EC Markets previously known as CTRL

The Financial Markets Authority – Te Mana Tātai Hokohoko – has censured CTRL Investments Limited (CTRL) for breaching the obligations of its Derivatives Issuer licence. CTRL failed to meet its minimum Net Tangible Asset (NTA) requirements between 31 March 2023 and 29 March 2024. It also breached other obligations.

The breach was caused by the failure of an overseas electronic money institution CTRL used to hold a significant amount of the company's assets. The breach triggered requirements that CTRL provide the FMA a plan of how the NTA levels would be replenished within 10 working days of discovering the breach and daily reporting of its NTA levels until the NTA levels were restored to the required amount.

CTRL was also required to obtain an assurance report within four months of its balance date (31 March 2023) and provide copies of its assurance and NTA reports to the FMA within 20 business days of receiving the reports.

CTRL failed to meet these requirements within the prescribed timeframes.

Timeline

15 August 2024

CTRL Investments Limited changed its name to EC Markets Financial Limited (trading as EC Markets)

July 2024

CTRL censured for failing to meet its NTA level requirements

• Related media release: FMA censures CTRL for Derivatives Issuer licence breaches