Keep Updated - Financial Markets Authority

AFA Monitoring Reports

2013-06-19T11:39:42+13:00

AFA Interim Monitoring Report

AFA Monitoring Report January 2013 - March 2013

AFA Monitoring Report October 2012 - December 2012

AFA Monitoring Report July 2012 - September 2012

AFA Monitoring Report September 2011 - June 2012

AFA Monitoring Report - Thematic Review: Discretionary Investment Management Services January to March 2013

2013-06-19T11:36:39+13:00

AFA Monitoring Report - Thematic Review: Discretionary Investment Management Services January to March 2013

FMA’s supervision of Anti-Money Laundering and Countering Financing of Terrorism

2013-06-17T15:20:35+13:00

FMA’s supervision of Anti-Money Laundering and Countering Financing of Terrorism

Monitoring of KiwiSaver Offer Documents

2013-06-17T09:45:31+13:00

Monitoring of KiwiSaver Offer Documents

Home detention for Dominion Finance directors

2013-06-14T11:27:57+13:00

Home detention for Dominion Finance directors

News release
14 June 2013

Two former directors of Dominion Finance have today been sentenced to home detention after pleading guilty to Securities Act charges laid by the Financial Markets Authority.

Ann Butler was sentenced to nine months’ home detention, 80 hours’ community work, and ordered to pay $300,000 reparation. She admitted three charges of distributing an advertisement containing an untrue statement, and four charges of distributing a registered prospectus containing an untrue statement.

Barry Whale was sentenced to 12 months’ home detention, 250 hours’ community work and ordered to pay $75,000 reparation. He admitted seven charges relating to untrue statements in a prospectus.

“These untrue statements were likely to mislead investors into thinking an investment with the companies would be safer than it was,” said FMA Head of Enforcement Belinda Moffat.

“Directors have an obligation to act in the best interests of investors, and that includes providing timely and accurate information,” said Ms Moffat.

Dominion Finance went into receivership in 2008, owing approximately $177 million to 5,900 investors. North South Finance was placed in receivership in 2010, owing $31 million to 3900 investors.

The trial of directors Vance Arkinstall, Richard Bettle, and Paul Forsyth is scheduled to begin on 1 July.

Ends

Contact:
Scott McMurray on 029 222 0776 or scott.mcmurray@fma.govt.nz

Charges laid today against David Ross

2013-06-13T10:57:42+13:00

Charges laid today against David Ross

Media Release
13 June 2013

Charges have today been laid in the Wellington District Court against David Robert Gilmour Ross (63). The charges laid by the Serious Fraud Office (SFO) allege he operated a $400 million Ponzi scheme. They follow a joint agency investigation between SFO and the Financial Markets Authority (FMA).

The Wellington financial adviser faces four Crimes Act charges of false accounting and one charge of theft by person in special relationship.

The joint investigation into Ross Asset Management (RAM) and related entities commenced in November last year after complaints were received regarding the delayed or non-payment of funds to investors. Following enquiries FMA undertook in October 2012, FMA took immediate action to preserve investors’ funds by obtaining asset preservation orders and orders appointing receivers and managers to the Ross Group of entities. These orders were obtained under the Financial Advisers Act and remain in place. Initial inquiries by receivers showed investments of only $10.2 million actually existed.

In response to the potential loss, large number of victims, concerns of the receivers, complexity of the case and the significant public interest, both FMA and SFO commenced the joint investigation.

The charges laid by SFO allege that Mr Ross conducted a Ponzi scheme which he disguised by falsely reporting clients’ investments. They allege that large portions of client portfolios shown as invested through a broker ‘Bevis Marks’ were fictitious and never existed, resulting in an overstatement of investment positions by more than $380 million.

More than 1,200 RAM client accounts have been affected by Mr Ross’ scheme.

SFO’s Acting Chief Executive, Simon McArley said, "The allegations made amount to serious criminal matters. However the saddest fact of all of this is the position that Mr Ross’ clients find themselves in. The joint activity between SFO and FMA demonstrates that we can work effectively together to both address the serious criminal offending and protect as far as possible the interests of the victims of that offending".

