Botherway to head super-regulator establishment board

Thursday 27th May 2010

Activist fund manager Simon Botherway has been appointed to chair the establishment board for the new Financial Market Authority, the so-called "super-regulator" that will bring under one roof and give teeth to New Zealand's securities market surveillance regime.

Joining Botherway, is the founder of the New Zealand Shareholders Association, Bruce Sheppard, the chair of NZX Limited, Andrew Harmos, the registrar of companies, Neville Harris, and one-time Commerce Commission chair Paula Rebstock.

Also appointed are the chief executive at investment and broking firm First NZ Capital, Scott St John, Chapman Tripp securities law expert Frank McLaughlin, Securities Commission member Shelley Cave, and Mariëtte van Ryn, general manager of regulatory affairs, customer advocacy and general counsel at Westpac New Zealand.

Power intends fast-tracking legislation to have the FMA operating by early next year, amalgamating 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.

"This move is at the centre of the Government's drive to restore the confidence of mum and dad investors in our financial markets," Power said.

The Establishment Board will govern the operational establishment of the FMA, set its strategic direction, develop a statement of intent, organisational structure, and work plan.

Businesswire.co.nz

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