA - Membership of a board whose job is to set up a new market conduct regulator has been announced.

Commerce Minister Simon Power said nine people had been appointed to the establishment board of the new integrated market conduct regulator, the Financial Markets Authority (FMA).

They were: Simon Botherway (chairman), Shelley Cave, Andrew Harmos, Neville Harris, Frank McLaughlin, Paula Rebstock, Bruce Sheppard, Scott St John and Mariette van Ryn.

Mr Botherway has experience in the investment advisory industry and the broader financial services sector, is a chartered financial analyst and is a member of the Securities Commission and the Electricity Authority establishment board.

Mr McLaughlin is a corporate lawyer, Mr Harmos is chairman of NZX Limited and a director of a corporate legal advisory firm, Ms Rebstock is an economic consultant and professional director and former Commerce Commission chairwoman, Mr Sheppard has a background in auditing and accounting and formed the NZ Shareholders Association in 2001. Ms Cave is a member of the Securities Commission, Mr Harris is the Registrar of Companies, Ms van Ryn is the general manager of regulatory affairs, customer advocacy and general counsel at Westpac NZ, and Mr St John is chief executive of First NZ Capital, chairman of the Securities Industry Association, and was a member of the Capital Markets Development Taskforce.

The FMA would be operational by early next year. It will be an independent Crown entity which will consolidate the powers and functions of the Securities Commission, some of the functions of the Registrar of Companies and the Government Actuary, and some of the regulatory roles of NZX.

"This move is at the centre of the Government's drive to restore the confidence of mum and dad investors in our financial markets," Mr Power said.

The establishment board will govern the operational establishment of the FMA.

"The members of the board are recognised leaders in their fields and bring a wealth of experience and expertise in financial markets to the board.

"They provide the right mix of skills needed to set up such a vital organisation, including a strong understanding of effective governance and strategy, understanding of organisational change and design, commercial and legal nous, and particularly significant experience and expertise in financial markets."

The board will, among other responsibilities, set the FMA's strategic direction, and develop a statement of intent, organisational structure and work plan, and work with entities whose functions will transfer to the FMA. It will report to Mr Power regularly.

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