Botherway to head market regulator

Brook Asset Management founder Simon Botherway will chair the Establishment Board of the new integrated market regulator, the Financial Markets Authority (FMA).

Commerce Minister Simon Power announced the nine board members as: Simon Botherway (chairman), Shelley Cave, Andrew Harmos, Neville Harris, Frank McLaughlin, Paula Rebstock, Bruce Sheppard, Scott St John, and Mariëtte van Ryn.

Mr Botherway left Brook Asset Management in late 2008. He is a director on the board of Fisher & Paykel Appliances, and a member of the Securities Commission and the Electricity Authority Establishment Board.

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.  

The board will 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.

"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.

- © Fairfax NZ News