Council of Financial Regulators
Council of Financial Regulators (CoFR) – Deferral of regulatory initiatives affecting the financial sector
In response to COVID-19 a number of CoFR regulatory initiatives are being deferred. These deferrals will enable banks and other financial services firms to focus their efforts more effectively on continuing to operate smoothly and providing credit and other support to individuals and businesses.
The Council of Financial Regulators ( CoFR) contributes to maximizing New Zealand’s sustainable economic well-being through responsive and coordinated financial system regulation.
CoFR’s main objectives are to:
- Develop a collective view on longer-term strategic priorities for the financial system;
- Identify and monitor important issues, risks and gaps in the financial system that may impinge upon achievement of member agencies’ regulatory objectives;
- Agree collaborative responses to issues that require cross-agency involvement and put in place appropriate mechanisms to deliver them.
The members of CoFR are:
- Reserve Bank of New Zealand (RBNZ);
- Financial Markets Authority (FMA);
- Commerce Commission;
- Ministry of Business, Innovation and Employment (MBIE); and
- The Treasury.
CoFR meets quarterly to discuss financial markets regulatory issues, risks and priorities.
The RBNZ Governor and the FMA Chief Executive alternate chairing meetings.
Attendance is normally at CEO level, accompanied by one or two senior colleagues, with the emphasis being on continuity of attendance. Further attendance depends on the particular topics on the agenda for the meeting.
CoFR may invite other regulatory agencies or any other relevant organisations to attend meetings, as required.
CoFR may establish sub-committees and working groups as required to address particular issues, with membership drawn from CoFR agencies and others.
Responsibilities and relationships
CoFR’s vision and activities operate within the framework of the statutory responsibilities set for each agency and the preferences and priorities set by the Government.
CoFR’s Relationship Charter sets out how CoFR members work together to deliver the CoFR vision.
CoFR members may formalise their bilateral working relationships through appropriate mechanisms such as a Memorandum of Understanding.
CoFR has signed a regulatory charter that promotes good regulatory stewardship to monitor the performance and quality of the financial markets regulatory system. MBIE developed the charter as a management tool to set expectations and provide an overview of the regulatory system.