Seeking Expressions Of Interest For Appointments To The New Zealand Financial Benchmark Facility Limited (NZFBF) Independent Oversight Committee
The New Zealand Financial Markets Association Incorporated (NZFMA) is seeking expressions of interest for appointments to a new Independent Oversight Committee (IOC) of its wholly owned subsidiary company - the New Zealand Financial Benchmark Facility Limited (NZFBF). Expressions of interest are sought for an IOC Chair and up to four (4) IOC Members.
NZFBF was established by NZFMA in 2021 to provide independent financial benchmark administration services exclusively for NZFMA.
NZFBF’s objective is to deliver effective and efficient calculation and publication of a range of financial benchmarks, ensuring, to the extent applicable, compliance with the New Zealand administrators of financial benchmarks regime, and alignment with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
Please visit the NZFBF website www.nzfbf.co.nz for more information on NZFBF.
The Independent Oversight Committee (IOC)
Under the NZFBF Constitution, the IOC is to comprise no less than three (3) and no more than five (5) Members, including the Chair, and is to be established for the purpose of providing independent oversight on all aspects of NZFBF’s financial benchmark administration. The NZFMA appoints the Members of the IOC including the Chair and the Deputy Chair.
The IOC will have responsibility for:
- monitoring and reviewing the design of the specified financial benchmarks administered by NZFBF and any changes to the design;
- monitoring the management and operation of NZFBF’s business and the activities relating to the generation and operation of the specified financial benchmarks (including, for example, the contributor conduct rules and any outsourcing arrangements);
- reviewing and approving arrangements for cessation of the generation or operation of the financial benchmark;
- considering any assurance report;
- monitoring the actions that are taken to remedy or otherwise address any deficiencies that are identified in any assurance report;
- making recommendations to NZFBF regarding those above responsibilities; and
- notifying the FMA if the IOC knows or suspects that, in connection with the service covered by NZFBF’s financial benchmark administration:
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- NZFBF has contravened, may have contravened, or is likely to contravene a market services licensee obligation; or
- a contributor has contravened, may have contravened, or is likely to contravene an obligation imposed by or under the Financial Markets Conduct Act 2013.
The Role
A Member of the IOC must be a person who has the capacity, experience, skills and expertise appropriate to perform the oversight of the provision of financial benchmarks and to satisfy the responsibilities that the IOC is required to fulfil, but cannot themselves be directly involved in the financial benchmark provision process.
The IOC Chair must also meet the “Independent Member of the IOC” definition in the NZFBF Constitution.
IOC Members must attend IOC meetings and actively contribute to the affairs of the IOC.
Expressions of Interest
NZFMA welcomes expressions of interest from individuals with capability and experience in any of the following:
- regulatory oversight
- audit and risk management
- general legal and / or financial markets law and regulations
- financial market sector activities relevant to the use and administration of financial benchmarks.
The NZFBF IOC will typically hold two, two-hour meetings each year. The meetings will either be held in person at NZFBF’s offices in Wellington or via MS Teams.
NZFBF IOC Chair fees will be $12,000 per annum.
NZFBF IOC Member fees will be $8,000 per annum.
Appointment process:
All expressions of interest must be received by midnight on Monday 26 May 2025 and should be submitted by email to appointments@nzfma.org and marked ‘Expression of Interest NZFBF IOC Member’.
Candidates should indicate in their expression of interest whether they wish to be considered for the position of IOC Chair and/or Member of the IOC.
Candidates should provide:
- a curriculum vitae which details their relevant capabilities and experience, and
- a letter detailing why they are interested in the role.
The NZFMA Board have established a nomination panel comprising the NZFMA Chief Executive and two NZFMA Board members to undertake the NZFBF IOC recruitment process.
The nomination panel will assess candidates considering:
- the requirement of good character,
- relevant competence, skills, and experience,
- the candidate’s ability to meet any relevant eligibility criteria in the NZFBF Constitution, the Financial Markets Conduct Act 2013 and the Companies Act 1993, and
- if the candidate is applying for the IOC Chair position, their ability to meet the “Independent Member of the IOC” definition in the NZFBF Constitution.
Prior to being interviewed by the nomination panel, short-listed candidates will be required to complete a declaration form. The declaration form will include a declaration of:
- any relevant interests, so any current or potential conflicts of interest can be assessed, and
- information to support the assessment of a candidate’s ability to meet relevant eligibility criteria in the NZFBF Constitution, the Financial Markets Conduct Act 2013 and the Companies Act 1993.
Prior to any appointment, reference and probity checks will be undertaken on the preferred candidate(s). Following the NZFMA Board’s approval, successful candidates will be sent a letter of appointment, for an initial term of three years.
Candidates’ information privacy will be managed in accordance with the Privacy Act 2020 by all relevant parties, including NZFMA employees, the NZFMA Board and the nomination panel.
For more information:
Please email appointments@nzfma.org marked ‘NZFBF IOC Recruitment’.
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