Management bans and undertakings of non-participation

Listed below are individuals who are precluded from engaging in certain activities in respect of the governance and/or management of companies as a consequence of action taken by the FMA.

In the event that you become aware that an individual named below is or may be operating in breach of either their management ban or an enforceable undertaking, please contact the FMA by phone on
0800 434 566 (+64 3 962 2698 for overseas callers)
or through our website.

Management Bans

Management Bans under the Securities Act 1978

If a person is convicted of an offence against section 58 of the Securities Act 1978 (Securities Act), under section 60E of the Securities Act they are automatically banned for a period of 5 years from the date they are convicted, from being:

  • a director or promoter; or
  • directly or indirectly concerned or taking part in the management of an incorporated or unincorporated body.

The FMA considers that this means that they are not permitted to do any of the following:

  • Occupy the position of director in relation to a company
  • Be a partner in a partnership or a general partner in a special partnership or limited partnership
  • Occupy a position comparable to a director of a company in relation to a corporate or unincorporated body
  • Do any of the following in relation to securities offered to the public for subscription,—
    • Being instrumental in the formulation of a plan or programme pursuant to which the securities are offered to the public; and
    • Being a director where the promoter is a body corporate
  • Make, or participate in making, decisions that affect the whole, or a substantial part of the business of the corporation
  • Exercise the capacity to affect significantly the company’s financial standing
  • Communicate instructions or wishes to the directors of the company where:
    • They are not acting merely in a professional capacity
    • They know that the directors are accustomed to act in accordance with their instructions or wishes
    • They intend that the directors will act in accordance with those instructions or wishes.

The following activities may be permitted:[1]

  • Executing decisions or carrying out directions as an employee / agent
  • Merely administrative work of the kind performed by a company secretary or accountant
  • Carrying out day-to-day routine functions in accordance with predetermined policies of the company
  • Giving professional advice, where decisions in relation to the company are plainly made by others.

Management bans under the Companies Act 1993

If a person is convicted of a dishonesty offence under the Crimes Act 1961 they are automatically banned from being a director, promoter or taking part in the management of a company for a period of 5 years after the conviction/judgment by section 382 of the Companies Act 1993.

If a person is convicted of offences under the Securities Act and the Crimes Act, they will be subject to Securities Act and Companies Act management bans, each running from the relevant date (date of conviction under the Securities Act, date of conviction or judgment under the Companies Act).

[1] Tregurtha v Police HC Auckland AP123/93, 15 October 1993.

List of persons banned from managing entities as a result of action taken by the FMA

The table below lists those directors who are subject to a management ban pursuant to the Securities Act and/or Companies Act following action taken by the FMA (or commenced by the Securities Commission). A full list of all currently or previously banned directors is available on the Companies Office website: http://www.business.govt.nz/companies/learn-about/searching/disqualified-directors-prohibited-company-managers-search

Director Date s60E Securities Act ban commenced Date s60E Securities Act ban ends Date s382 Companies Act ban commenced Date s382 Companies Act ban ends Sections convicted under
DOOLAN Mervyn 08/07/2011 08/07/2016 N/A N/A Securities Act 1978 s58
MOSES Kenneth Roger 08/07/2011 08/07/2016 N/A N/A Securities Act 1978 s58
YOUNG Donald Anthony Walker 08/07/2011 08/07/2016 N/A N/A Securities Act 1978 s58
DAVIDSON Bruce Nelson 02/09/2011 02/09/2016 N/A  N/A Securities Act s58
URWIN Gary Kenneth 09/11/2011 09/11/2016 N/A N/A Securities Act s58
LUDLOW Trevor Allan 13/12/2011 13/12/2016 27/07/2011 27/07/2016 - Crimes Act 1961 s220

- Securities Act 1978 s58

- Financial Reporting Act 1993 s41
GRAHAM Sir Douglas 29/03/2012 29/03/2017 N/A N/A Securities Act 1978 s58
REEVES Michael 29/03/2012 29/03/2017 N/A N/A Securities Act 1978 s58
BRYANT Lawrence 29/03/2012 29/03/2017 N/A N/A Securities Act 1978 s58
JEFFRIES William 29/03/2012 29/03/2017 N/A N/A Securities Act 1978 s58
PETRICEVIC Rodney Michael 05/04/2012 05/04/2017 18/07/2012 18/07/2017 - Securities Act 1978 s58

- Crimes Act 1961 s220

- Crimes Act 1961 s242

- Companies Act 1993 s377
ROEST Cornelis Robert 05/04/2012 05/04/2017 17/08/2012 17/08/2017 - Securities Act 1958 s58

- Crimes Act 1961 s229A (now s242)

