Securities Commission head Jane Diplock is ruling herself out as a potential candidate to run the new super regulator.
The Financial Markets Authority (FMA) will be formed next year, and will take over work currently spread across the Securities Commission, Ministry of Economic Development and Stock Exchange.
Ms Diplock welcomes the creation of the new agency, but says it is crucial that it is properly staffed and funded.
She says she will not apply for a role on the new body.
