Industry adjusted to culture shock: FMA
It says it had seven key strategic priorities for 2016, including improving governance and culture, helping market participants manage conflicts of interest, helping capital market growth and integrity, addressing sales and advice processes, and improving investor decision-making.
It is now five years since the FMA took over from the Securities Commission.
It said things that had gone well in that time included its work completing finance company cases, improving transparency, reducing the regulatory burden through exemptions and designations under the Financial Markets Conduct Act (FMCA), engaging with newly-regulated sectors, NZX oversight, inter-government relationships, work on corporate governance and international connectedness.
But the switch from punishment to prevention in enforcement had some challenges and meant a tricky balancing act between speed and thoroughness of investigation, and openness versus confidentiality, it said.
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