Wednesday 26th May 2010
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Commerce Minister Simon Power today announced the Establishment Board of the new integrated market conduct regulator, the Financial Markets Authority (FMA).
The nine members are: Simon Botherway (chairman), Shelley Cave, Andrew Harmos, Neville Harris, Frank McLaughlin, Paula Rebstock, Bruce Sheppard, Scott St John, and Mariëtte van Ryn.
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.
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, develop a statement of intent, organisational structure, and work plan to give effect to the strategic direction, and work with entities whose functions will transfer to the FMA. It will report to Mr Power on a regular basis.
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