NZICA signs MOU with FMA

Media Release
16 October 2012

NZICA signs MOU with FMA

The New Zealand Institute of Chartered Accountants (NIZCA) and the Financial Markets Authority (FMA) have reached an agreement that will facilitate cooperation between them in the exercise of their regulatory functions.

NZICA and FMA have concluded a memorandum of understanding (MOU) that sets out principles of cooperation and coordination, focussed in particular on the areas of auditor regulation and financial adviser regulation.

Recent changes to the regulatory framework have provided an opportunity to work together more effectively and, where possible, avoid duplication in regulatory activities, says NZICA Chief Executive Terry McLaughlin.

“NZICA has worked hard to reach this agreement and we are committed to working with the FMA to deliver effective regulation. This MOU is a sign of the progress we are making together.”

Under the Auditor Regulation Act 2011, NZICA is responsible for the regulation of its members who are licensed auditors. The FMA has a range of responsibilities including oversight of frontline regulators such as NZICA.

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