FMA Head of Enforcement Belinda Moffat said, "FMA will now complete its investigation into conduct by Mr Ross under the Financial Advisers Act. We will also shortly release best practice guidance for financial advisers providing discretionary investment management services to ensure our expectations are well understood by advisers, as well as guidance for investors considering using such services".

SFO and FMA acknowledge the assistance provided to them by the receivers of the Ross Group of entities and their advisers as well as the many investors who have provided information.

ENDS

For further information:

Andrea Linton Tony Reid

Serious Fraud Office Financial Markets Authority

027 705 4550 021 739 052

Note to editors

Background to investigation

Since 1989, David Robert Gilmour Ross has operated a funds management business, Ross Asset Management Limited (RAM). The RAM office was located in Wellington. RAM was the key trading entity for the Ross Group and Mr Ross had sole responsibility and decision-making authority for all aspects of RAM.

Mr Ross was approved as an Authorised Financial Adviser (AFA) by FMA on 12 July 2011. His authorisation was suspended in November 2012 and his registration as a financial services provider cancelled in February 2013, which resulted in the termination of his authorisation as an AFA.

Mr Ross and RAM were placed into receivership in early November 2012 along with Mr Ross’ other associated entities. Eight of the Ross entities were placed in liquidation in December 2012.

Crimes Act offences:

Section 220 Theft by person in special relationship
(1) This section applies to any person who has received or is in possession of, or has control over, any property on terms or in circumstances that the person knows require the person—

(a) to account to any other person for the property, or for any proceeds arising from the property; or

(b) to deal with the property, or any proceeds arising from the property, in accordance with the requirements of any other person.

(2) Every one to whom subsection (1) applies commits theft who intentionally fails to account to the other person as so required or intentionally deals with the property, or any proceeds of the property, otherwise than in accordance with those requirements.

(3) This section applies whether or not the person was required to deliver over the identical property received or in the person's possession or control.

(4) For the purposes of subsection (1), it is a question of law whether the circumstances required any person to account or to act in accordance with any requirements.

Section 252 False accounting by officer or member of body corporate

(Pre 2003 amendments)

Every one is liable to imprisonment for a term not exceeding 7 years who, being a director or an officer or a member of any company, or body corporate, with intent to defraud,—

(a) Destroys, mutilates, alters, or falsifies any book, account, valuable security, or document belonging to the company or body corporate, or concurs in so doing; or

(b) Makes or concurs in making any false entry in, or omits or alters, or concurs in omitting or altering, any material particular from or in any such book, account, valuable security, or document.

Section 260 False accounting

Every one is liable to imprisonment for a term not exceeding 10 years who, with intent to obtain by deception any property, privilege, service, pecuniary advantage, benefit, or valuable consideration, or to deceive or cause loss to any other person,—

(a) makes or causes to be made, or concurs in the making of, any false entry in any book or account or other document required or used for accounting purposes; or

(b) omits or causes to be omitted, or concurs in the omission of, any material particular from any such book or account or other document; or

(c) makes any transfer of any interest in a stock, debenture, or debt in the name of any person other than the owner of that interest.

About SFO

The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office Act in response to the collapse of financial markets in New Zealand at that time.

SFO’s role is the detection, investigation and prosecution of serious or complex financial crime. SFO’s focus is on investigating and prosecuting criminal cases that will have a real effect on:

business and investor confidence in our financial markets and economy
public confidence in our justice system and public service
New Zealand’s international business reputation.

SFO operates three investigative teams:

Evaluation and Intelligence;
Financial Markets and Corporate Fraud; and
Fraud and Corruption.

SFO operates under two sets of investigative powers.

Part I of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”

Part II of the SFO Act provides the SFO with more extensive powers where: “…the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”

SFO’s Annual Report 2012 sets out its achievements for the past year, while the Statement of Intent 2013-2016 sets out the SFO’s three year strategic goals and performance standards. Both are available online at: www.sfo.govt.nz

About FMA

FMA was established on 1 May 2011 under the Financial Markets Authority Act 2011, in response to the need to address failures in the financial markets, made evident from the global financial crisis. The Government recognised that New Zealand required a single conduct regulator to proactively monitor and enforce securities legislation.

