About Financial Markets Authority
Financial Markets Authority (FMA) is New Zealand’s independent regulator of financial markets. It was established in 2011 as a Crown entity under the Financial Markets Authority Act 2011 and operates under guidance of the Crown Entities Act 2004. FMA’s statutory mission is to promote fair, efficient and transparent financial markets, while supporting confident and informed participation by investors, businesses and consumers.
Core functions and regulatory approach
FMA regulates a wide spectrum of financial services and market participants including securities exchanges, financial advice providers, managed investment schemes, crowdfunding platforms, auditors, and issuers. It employs a risk-based, outcomes-focused regulatory style: identifying key harms or market distortions, supervising licensees, issuing guidance, granting exemptions, and enforcing against misconduct. It seeks to calibrate regulatory burdens, working closely with other regulators and stakeholders.
Governance and structure
FMA is overseen by a board appointed by the Governor-General on the recommendation of the Minister of Commerce and Consumer Affairs. The board sets strategic direction, appoints the Chief Executive, and monitors performance. Advisory subcommittees (Audit & Risk; People/Performance; Regulatory Oversight) assist the board. Day-to-day operations are managed by the executive team led by the Chief Executive and executive directors, handling policy, supervision, enforcement, digital and operational functions.
Role in sustainable finance and ethical investing
FMA supports New Zealand’s transition to an integrated financial system that considers both financial and non-financial (ESG) factors. It has published a Disclosure Framework for Integrated Financial Products to guide issuers of green, ethical or responsible financial products, emphasising clarity of disclosure and curbing greenwashing.
The regulator is currently consulting on updated guidance for ethical investing disclosures under the Financial Markets Conduct Act, to further refine expectations around fair dealing and transparency.
FMA has also examined claims of ESG and ethical credentials in managed funds to assess alignment between disclosures and practice.
Research, tools and public resources
FMA maintains a Guidance Library with guidance notes, information sheets and legal guides to help regulated entities comply with obligations. Its Reports & Papers section includes research on climate-related disclosure, market fairness, fintech, investor capability and other issues. The Document Library holds consultation papers, regulatory tools, exemptions and governance resources. FMA’s News & Insights platform publishes media releases, regulatory updates and speeches to keep stakeholders informed.
