The NZ Financial Markets Authority (FMA) will now start on May 1 after the bill setting it up passed its third reading in Parliament.

“I’m proud that the FMA will be up and running almost a year to the day after the Government announced it would be picking up the recommendation from the Capital Market Development Taskforce,” Commerce Minister Simon Power said.

The authority will now be the sole financial services regulator, replacing the Securities Commission and the Government Actuary, as well as taking over other regulatory functions of the Ministry of Economic Development.

The FMA board will consist of Shelley Cave, Murray Jack and Mark Verbiest from the Securities Commission board, as well as the previously announced Chairman Simon Allen and CEO Sean Hughes.

Other board members are NZ Securities Exchange board member James Miller; NZ Post Deputy Chairman Justine Smyth; Banking Ombudsman Scheme Director Mary Holm; Takeovers Panel Deputy Chairman Colin Giffney; and lawyer Michael Webb.

Three associate board members have also been appointed – financial markets specialist Rebecca Eele, accountant Bruce Sheppard and Reserve Bank Chairman Arthur Grimes.