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

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

May 10, 2017

Electronic Access:

Free Full Text (PDF file size is 538 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

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.

Series:

Country Report No. 17/117

Subject:

English

Publication Date:

May 10, 2017

ISBN/ISSN:

9781475599855/1934-7685

Stock No:

1NZLEA2017005

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

36

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