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Financial Markets Authority - Latest News [Page 1]
FMA Releases Update On Outcomes-focused Regulation
Thursday, 20 March 2025, 3:31 pm | Financial Markets Authority
An outcomes-focused approach means the FMA focuses its resources on the end results that regulation is aiming to achieve for consumers and financial markets. More >>
FMA Files Criminal Charges Against David McEwen
Tuesday, 18 March 2025, 2:53 pm | Financial Markets Authority
The FMA alleges that Mr McEwen failed to comply with the stop order by continuing to make offers and accept contributions for financial products. More >>
FMA Issues Warning To Evco Pacific Limited And Its Directors For Breaching Disclosure Requirements
Thursday, 13 March 2025, 4:31 pm | Financial Markets Authority
In the FMA’s view, EVCO and its directors breached the FMCA by failing to provide the required disclosure to investors about an offer of shares in EVCO by its parent company EVCO International Limited during the period 27 November 2017 through to ... More >>
FMA Succeeds In Continuous Disclosure Claims Against CBL Chief Financial Officer
Friday, 28 February 2025, 2:59 pm | Financial Markets Authority
The FMA’s case against Mr Mulholland centred on his role as CFO of the CBL Group (for which CBLC was the parent company) and as a member of CBLC’s Disclosure Committee. He was also a director of CBLC’s European subsidiary, CBL Insurance Europe dac ... More >>
Individual Ordered To Pay Compensation And Pecuniary Penalty For Making False Or Misleading Representations
Monday, 17 February 2025, 11:15 am | Financial Markets Authority
The proceedings were based on a regulated public offer for the sale of shares in The Powder Shed Tokoroa Limited (Powder Shed) wherein Mr Savage was the sole director of Powder Shed. More >>
FMA Issues Warning To Former FMC Auditor
Tuesday, 21 January 2025, 1:39 pm | Financial Markets Authority
The FMA is satisfied there was insufficient evidence to demonstrate that, at the time the auditor’s report was dated, Mr Facey had performed an objective evaluation of the significant judgements made by the engagement team and the conclusions reached ... More >>
FMA Seeks Clarity From High Court On Use Of Eligible Investor Certificates In Wholesale Investment Sector
Monday, 23 December 2024, 12:12 pm | Financial Markets Authority
The proceeding follows investigations into the use of eligible investor certificates by various wholesale property developers. These investigations followed the FMA’s thematic review of wholesale offers of financial products. More >>
Westpac Admits To Misleading Representations That Resulted In $6.35m In Overcharges
Monday, 23 December 2024, 11:03 am | Financial Markets Authority
The FMA and Westpac have agreed to resolve the proceedings on terms acceptable to all parties. A penalty hearing before the High Court will take place in due course. More >>
FMA Files Civil Proceedings Against InvestNow For Alleged AML/CFT Breaches
Friday, 20 December 2024, 6:51 pm | Financial Markets Authority
The proceedings follow a warning the FMA issued to InvestNow in September 2022 for failing to comply with AML/CFT Act requirements, including conducting customer due diligence to the extent required by the Act, and having adequate and effective processes ... More >>
Individual Pleads Guilty To Insider Trading Charges
Friday, 20 December 2024, 3:17 pm | Financial Markets Authority
The FMA brought four charges against Mr Young. He has today pleaded guilty to three charges, with the FMA agreeing to withdraw one charge. More >>
FMA Censures Pathfinder For Misleading Representations
Wednesday, 18 December 2024, 10:48 am | Financial Markets Authority
Pathfinder, which had been improving the clarity of its Ethical Investment Policy, made a list of exceptions it has granted available on its website after being contacted by the FMA, and promptly took down the two advertisements when the FMA brought the ... More >>
FMA Cancels Auditor’s Licence To Carry Out FMC Audits For Multiple Failures
Wednesday, 11 December 2024, 11:52 am | Financial Markets Authority
The decisions stem from the audit of former FMC reporting entity Alliant Perpetual’s financial statements for the year ended 31 January 2022 (the audit) which was conducted by Mr Danieli. More >>
FMA Encouraged By First Climate Statements
Wednesday, 4 December 2024, 7:18 pm | Financial Markets Authority
The FMA reviewed 70 climate statements that were prepared by climate reporting entities (CREs) for reporting periods ended between December 2023 and March 2024. More >>
CBLC Update
Monday, 2 December 2024, 6:55 pm | Financial Markets Authority
The FMA considers that it is in the public interest to continue the IPO proceeding against the estate given Mr Hutchison’s central involvement in the Samoa Transaction. The High Court agreed that this does not amount to an abuse of process and that a ... More >>
FMA Publishes Refreshed Audit Quality Monitoring Report
Thursday, 28 November 2024, 11:24 am | Financial Markets Authority
The FMA’s Audit Quality Monitoring Report for 2023/24, released today, reviewed nine of the 12 registered audit firms in New Zealand and 19 audit files, 10 of which were of listed entities. It was the first time the FMA has reviewed most audit firms ... More >>
FMA Publishes Market Cleanliness Research Report Into New Zealand Equity Market
Thursday, 31 October 2024, 9:27 am | Financial Markets Authority
Market Cleanliness in the New Zealand Equity Market research, published today, examined trading behaviour at a macro level in the lead up to market announcements between 2004-2024. More >>
FMA Publishes 2024 Annual Report
Thursday, 24 October 2024, 2:52 pm | Financial Markets Authority
FMA Chief Executive, Samantha Barrass, said: "This year has seen the passing of milestones in key areas related to our expanding remit, including Conduct of Financial Institutions and Climate-related Disclosures. More >>
FMA Publishes First Insights Report Into Discretionary Investment Management Services Sector
Thursday, 24 October 2024, 5:56 am | Financial Markets Authority
DIMS is a large part of the wealth management sector in New Zealand. It involves investors giving their provider authority to use their discretion about buying and selling financial products on their behalf. More >>
FMA Publishes Research On Commercial Real Estate And The Kiwisaver Industry
Monday, 14 October 2024, 9:44 am | Financial Markets Authority
Commercial real estate has become an important alternative asset class for fund managers, and was previously seen as a relatively low-risk investment option within a diversified portfolio. More >>
FMA Files Proceedings Against ASB For Alleged Fair Dealing Breaches
Tuesday, 8 October 2024, 1:17 pm | Financial Markets Authority
The FMA alleges that the misapplication of the multi policy discount arose through errors in the manual process undertaken by ASB staff at the point of sale for insurance products. More >>
