New Zealand’s Financial Markets Authority (FMA) has released a revamped organizational structure in conjunction with a plethora of key appointments at the executive level on its regulatory committee, according to an FMA statement.
Earlier this month, the FMA moved forward with its newly christened flagship regulatory regime, releasing its annualized report for 2015 that underscored a number of key provisions and activity highlights. Having already been one of the more active entities in the regulatory space in recent years, the FMA’s report focused on a re-organization of its priorities and a unified operating model for conduct regulation that had already begun to coalesce over the previous months.
The new members will include Nick Kynoch, Sarah Coleman, Garth Stanish and Simone Robbers. This wave of appointees represents the second tranche of moves since June 2015, when the FMA announced four changes to its executive team. This included new roles for Liam Mason, Garth Stanish, John Botica, and Diana Christensen at the NZ regulator.
Mr. Kynoch will take the lead at the FMA as its General Counsel, an expanded role that will incorporate the functions of litigation and enforcement, corporate legal, regulatory policy, and the FMA’s own governance. Prior to his appointment at the FMA, Mr. Kynoch worked as the Global Head of Contentious Regulatory Compliance and Conduct Risk at Barclays Bank PLC in London – he is slated to begin his new role in January 2016.
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Alternatively, Ms. Coleman has been named as the FMA’s Director of People and Capability. She initially joined the FMA back in September and has been implementing personnel strategy with a penchant for the attraction, retention, and development of the group’s regulatory capabilities.
Finally, a duality of executive roles has just been created with existing personnel within the FMA, including Garth Stanish and Simone Robbers. Mr. Stanish will serve as the Director of Capital Markets, where he will help deliver an end-to-end contact point for capital markets participants and issuers. Robbers meanwhile, will step into the role of Director of Strategy and Risk.
According to FMA Chief Executive, Rob Everett, in a recent statement on the appointments, “The FMA has undergone significant change and growth since its establishment in 2011. This new structure should be sustainable over the medium-term, taking advantage of existing strong leaders within the FMA, and bringing essential new skills and experience to the leadership team.”
“The regulatory functions and focus for each member of the executive committee are now well-balanced across the requirements of all the market participants and sectors we regulate. I’m pleased to have brought together such a strong executive group, including local and global expertise acquired at the highest level, to deliver on our strategic priorities,” he added.