FMA is an independent Crown entity and has the following functions:

to monitor compliance with, investigate contraventions of, and enforce securities and investment law, financial reporting law, and companies law, in respect of financial markets participants;
to promote confident and informed participation in the financial markets;
to license and supervise particular financial markets participants, including financial advisers, trustees and statutory supervisors, auditors, and securities markets;
to monitor and conduct inquiries and investigations into financial markets and financial markets participants; and
to keep the law under review.

FMA is committed to taking enforcement action against those whose behaviour threatens market integrity and investor confidence in New Zealand.

More information about FMA can be found at www.fma.govt.nz

International Regulator Alerts

2013-06-10T11:55:13+13:00

International Regulator Alerts

These are recent alerts from the International Organisation of Securities Commissions (IOSCO).

9 June 2013
1 June 2013
25 May 2013
21 May 2013
11 May 2013
4 May 2013
27 April 2013
22 April 2013
13 April 2013
6 April 2013
1 April 2013
23 March 2013
16 March 2013
9 March 2013
2 March 2013
23 February 2013
11 February 2013

2 February 2013
1 February 2013

26 January 2013

19 January 2013

12 January 2013

7 January 2013

22 December 2012

15 December 2012

8 December 2012

3 December 2012

24 November 2012

17 November 2012

12 November 2012

4 November 2012

27 October 2012

20 October 2012

13 October 2012

6 October 2012

1 October 2012
22 September 2012

10 September 2012
3 September
25 August
11 August
4 August
28 July

9 June 2013
Added (14)
Company:	Priory Investments Services Ltd.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1359/language/en-US/PRIORY-INVESTMENTS-SERVICES-LTD--Advisory-Warning-No-17-of-2013-27-May-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning - Unauthorised investment business
Company:	The Asia Gold Mining Asset Corporation
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1358/language/en-US/THE-ASIA-GOLD-MINING-ASSET-CORPORATION--Advisory-Warning-No-16-of-2013-27-May-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning - Unauthorised investment business
Company:	Axis Trading Group Inc.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1357/language/en-US/AXIS-TRADING-GROUP-INC--Advisory-Warning-No-15-of-2013-27-May-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning - Unauthorized investment business
Company:	Unterstützungskasse für Arbeitnehmerschutz und Vorsorge
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/unterstuetzungskasse-fuer-arbeitnehmerschutz-und-vorsorge.html
Posted by:	Financial Market Authority, Austria
Company:	Ardea Capital LP
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Reynolds Consultancy Ltd
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	GLOBALFX MANAGEMENT TRADING LIMITED, Road Town (Tortola, British Virgin Islands), Zweigniederlassung Zürich
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=368
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Lawrence James & Associates
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Exelyum Ltd
Link:	http://www.amf-france.org/affiche_plan.asp?IdSec=19&IdRub=192&IdPlan=214
Posted by:	Autorité des marchés financiers, France
Comments:	Warning dated 28 May 2013
Company:	www.vivodelabolsa.com
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=www.vivodelabolsa.com
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Consulto Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Companies Investment Holdings Ltd
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Platinum Capital Management Limited
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA authorised firm
Company:	Whitmore Wealth Management
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

1 June 2013
Added (17)
Company:	Montgomery Capital Partners
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Eldridge Financial
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	EUREX CAPITAL CORP.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4800-warning--non-authorized-entity--eurex-capital-corp-.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered.
Company:	Arrow Capital Management Inc.
Link:	http://www.finanstilsynet.dk
Posted by:	Finanstilsynet (Denmark Financial Supervisory Authority), Denmark
Comments:	The Danish Financial Supervisory Authority has been informed that Arrow Capital Management Inc. unsolicited has offered to carry out financial services in Denmark. The company's address is 36 Toronto St., Suite 750, Toronto, ON M5C 2C5, Canada. The company's homepage is http://www.arrow-capital.com/.
Company:	Clarity Capital Markets
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA Authorised firm.
Company:	Aldermore International
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of a FCA Authorised firm. May also use the name AI International.
Company:	Aldermore Investments
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of a FCA Authorised firm.
Company:	Casper Holdings Co Ltd
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1088
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Shintomi Trading
Link:	http://www.sfc.hk/web/EN/alert-list/s.html#1087
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Denison Newbrook Reid
Link:	http://www.sfc.hk/web/EN/alert-list/d.html#1086
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Aston Hu & Associates
Link:	http://www.sfc.hk/web/EN/alert-list/a.html#1085
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Casa de Valores, S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4823-warning--non-authorized-entity-casa-de-valores-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Felmina Alliance Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4825-warning--non-authorized-entity-felmina-alliance-inc.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Capita Registrars
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA authorised firm
Company:	Platinum Trading Partners GmbH
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=367
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	The Celtic Group LLC (also known as Celtic Finance Group/Celtic Finance Brokers/Cead Mile Failte Finance Services)
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	The Celtic Group LLC is not authorised as an investment firm by the Central Bank of Ireland and is claiming or holding itself out as an investment firm in the State.
Company:	Auron Group Sp. z o.o.
Link:	http://www.knf.gov.pl/en/About_us/Public_warnings/index.html
Posted by:	Polish Financial Supervision Authority, Poland
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

