The Financial Markets Authority has issued its first annual report, which includes its expanded mandate to supervise and regulate the capital markets.
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Chief executive Rob Everett said the FMA has concentrated on establishing its authority in the sector and getting players in the investment markets to understand the new regulatory regime, which would remain a priority in the coming year.
The FMA has been criticised for not wielding the big stick of enforcement and court action in a couple of high profile cases in the past year.
The first was Hanover Finance, where the FMA chose to recover what it could for out-of-pocket investors of the failed finance company, while in the case of Milford Asset Management and allegations of market manipulation, it's reached a $1.5 million settlement with the company - although legal action against an individual is yet to be heard.
Mr Everett said the FMA would look to change behaviour, policies, and expose the dangers and would not engage in unnecessary show trials.
But he said there are financial businesses outside of the FMA's authority, which should ultimately be covered.
"What I would point to would be the offering of kind of FX trading services, foreign exchange trading services," he said.
