Deloitte New Zealand chief executive Murray Jack has been named as one of the board members of the soon-to-be established Financial Markets Authority (FMA).
Commerce Minister Simon Power has announced the board that will run FMA, which is expected to be up and running next month as the single market regulator for New Zealand’s financial markets.
The eight board members are Murray Jack, Shelley Cave, Colin Giffney, Mary Holm, James Miller, Justine Smyth, Michael Webb and Mark Verbiest.
In addition, Bruce Shepherd, Rebecca Eele and Arthur Grimes have been appointed associate members of the board.
Simon Allen has previously been announced as the FMA chair and Sean Hughes as chief executive designate.
Power said he was delighted with the make-up of the new regulators board.
“They bring exactly the right mix of separate expertise and governance experience the FMA needs to get this vital job done,” he said.
Shelley Cave, Murray Jack and Mark Verbiest are members of the Securities Commission, which the FMA will replace.
“The continuity of experience from the outgoing Securities Commission will help smooth the transition to the new regulator,” Power said.
The board members’ terms range from three to five years and the Financial Markets Authority (Regulator and KiwiSaver) Bill, which established the FMA, is currently before Parliament and is expected to pass into law this month.
– via Netprophet