FMA's workload increasing
The regulator has outlined its direction for the period between 2014 and 2018. It describes the coming years as a period of transition with a significant growth in the scope and depth of regulation of New Zealand financial markets, particularly due to the introduction of the Financial Markets Conduct Act.
But the regulator says while its scope of operation and mandate are getting bigger, its bank account is not and it expects to face increasing financial challenges.
When the FMA was established, it had access to funding for transitional costs. That funding is no longer available.
The regulator said because of the burden of implementing the FMC, it forecast small deficits in each of the four years covered by the statement of intent.
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