New Zealand: Financial Sector Assessment Program: Technical Note-Fund Management-Regulation, Supervision, and Systemic Risk Monitoring

International Monetary Fund

No 2017/117, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note presents an assessment of Regulation, Supervision and Systemic Risk Monitoring in New Zealand. The overall regulatory framework for asset management is well developed, but would benefit from some enhancements to prevent the buildup of risks. The provision of custody services does not require a license in New Zealand, and custodians therefore fall outside the direct supervision of the Financial Markets Authority (FMA). They are neither subject to prudential requirements nor to ongoing supervision by any other authority. Given that custodians perform key functions regarding safeguarding investors’ assets, the government should require that these entities be licensed and subject to ongoing supervision by the FMA.

Keywords: ISCR; CR; MIS manager; FMC Act; license application; governing document; business models; FMA staff; investment strategy; MIS assets; MIS offer documents; Asset management; Asset valuation; Liquidity risk; Asia and Pacific; Global (search for similar items in EconPapers)
Pages: 36
Date: 2017-05-10
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