25 May 2013
Added (11)
Company:	Nelson Capital Advisors
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Nelson Capital Advisors is not authorised to provide investment services in Ireland. The firm purports to be based in the USA.
Company:	The Masons Corporation
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Kuangshi Futures
Link:	http://www.sfc.hk/web/EN/alert-list/k.html#1084
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Cyber Trust Fund Corp
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=366
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Department of Foreign Investment Control
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is purporting to be an US regulator.
Company:	Bergmannwhite Associates
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/bergmannwhite-associates.html
Posted by:	Financial Market Authority, Austria
Company:	Stockbridge Partners
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/stockbridge-partners.html
Posted by:	Financial Market Authority, Austria
Company:	Alliance Direct Management
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Taiwan Options and Futures Exchange
Link:	http://www.sfc.hk/web/EN/alert-list/t.html#1082
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Idelson Group
Link:	http://www.sfc.hk/web/EN/alert-list/i.html#1083
Posted by:	Securities and Futures Commission, Hong Kong
Company:	www.yhjrtz.cc
Link:	http://www.sfc.hk/web/EN/alert-list/w.html#1081
Posted by:	Securities and Futures Commission, Hong Kong
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

21 May 2013
Added (13)
Company:	Hermann Brothers Group
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Hallmark Financial Solutions / Hallmark Finance Solutions
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA registered firm.
Company:	Edgewood Equities Capital Investment LLC
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of FCA Authorised (Shedule 5) firm.
Company:	Rainmaker Marketing LLC
Link:	http://www.lautorite.qc.ca/en/press-releases-2013-pro.html_2013_caution-rainmaker_2013-03-28.html
Posted by:	Autorité des marchés financiers, Quebec
Company:	Altimeter Worldwide Services JLT
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=365
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Ostermann Finanz Ltd
Link:	http://www.fscmauritius.org/media/90556/noticeofsuspension-ostermannfinanz_ltd.pdf
Posted by:	Financial Services Commission, Mauritius, Republic of
Company:	Claridon Asset Management
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Claridon Asset Management is not authorised to provide investment services in Ireland. The firm purports to be based in the United Kingdom.
Company:	Doncaster Wealth Management
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Milton Keynes Capital Partners LLP
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	www.anyoption.com
Link:	http://www.lautorite.qc.ca/en/press-releases-2013-corpo.html_2013_warning-anyoption_2013-05-14.html
Posted by:	Autorité des marchés financiers, Quebec
Company:	I-RISK BVBA
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Midia Group
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=364
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Comments:	--
Company:	Geneve Invest Ireland
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Geneve Invest Ireland is not authorised to provide investment services in Ireland.
Deleted (1)
Company:	Hallmark Finance Solutions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FSA registered firm.
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

11 May 2013
Added (12)
Company:	Russell Acquisition Group
Link:	http://www.fca.org.uk/consumers/protect-yourself/unauthorised-firms/unauthorised-firms-to-avoid
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Megakupon S.A.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Pacific Ventures Consultancy
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Astorg Partners
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of a FCA EEA Authorised firm.
Company:	Delacour Investments / Delacour Group Ltd
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	VERIM Management Limited
Link:	http://www.cssf.lu/fileadmin/files/Protection_consommateurs/Avertissements/A_Verim_Management_070513_EN.pdf
Posted by:	Commission de surveillance du secteur financier, Luxembourg, Grand Duchy of
Company:	SCH Swiss Capital Holding AG
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=363
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	DeVere & Partners UK Limited / DeVere Ltd
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of a FCA Authorised firm.
Company:	Apollo Financial Management
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	International Corporate Advisors
Link:	http://www.sfc.hk/web/EN/alert-list/i.html#1072
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Changsheng Associates
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1071
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Kestral International Group
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=362
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

