The vast majority (86%) of KiwiSaver members who saw their fees in dollar amounts in their annual statements this year rated the information as “quite or very useful”, an FMA survey has found. Members rated their current balance as the most useful information on the statement.
The High Court has found that an issuer’s continuous disclosure obligations do not apply during administration.
The judge stated in his decision “that the disclosure / reporting obligations of an issuer in voluntary administration are contained within Part 15A of the Companies Act and while the issuer is in administration, the continuous disclosure obligations are suspended.”
The FMA investigation into the conduct of CBL Corporation Limited (“CBL”) and its directors is ongoing. Due to investor interest in these matters an update on the investigation is appropriate at this time.
Confidence in New Zealand’s financial markets has remained stable since 2017, despite uncertainty around a potential trade war, volatile global markets and a focus on the culture and conduct of major financial institutions in Australia and New Zealand.
Garry James Patterson has been sentenced to 200 hours’ community work and 3 months’ community detention at the Christchurch District Court after pleading guilty to two charges brought by the Financial Markets Authority (FMA).
The FMA acknowledges the sentencing today in the Serious Fraud Office’s criminal prosecution of Mr Jimmy McNicholl and Mr Lance Ryan, also known as Lance Jared Thompson. These individuals were prosecuted in relation to a Ponzi scheme in Christchurch that resulted in hundreds of people investing a total of $8.3m.
NZX generally complied with its obligations during the review period. However, a lack of market experience in its market surveillance function meant NZX did not meet its obligation to have adequate arrangements to monitor the conduct of participants on, or in relation to its markets.
RBNZ and FMA briefed the Finance and Expenditure Select committee on the Australian Royal Commission (RC) into Misconduct in Banking, Superannuation and Financial Services Industry, and the response by regulators in New Zealand.
The Financial Markets Authority (FMA) and NZX Regulation (NZXR) today published a study carried out by Victoria University student Anna Hensen, ‘New Zealand Equity Market Cleanliness for the years 2010-2016’.
The FMA intends to file a case stated procedure to seek the court’s determination on whether continuous disclosure obligations for listed issuers continue to apply when the issuer is in voluntary administration.
A Financial Markets Authority report published today details how nine life and health insurance companies spent $34 million on non-financial incentives like trips, business support and conferences for financial advisers over a two-year period.
The Financial Markets Authority (FMA) has filed criminal charges against a second company and its New Zealand based director for breaching the Financial Service Providers (Registration and Dispute Resolution) Act (FSP Act) 2008.
Media release MR No. 2018 – 1715 May 2017The Financial Markets Authority today published its fourth statistical report on Authorised Financial Advisers (AFAs) in New Zealand. The FMA requires AFAs to submit an annual information return each year.The report uses the data from that questionnaire to provide a snapshot of the sector for the 12-month period ending June 30th 2017.It has been published in Tableau to enable the industry, media and interested...
The interim results of a second FMA, MBIE and industry trial has shown targeted communications created using behavioural insights, are more likely to lead KiwiSaver members to make an active decision about their fund.