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Council of Financial Regulators - Terms of Reference

Objectives

The Council of Financial Regulators (the “Council”) aims to contribute to the efficiency and effectiveness of New Zealand’s prudential and financial markets regulatory model and to promote the stability of the New Zealand financial system by providing a forum to review industry trends and issues. The Council’s main objectives are to:

  • Share information on the strategic priorities of member agencies;
  • Identify important issues and trends in the financial system that may impinge upon achievement of the agencies’ regulatory objectives and where appropriate agree processes to address those issues;
  • Ensure a coordinated response to issues that may require a cross-agency involvement and put in place appropriate mechanisms to achieve this;
  • Ensure appropriate coordination arrangements are in place for responding to events or developments.

The existence of the Council does not derogate from the existing statutory rights and responsibilities of the respective authorities. Council members may formalise their working relationship through appropriate mechanisms such as a Memorandum of Understanding.

Membership

The permanent members of the Council are:

  • Reserve Bank of New Zealand (RBNZ); and
  • Financial Markets Authority (FMA).

Associate members are:

  • Ministry of Economic Development (MED); and
  • The Treasury.

It is expected that meetings will generally be attended by the Governor of RBNZ and the Chief Executive of FMA and at least one member of senior management from each agency. From time to time, the Council may invite representation from other regulatory agencies and public authorities, as required. The Council may establish committees drawn from their respective member and associate agencies to address particular issues.

Organisation

The Council will generally meet on a quarterly basis and the chair will rotate between the permanent members of the Council. The chair will provide an agenda prior to the meeting and provide minutes after the meeting.

Members will keep issues discussed confidential, unless disclosure is required by law or agreed by the permanent members.

September 2011