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Financial Markets Authority

The Financial Markets Authority of New Zealand (FMA) and the Reserve Bank of New Zealand (RBNZ), these two regulatory agencies constitute the New Zealand financial market regulatory system. FMA was established in 2011 under the "Financial Market Authority Act of 2011". FMA replaced the original Securities Commission and took over part of the functions of the New Zealand Government’s Economic Development Department. In particular, FMA can supervise the New Zealand government’s budget and also performs part of the company registration function.