Minister announces board to set up Financial Markets Authority

Commerce Minister Simon Power today announced the Establishment Board of the new integrated market conduct regulator, the Financial Markets Authority (FMA).

The nine members are: Simon Botherway (chairman), Shelley Cave, Andrew Harmos, Neville Harris, Frank McLaughlin, Paula Rebstock, Bruce Sheppard, Scott St John, and Mariëtte van Ryn.

Mr Power announced the formation of the FMA late last month, and intends fast-tracking legislation to have it operating by early next year.

It will be an independent Crown entity which will consolidate 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," Mr Power said.

The Establishment Board will govern the operational establishment of the FMA.

“The members of the board are recognised leaders in their fields and bring a wealth of experience and expertise in financial markets to the board.

"They provide the right mix of skills needed to set up such a vital organisation, including a strong understanding of effective governance and strategy, understanding of organisational change and design, commercial and legal nous, and particularly significant experience and expertise in financial markets.

"I'm delighted they want to be part of this big and extremely important job.

"I'm also grateful Simon Botherway has agreed to chair the board. His experience in the investment industry makes him the ideal person to lead this work."

The board will, among other responsibilities, set the FMA's strategic direction, develop a statement of intent, organisational structure, and work plan to give effect to the strategic direction, and work with entities whose functions will transfer to the FMA. It will report to Mr Power on a regular basis.

FMA members

Simon Botherway is the chair of the Establishment Board. He has vast experience in the investment advisory industry and the broader financial services sector. He founded Brook Asset Management which grew to become New Zealand's largest equities investment management company, and was its executive chair until June 2008. He is a Chartered Financial Analyst, a director on the board of Fisher & Paykel Appliances, and a member of the Securities Commission and the Electricity Authority Establishment Board.

Frank McLaughlin is a corporate lawyer and partner at law firm Chapman Tripp. He advises a wide range of corporate and financial institutions on corporate governance and financial market law matters, including: securities public offerings, private placements, continuous disclosure, secondary market trading matters, prudential supervision matters, trustee law reform and insurance law reform matters, financial advisers, and anti money-laundering reforms.

Andrew Harmos is currently the chairman of NZX Limited and a director of specialist corporate legal advisory firm Horton Harmos Lusk Limited, which he founded in 2002 with two colleagues. He commenced his legal career with the law firm Russell McVeagh in 1981, becoming a partner in 1986.

Paula Rebstock is an economic consultant and professional director. She chairs the Welfare Working Group, is Deputy Chair of the board of NZ Railways, and is a member of the Shared Services Establishment Board. She chaired the Commerce Commission from 2003 until 2009.

Bruce Sheppard established Gilligan Sheppard Chartered Accountants in 1985, and formed the NZ Shareholders Association in 2001. His background is in auditing and accounting. He has served on a number of private company boards and SMEs.

Shelley Cave is a member of the Securities Commission. She has been a partner at commercial law firm Simpson Grierson since 2001, specialising in public securities offerings and securities law compliance, corporate governance, venture capital and private equity transactions, mergers and acquisitions, general corporate advisory and compliance matters, and general commercial transactions.

Neville Harris is the Registrar of Companies. His previous roles include Chief Investigating Solicitor for the Commercial Affairs Division of the Department of Justice, and Assistant Secretary for Justice.

Mariette van Ryn is the General Manager of Regulatory Affairs, Customer Advocacy and General Counsel at Westpac NZ. Ms van Ryn is a widely recognised expert in banking and finance law.

Scott St John is Chief Executive of First NZ Capital, Chairman of the Securities Industry Association, and was a member of the Capital Markets Development Taskforce. He is an NZX accredited adviser, a member of the New Zealand Institute of Chartered Accountants, and a member of the Institute of Finance Professionals of New Zealand.

ENDS

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