- Companies Act 1993 s377

- Securities Act 1978 s58
STEIGRAD Peter 05/04/2012 05/04/2017 N/A N/A Securities Act s58
BUCKLEY Shane Joseph 20/05/2012 20/05/2017 25/05/2012 25/05/2017 - Crimes Act 1961 s220

- Crimes Act 1961 s242

- Securities Act 1978 s58

- Companies Act s377
BRAITHWAITE Carol Anne 27/07/2012 27/07/2017 N/A N/A Securities Act 1978 s58
BANBROOK Anthony David 24/08/2012 24/08/2017 N/A N/A Securities Act 1978 s58
BOWDEN Anthony Walpole 17/09/2012 17/09/2017 12/04/2012 12/04/2017 Securities Act 1978 s58
NICHOLLS Neal 15/02/2013 15/02/2018 N/A N/A Securities Act 1978 s58
DOUGLAS Leslie Wayne 15/02/2013 15/02/2018 N/A N/A Securities Act 1978 s58
TALLENTIRE Owen 15/03/2013 15/03/2018 19/07/2012 19/07/2017 - Securities Act 1978 s58

- Crimes Act 1961 s220

- Crimes Act 1961 s242
RYAN Colin Gregory 15/03/2013 15/03/2018 N/A N/A Securities Act 1978 s58
SUTHERLAND Robert Gordon 15/03/2013 15/03/2018 N/A N/A Securities Act 1978 s58
SMITH Stephen Charles  17/04/2013 17/04/2018 17/04/2013 17/04/2018 - Securities Act 1978 s58

- Crimes Act 1961, s242

- Companies Act 1993 s377

- Crimes Act 1961, s220
BUTLER Ann Kathleen 10/05/2013 10/05/2018 N/A N/A Securities Act 1978 s58
WHALE Robert Barry 23/05/2013 23/05/2018  N/A N/A Securities Act 1978 s 8
BETTLE Richard Gilbert 26/06/2013 26/06/2018 N/A N/A Securities Act 1978 s58
ARKINSTALL Vance Eric 26/06/2013 26/06/2018 N/A N/A Securities Act 1978 s58
FORSYTH Paul Winstone 26/06/2013 26/06/2018 N/A N/A Securities Act 1978 s58
ROSS David Robert Gilmour     15/11/2013 15/11/2018 Crimes Act 1961 s220
HAMILTON Hugh Edward Staples     16/05/2014 16/05/2019 - Crimes Act 1961 s 220

- Crimes Act 1961 s242

- Companies Act 1993 s377

- Crimes Act 1961 s252/s260
MAYWALD Jason Robert Duncan 21/08/2015 21/08/2020     Securities Act 1978, s58
LACY Mark Lawrence 21/08/2015 21/08/2020     Securities Act 1978, s58
WHITE Craig Robert 18/09/2015 18/09/2020     Securities Act 1978, s58
ANDERSON David Mark 25/09/2015 25/09/2020     Securities Act 1978, s58

Undertakings of non-participation as a director and/or promoter and/or in management of a company and/or public issuer

The individuals listed have provided undertakings to the FMA pursuant to s46 of the Financial Markets Authority Act 2011, not to be a director, promoter and/or involved in the management of either a company and/or a company which is an issuer of securities to the public for an agreed term.

Details of the undertakings are available here.

List of persons who have provided an enforceable undertaking not to participate in the management of entities

