The Financial Markets Authority (FMA) has announced a revised organisational structure and key appointments for its executive committee. FMA chief executive, Rob Everett, said that the FMA has undergone significant change and growth since its establishment in 2011.
“This new structure should be sustainable over the medium-term, taking advantage of existing strong leaders within the FMA, and bringing essential new skills and experience to the leadership team.”
The external appointments to the team include:
- Nick Kynoch, who has been appointed as general counsel, in an expanded role that includes the functions of litigation and enforcement, corporate legal, regulatory policy and the FMA’s own governance. Kynoch is returning to New Zealand from his previous role as global head of contentious regulatory compliance and conduct risk at the investment banking arm of Barclays Bank PLC in London, and will join the FMA in January. He brings extensive senior management experience and a global perspective to the regulation of financial services.
- Sarah Coleman, who has been appointed as director of people and capability. Coleman joined the FMA in September from law firm Chapman Tripp where she was director of HR. A further appointment to the role of communications director will be confirmed shortly.
Two new executive roles have been created with appointments from within the FMA, these are:
- Garth Stanish, director of capital markets. Stanish will lead this new function to deliver an end-to-end contact point for capital markets participants and issuers. This incorporates primary and secondary markets, continuous disclosure, oversight of the market infrastructure such as NZX, NXT, intermediary platforms and clearing providers and also oversight of auditors.
- Simone Robbers, director of strategy and risk. Robbers will lead another new function to provide senior leadership of the development of the FMA’s regulatory strategy and the coordination of that strategy with co-regulators and government agencies. This role also includes leadership of the FMA’s corporate risk management function.
Everett said the new structure reflected the increasing range and depth of activity within the FMA’s mandate.
“The regulatory functions and focus for each member of the executive committee are now well-balanced across the requirements of all the market participants and sectors we regulate. I’m pleased to have brought together such a strong executive group, including local and global expertise acquired at the highest level, to deliver on our strategic priorities.”
“I’d like to acknowledge the significant contributions of Owen Gill, as director of external communications and Diana Christensen, as director of people and capability, who have both provided invaluable services for us during their fixed-term contracts.”
Gill has elected to leave at the end of his (extended) term, having come to the FMA from Sydney last year, to lead the communications function on an interim basis during the transition to the Financial Markets Conduct Act.
Christensen has also completed her interim role and has been instrumental in launching the FMA’s extensive three-year people and culture strategy.
The new structure is being implemented over the next three months and will be effective from 1 December 2015, with the general counsel function fully effective from January 2016.
The leadership roles announced join the existing FMA executive committee members, Liam Mason, director of regulation and John Botica, chief operating officer.
