Expatriate appointed to run new market super-regulator
Expatriate Kiwi Sean Hughes has been named as the chief executive-designate of the FMA, New Zealand's new integrated market conduct regulator.
Expatriate Kiwi Sean Hughes has been named as the chief executive-designate of the FMA, New Zealand’s new integrated market conduct regulator.
Mr Hughes, 44, is currently a senior executive at the Australian Securities and Investment Commission (Asic) and has held senior positions at National Australia Bank and the ANZ.
Mr Hughes was appointed after an international executive search process and will start his new role in early January 2011. The FMA is expected to be operational by April 1, 2011, subject to enabling legislation currently before Parliament.
The FMA will have sole responsibility for enforcing securities, financial reporting and company law as it applies to financial services and securities markets and regulate and oversee trustees, auditors, financial service providers and advisers
“We are delighted to have attracted back to New Zealand someone of Sean’s calibre and background to this important leadership role,” FMA Establishment Board chairman Simon Botherway said.
Commerce Minister Simon Power welcomed the appointment.
“It was clear New Zealand needed a single market regulator with a culture of visible, proactive, and timely enforcement, and the FMA will deliver that.
“I’m pleased that the challenge of restoring investor confidence in our financial markets has lured Mr Hughes and his wealth of international experience back home.
“His background in enforcement, litigation and management, combined with his knowledge and understanding of financial markets make him the ideal candidate for this job.”
Mr Power said legislation to formally establish the regulator is currently being considered by the commerce select committee and is due to be reported back to the House early next year.
The new regulator is expected to be up and running early next year.
Meanwhile, the process for recruiting a chair for the FMA is under way, with applications closing on October 25.
NBR staff
Wed, 20 Oct 2010
Wed, 20 Oct 2010
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Expatriate appointed to run new market super-regulator
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