Director Date undertaking commenced Date undertaking ends Details of enforceable undertaking
HARDING Andrew John 16/07/2010 Permanent ban Will not be a director or promoter of or in any way concerned in management of an incorporated or unincorporated body in New Zealand (except an overseas company or an incorporated or unincorporated body that does not carry on business in New Zealand).
SCHOLFIELD Murray 16/07/2010 Permanent ban Will not be a director or promoter of or in any way concerned in management of an incorporated or unincorporated body in New Zealand (except an overseas company or an incorporated or unincorporated body that does not carry on business in New Zealand).
GREENSILL Rodney Seymour Roberts 13/12/2011 13/12/2016 Will not be a director or promoter of or in any way concerned in management of an issuer of debt securities.
LAMBERT Barry Noel 13/12/2011 13/12/2016 Will not be a director or promoter of or in any way concerned in management of an issuer of debt securities.
SIMKIN Christopher Bruce 13/12/2011 13/12/2016 Will not be a director or promoter of or in any way concerned in management of an issuer of debt securities.
FINNIGAN Kerry  05/06/2014 05/06/2019 Will not act as a director or promoter of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
05/06/2014 05/06/2017 Will not accept appointment or employment or act as a Chief Executive Officer or Chief Financial Officer (or equivalent position by whatever name called) of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
LINDALE Marcel Aubrey  05/06/2014 05/06/2019 Will not act as a director or promoter of a public issuer of securities without the prior written approval of the FMA or leave of the Court. 1
05/06/2014 05/06/2017 Will not accept appointment or employment or act as a Chief Executive Officer or Chief Financial Officer (or equivalent position by whatever name called) of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
JACKSON Graham Edward  05/06/2014 05/06/2019 Will not act as a director or promoter of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
05/06/2014 05/06/2017 Will not accept appointment or employment or act as a Chief Executive Officer or Chief Financial Officer (or equivalent position by whatever name called) of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
THOM Denis Grenville  05/06/2014 05/06/2019 Will not act as a director or promoter of a public issuer of securities without the prior written approval of the FMA or leave of the Court. 
05/06/2014 05/06/2017 Will not accept appointment or employment or act as a Chief Executive Officer or Chief Financial Officer (or equivalent position by whatever name called) of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
WOLFENDEN David John  05/06/2014 05/06/2019 Will not act as a director or promoter of a public issuer of securities without the prior written approval of the FMA or leave of the Court. 
05/06/2014 05/06/2017 Will not accept appointment or employment or act as a Chief Executive Officer or Chief Financial Officer (or equivalent position by whatever name called) of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
RICH Timothy John  05/06/2014 05/06/2019 Will not act as a director or promoter of a public issuer of securities without the prior written approval of the FMA or leave of the Court. 
05/06/2014 05/06/2017 Will not accept appointment or employment or act as a Chief Executive Officer or Chief Financial Officer (or equivalent position by whatever name called) of a public issuer of securities without the prior written approval of the FMA or leave of the Court.
ALCOCK Murray Rex 31/10/2014 31/10/2019 Will not be a director or promoter of or in any way concerned in management of a public issuer of securities.  Banned also from accepting appointment or employment as a Chief Executive Officer or Chief Financial Officer (or equivalent position) of a public issuer of securities.*
KNIGHT Allister Ronald 31/10/2014 31/10/2019 Will not be a director or promoter of or in any way concerned in management of a public issuer of securities.  Banned also from accepting appointment or employment as a Chief Executive Officer or Chief Financial Officer (or equivalent position) of a public issuer of securities.*
HOBBS David John 09/07/2015 Permanent ban

Will not at any time, without the prior written approval of the FMA:

  • be a director or promoter of, or in any way (whether directly or indirectly) being concerned or taking part in the management of, an entity other than Hobbs Trustee Limited, Seaview Wholesale Limited or any overseas company, or other entity, that does not carry on business in New Zealand

With the express conditions that:

  • None of the above entities will seek to raise funds from the public or offer any securities or financial products to members of the public; and
  • Mr Hobbs will not borrow or lend money, or be involved in the provision of financial services, whether directly or indirectly, in respect of customers purchasing or selling vehicles through the car dealership operated by Hobbs Trustee Limited and Seaview Wholesale Limited
Provide financial adviser services or broking services (within the meaning of those terms in section 5 of the Financial Advisers Act 2008), or contributing, as employee or agent, to the provision of those services.
HOBBS Jacqueline 09/07/2015 09/07/2019

Will not, without the prior written approval of the FMA:

  • be a director or promoter of, or in any way (whether directly or indirectly) being concerned or taking part in the management of, an entity other than Hobbs Trustee Limited, Seaview Wholesale Limited or any overseas company, or other entity, that does not carry on business in New Zealand

With the express conditions that:

  • None of the above entities will seek to raise funds from the public or offer any securities or financial products to members of the public; and
  • Mrs Hobbs will not borrow or lend money, or be involved in the provision of financial services, whether directly or indirectly, in respect of customers purchasing or selling vehicles through the car dealership operated by Hobbs Trustee Limited and Seaview Wholesale Limited

Provide financial adviser services or broking services (within the meaning of those terms in section 5 of the Financial Advisers Act 2008), or contributing, as employee or agent, to the provision of those services.

DUFF Stephen (also known as Nick) 6/04/2016 6/4/2021

Will not:

  • Provide financial advice;
  • Otherwise deal with client investments;
  • Receive client money on behalf of clients or third parties; and/or
  • Serve as a director (or carry out a management role) of any company involved in the provision of financial services or investment products.

1 Subject to certain exclusions relating to Direct Property Investments (No 6) Limited as set out in clause 2of the Enforceable Undertaking offered by Kerry Finnigan, Graham Jackson, Marcel Lindale, Timothy Rich, Denis Thom and David Wolfenden.

2 Subject to certain exclusions relating to the SPI Entities as set out in clauses 3.1(e) to (f) of the Enforceable Undertaking offered by Murray Rex Alcock and Allister Ronald Knight.