FMA annual review of NZX published
Source: Financial Markets Authority Media release MR No. 2019 – 28 27th June The Financial Markets Authority (FMA) has published its annual review of whether NZX met its statutory obligations as a licensed market operator. NZX plays a vital role in helping to achieve fair, orderly and transparent financial markets in New Zealand to promote confident and […]
Read More →Kiwis take longer to choose a movie than check KiwiSaver
Source: Financial Markets Authority Media releaseMR No. 2019 – 2510 June 2019 Many New Zealanders spend longer choosing a movie to watch than reading and acting on their annual KiwiSaver statement. A recent survey of 1100 New Zealanders for the Financial Markets Authority (FMA) found four out of five people took up to 10 minutes to […]
Read More →21 charges filed by FMA against man who convinced members of the public to ‘invest’ with him
Source: Financial Markets Authority Media releaseMR No. 2019 – 2329 May 2019 The Financial Markets Authority has charged a man with offences under the Crimes Act and the FMA Act at the Manukau District Court. He has been charged with: 16 charges of obtaining by deception under Section 240 of the Crimes Act 1961 3 […]
Read More →FMA research highlights gap between what investors expect and what auditors deliver
Source: Financial Markets Authority Media releaseMR No. 2019 – 2221 May 2019 An FMA research project with investors, directors, managers and auditors has identified reasonable levels of confidence in audit quality, but also a serious gap in the expectations of investors and what auditors are delivering. The FMA commissioned the research to better understand public […]
Read More →10 formal AML/CFT warnings issued by FMA
Source: Financial Markets Authority Media releaseMR No. 2019 – 2113 May 2019 The Financial Markets Authority (FMA) has issued formal warnings to 10 reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). The FMA carried out a risk-based assessment of independent audit reports for reporting entities it […]
Read More →Company convicted for abuse of the FSPR
Source: Financial Markets Authority Media releaseMR No. 2019 – 2003 May 2019 Morgan DeVere Corporate Finance Limited (Morgan DeVere) has been convicted at the Wellington District Court on two counts of breaching the Financial Services Providers Act 2008 (FSP Act) for falsely claiming it was registered on the Financial Services Providers Register (FSPR). A copy […]
Read More →FMA files charges under Crimes Act
Source: Financial Markets Authority Media releaseMR No. 2017 – 269 June 2017 Two men appeared yesterday in the Tauranga District Court in relation to various charges filed by the FMA under the Crimes Act. Robert Ian South is charged with two counts of theft by a person in a special relationship, under section 220 of […]
Read More →Director sentenced to community service for abuse of FSPR
Source: Financial Markets Authority Media releaseMR No. 2019 – 1816th April 2019 A New Zealand-based director of Morgan DeVere Corporate Finance Limited has been sentenced to 75 hours of community service for breaching the Financial Service Providers (Registration and Dispute Resolution) Act 2008. (FSP Act). The FMA alleges that the company stated it was registered […]
Read More →FMA files civil proceedings over trading in Oceania Natural
Source: Financial Markets Authority Media releaseMR No. 2019 – 1715 April 2019 The Financial Markets Authority (FMA) has issued civil proceedings in the High Court against four individuals in relation to trading in Oceania Natural Limited. (ONL) The proceedings relate to alleged breaches of market manipulation prohibitions and the disclosure obligations in the Financial Markets […]
Read More →Statement on ANZ v FMA Supreme Court judgment
Source: Financial Markets Authority Media releaseMR No. 2019 – 1612th April 2019 The FMA is pleased with the Supreme Court decision in the matter between ANZ and the FMA, released this morning. Now that the restrictions on confidentiality over these matters has been lifted, the FMA will be able to engage with the liquidation committee […]
Read More →Most insurtechs want to improve customer experience
Source: MakeLemonade.nz Auckland – The majority of insurtech companies want to improve customer experience, a landmark report commissioned by InsurtechNZ says. New technology is helping to create improved products, according to a new Kiwi report. Wearables and telematics investment in technology is paving the way for new product offers while the rapid emergence of AI driven […]
Read More →Former CFO to pay $150,000, barred for Securities Markets Act breaches
Source: Financial Markets Authority Media release MR No. 2019 – 159th April 2019 Mark Stephen Talbot, a former virtual chief financial officer of VMob (now Plexure) will pay $150,000 in lieu of a penalty and is barred from acting as a director or manager of a listed business for 5 years. Mr Talbot has admitted to […]
Read More →Update on FMA/RBNZ Bank Conduct and Culture review
Source: Financial Markets Authority Media release MR No. 2019 – 142nd April 2019 Today the Reserve Bank of New Zealand and the FMA confirmed that all 11 banks involved in their ongoing review of conduct and culture, have provided their responses to individual feedback letters. The regulators will now begin working through the responses provided by […]
Read More →AML/CFT monitoring report highlights concerns, sets out future focus
Source: Financial Markets Authority Media releaseMR No. 2019 – 131st April 2019 The Financial Markets Authority (FMA) has published an Anti-Money Laundering and Countering the financing of terrorism (AML/CFT) monitoring report setting out the areas requiring further attention by the management and boards of the reporting entities it supervises. The FMA is one of three […]
Read More →FADC Findings published
Source: Financial Markets Authority Media releaseMR No. 2019 – 1229 March 2019 The Financial Advisers Disciplinary Committee (FADC) has published its findings in a case referred to the Committee by the FMA. A copy of the findings can be found here. The FMA encourages all Authorised Financial Advisers to read and consider the findings of […]
Read More →Professional Conduct Committee of Chartered Accountants Australia New Zealand findings
Source: Financial Markets Authority Media release MR No. 2019 – 1028th March 2019 The Professional Conduct Committee of the Chartered Accountants Australia New Zealand (CA ANZ) has published its findings in relation to Richard Owen Dey and Michael Derek Wood. The FMA referred the conduct of the audit firm involved, Ingham Mora, to CA ANZ […]
Read More →Trio sentenced for theft, false statement by a promoter in Viaduct Capital & Mutual Finance case
Source: Financial Markets Authority Media release MR No. 2019 – 0927th March 2019 One man has been jailed and two men sentenced to home detention at the Auckland High Court for their part in using finance companies to try to save commercial businesses during the global financial crisis. Paul Bublitz was found guilty of four […]
Read More →FMA publishes guide to shares for investors
Source: Financial Markets Authority Media releaseMR No. 2019 – 0826 March 2019 The FMA has published a guide for investors on the nuts and bolts of choosing, buying, owning and selling shares. The guide, Share this! deals with the steps involved in investing in shares as well as the potential risks, to help people decide […]
Read More →FMA to hold directors to account for FSPR abuse, first charges filed
Source: Financial Markets Authority Media release MR No. 2018-0327 February 2018 The Financial Markets Authority (FMA) has filed criminal charges against Pegasus Markets Ltd and Michael Reps for breaching the Financial Service Providers (Registration and Dispute Resolution) Act (FSP Act). The company is charged with two counts of breaching section 12 of the FSP Act. The New […]
Read More →Expiry dates on all Financial Markets Conduct Act licences to be removed
Source: Financial Markets Authority The Financial Markets Authority (FMA) is to remove the expiry dates for all licences issued under the Financial Markets Conduct Act 2013 in a process expected to be complete by the middle of 2019. Open-ended terms will apply to all new and existing licences, unless an expiry date is specified on […]
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