4 May 2013
Added (8)
Company:	SFVA Finance
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of a FCA EEA Authorised firm.
Company:	Emerald Securities
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Benefit Planners Intl
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of formerly FCA EEA authorised firm.
Company:	Hayes Associates
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Stabilico Capital Management, Reloaded LLC
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=361
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Casa de Valores Bolivariana Internacional de Panama S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4772-warning--non-authorized-entity-casa-de-valores-bolivariana-internacional-de-panama-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Perpetual Strategic Investments
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=359
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Risk & Portfolio Management Limited
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA EEA authorised firm
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

27 April 2013
Added (14)
Company:	Banvalores Casa de Valores, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4759-warning-non-authorized-entity-banvalores-casa-de-valores-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Saxo Capital Markets Panama, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4761-warning--non-authorized-entity-saxo-capital-markets-panama-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	First Swiss Financial Security Bank
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=358
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Walton Johnson & Co
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Global Endowment LLC
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Otis KPO LLC
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Smart Stuff Ltd
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA EEA authorised firm
Company:	Mr Guy Declerck,DC BVBA & DCMi-U BVBA and Ermis
Link:	http://www.fsma.be/en/Consumers/press/Article/press/warnfsma/2013/2013-04-23_declerckdcdcmi-u.aspx
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	MAG Financial Group
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=357
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Hayes Associates
Link:	http://www.jerseyfsc.org/pdf/Public_Statement_Hayes%20Associates_April_2013.pdf
Posted by:	Jersey Financial Services Commission, Jersey
Company:	Lotus Fund Ltd
Link:	http://www.fscmauritius.org/media/88367/public-notice-suspension-lotus.pdf
Posted by:	Financial Services Commission, Mauritius, Republic of
Company:	Nirvi Management Ltd
Link:	http://www.fscmauritius.org/media/88364/fsc-public-notice-suspension-nirvi.pdf
Posted by:	Financial Services Commission, Mauritius, Republic of
Company:	Lionhill Partners
Link:	http://www.sfc.hk/web/EN/alert-list/l.html#1070
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Lifeclub International, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4753-warning--non-authorized-entity--lifeclub-international-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

22 April 2013
Added (14)
Company:	Global Financial Services
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Firm is cloning details of a FCA EEA Authorised firm.
Company:	AG Group Advisors
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Blackhawk Mines Corp.
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20130418_blackhawk.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Blackhawk Mines Corp., doing business as blackhawkmines.com, is not registered in Ontario.
Company:	Solamon Energy Corp.
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20130418_solamon.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Solamon Energy Corp., doing business as solamonenergy.com, is not registered in Ontario.
Company:	INTERNATIONAL CAPITAL INVESTMENT GROUP, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4735-warning--non-authorized-entity--international-capital-investment-group-sa-and-peter-janos-pintarics.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Union United Bank AG
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=356
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Stein Investment
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=355
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Greenfield Securities Ltd
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	CFX MARKETS
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Euro Benefit Network
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA EEA authorised firm
Company:	Grupo Esfer
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=Grupo%20Esfer
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Karl Johan Fonds ASA
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of former FCA EEA Authorised firm.
Company:	Charles Schwab
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FCA authorised firm
Company:	Able Capital
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Deleted (1)
Company:	Charles Schwab
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	Clone of FSA authorised firm
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

