The memorandum of understanding on reciprocal arrangements (MOURA) was signed by the UK’s Financial Reporting Council (FRC) and the New Zealand Financial Markets Authority (FMA).

The UK and New Zealand signed a free trade agreement in February 2022 which included an annex on recognition of professional qualifications, encouraging regulators to establish routes to recognition and remove costly and burdensome requirements.

The agreement will provide a process for auditors who have obtained professional audit qualifications in either the UK or New Zealand to apply for recognition of their qualification and audit rights in the other country.