Media releases – 204

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1. 4 July 2014

   Joint finance company prosecutions promote renewed public confidence and ethical conduct in financial markets

   Lawyer, Hugh Edward Staples Hamilton (63), who was found guilty of fraud in relation to the collapse of Belgrave Finance Limited (Belgrave), has been sentenced at the Auckland High Court today to four years and nine months’ imprisonment. read more.
2. 3 July 2014

   Consequences for failing to comply with financial statement filing obligations

   The Financial Markets Authority (FMA) has filed charges against the directors of eight companies that raise funds from the public, for breaches of the Financial Reporting Act (FRA). Read more.
3. 30 June 2014

   FMA publishes annual review of NZX regulatory obligations; 11 agreed actions

   The FMA’s report confirms that NZX met its obligations, under the Securities Markets Act 1988, to ensure that its markets were fair, orderly, and transparent. The review covered the period January – December 2013.
4. 18 June 2014

   FMA releases guide to help smaller financial adviser businesses with the licensing process for DIMS

   Following changes to the regulation of Discretionary Investment Management Services (DIMS) announced Monday 16 June, by Commerce Minister, Craig Foss, the Financial Markets Authority (FMA) has released a guide to help advisers and small businesses who want to apply for a licence to provide DIMS under the Financial Markets Conduct Act
5. 17 June 2014

   Regulation of financial services promotes greater choice and boosts productivity

   FMA CEO Rob Everett has called on business to support New Zealand’s new regulatory regime - in financial services and in business generally - so that New Zealand enjoys more sustained, stronger economic growth.
6. 6 June 2014

   Statement of clarification on Abano Healthcare Group Ltd (NZX:ABA)

   The Financial Markets Authority (FMA) today clarified statements that have apparently been made in communications with shareholders in Abano Healthcare Group Ltd.
7. 5 June 2014

   FMA confirms settlement with Strategic Finance Directors and Auditors

   FMA and the Receivers of Strategic, John Fisk and Colin McCloy of PwC, have finalised a settlement with the directors and auditors of Strategic. Under the terms of the settlement, the directors and auditors will pay to the Receivers of Strategic $22 million. Read more.
8. 29 May 2014

   FMA issues formal warning to St Laurence directors - investigation closed

   The Financial Markets Authority (FMA) has closed its investigation into St Laurence Limited (in liquidation) and has formally warned eight directors of St Laurence Limited in respect of potential breaches of the Securities Act.
9. 20 May 2014

   Middle-income earners much more confident in New Zealand’s financial markets

   A Financial Markets Authority survey of New Zealanders’ attitudes to financial markets, released today, has found confidence in our financial markets is growing. Overall confidence has risen five points to 59 percent from 54 percent in 2013.
10. 16 May 2014

    Finance company legal adviser found guilty of fraud

    Hugh Edward Staples Hamilton (62) has been found guilty at the Auckland High Court of 14 charges arising out of the collapse of Belgrave Finance Limited. Read more.
11. 1 May 2014

    Cultural shift in financial services underway as once-in-a-generation Financial Markets Conduct Act takes effect

    The Chief Executive of the Financial Markets Authority, Rob Everett, says a long-term cultural shift – for the better – is underway in New Zealand financial services as the new Financial Markets Conduct Act 2013 takes effect.
12. 30 April 2014

    Survey shows investors look forward to easy-to-follow IPO offer documents

    A New Zealand investor survey conducted on behalf of the Financial Markets Authority and NZX shows there is good support for companies making initial public offerings (IPOs) among those who have invested in recent IPOs.
13. 27 March 2014

    Investors better informed about low ball offers

    FMA says in a report that new regulations are assisting investors to make better informed decisions about unsolicited or low ball offers. The report also acknowledges that companies whose investors have been targeted have contributed to investors being better informed.
14. 21 March 2014

    FMA files criminal charges following investigation into Viaduct and Mutual

    The Financial Markets Authority has filed charges under the Crimes Act and under the Companies Act against directors and another of Viaduct Capital Limited (in receivership) and Ex-MFL Limited (in Receivership) (formerly Mutual Finance Limited).
15. 12 March 2014

    Bridgecorp settlement

    The FMA has consented to an $18.9 million settlement between the receiver of Bridgecorp, the Bridgecorp directors, and their liability insurers. FMA has agreed to end its own civil proceedings against the Bridgecorp directors once the settlement sum has been paid. Read more.