The Financial Markets Authority regulates New Zealand's financial markets. We oversee and enforce securities, financial reporting, and company law as they apply to financial services and securities markets. We also regulate securities exchanges, financial advisers and brokers, trustees and issuers - including issuers of KiwiSaver and superannuation schemes. Our main vision is to promote and facilitate the development of fair, efficient and transparent financial markets. As a risk-based conduct regulator, we focus our resources on conduct that we think poses the most significant risk to achieving this objective. The FMA was established in 2011 under the Financial Markets Authority Act 2011. It replaced the Securities Commission and took over some roles of the Ministry of Economic Development, in particular the regulatory role of the Government Actuary and some of the roles of the Registrar of Companies.