13 April 2013
Added (10)
Company:	Princeton Capital Investments Inc.
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Company:	Winbase Equities
Link:	https://www.moneysmart.gov.au/scams/companies-you-should-not-deal-with/unlicensed-companies-list/w/winbase-equities
Posted by:	Australian Securities and Investments Commission, Australia
Company:	Wheeler Asset Group
Link:	https://www.moneysmart.gov.au/scams/companies-you-should-not-deal-with/unlicensed-companies-list/w/wheeler-asset-group
Posted by:	Australian Securities and Investments Commission, Australia
Company:	Forex investments : unauthorised websites and entities
Link:	http://www.amf-france.org/affiche_plan.asp?IdSec=7&IdRub=122&IdPlan=214
Posted by:	Autorité des marchés financiers, France
Comments:	Warning dated 8 April, 2013 updating previous warnings made jointly by the AMF and ACP.
Company:	Future A S.A.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Anderson Holding Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	HMB Investments
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/hmb-investments.html
Posted by:	Financial Market Authority, Austria
Company:	Financial Consulting World LTD
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/financial-consulting-world-ltd.html
Posted by:	Financial Market Authority, Austria
Company:	Stravia Biz Incorporated
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4727-warning--non-authorized-entity-stravia-biz-incorporated.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Blackstar Capital Management Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1346/language/en-US/Blackstar-Capital-Management-Limited--Advisory-Warning-No-14-of-2013-5-April-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning - Unauthorized investment business
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

6 April 2013
Added (5)
Company:	Troy McDonald
Link:	http://www.sfc.hk/web/EN/alert-list/t.html#1065
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Credit Suisse (UK) Limited
Link:	http://www.fca.org.uk/firms/being-regulated/enforcement/alerts/unauthorised-firms
Posted by:	Financial Conduct Authority, United Kingdom
Comments:	(Clone of FSA authorised firm)
Company:	Eagle Commerce Group
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Eagle Commerce Group is not authorised to provide investment services in Ireland. The firm purports to be based in the USA.
Company:	Dean Witter Consultancy
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Dean Witter Consultancy is not authorised to provide investment business services in Ireland. The firm purports to be based in the USA.
Company:	Trader Hawk
Link:	http://www.traderhawk.pl
Posted by:	Polish Financial Supervision Authority, Poland
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

1 April 2013
Added (18)
Company:	H Taft Private Equity
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	AG Group
Link:	http://www.jerseyfsc.org/pdf/Public_Statement_AG_Group_March_2013.pdf
Posted by:	Jersey Financial Services Commission, Jersey
Company:	Persist Global Wealth Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	(Clone of FSA EEA authorised firm)
Company:	Persist Global Wealth Management/PGWM Ltd
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm
Company:	Genkai Securities
Link:	http://www.sfc.hk/web/EN/alert-list/g.html#1064
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Ironbridge Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a FSA Authorised firm.
Company:	Scott and Fischer Consultancy Limited
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Scott and Fischer Consultancy Limited is not authorised to provide investment business services in Ireland. The firm purports to be based in the USA.
Company:	Westhill Partners Inc.
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Westhill Partners Inc. is not authorised to provide investment business services in Ireland. The firm purports to be based in the USA.
Company:	Hermann Brothers Group
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Hermann Brothers Group is not authorised to provide investment business services in Ireland. The firm purports to be based in the USA.
Company:	AGF Europe Advisors
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a FSA EEA Authorised firm.
Company:	Global Cap. Equity Group
Link:	http://www.sfc.hk/web/EN/alert-list/g.html#1062
Posted by:	Securities and Futures Commission, Hong Kong
Company:	TRADE4 PROFIT
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	RISK & PORTFOLIO MANAGEMENT LTD
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Laurent & Linden
Link:	https://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=354
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Coninver Asesores, SL
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=coninver%20asesores
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Mijave Inversiones, SL (MJ Inversiones)
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=mijave%20inversiones
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Preferred Management Group, S.A. and PTY Management
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4713-advertencia--entidades-no-autorizadas--preferred-management-group-sa-y-pty-management.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Companies not authorized
Company:	High Yield Investment Programs
Link:	http://www.bcsc.bc.ca/release.aspx?id=16922
Posted by:	British Columbia Securities Commission, British Columbia
Comments:	General Alert on High Yield Investment Programs.
Deleted (2)
Company:	Ironbridge Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a FSA Authorised firm.
Company:	Persist Global Wealth Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm and approved individual.
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

23 March 2013
Added (11)
Company:	Department of Financial Trading
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Hallmark Finance Solutions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA registered firm.
Company:	Bernstein, Whitman & Lloyds
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Bernstein, Whitman & Lloyds is not authorised to provide investment business services in Ireland. The firm purports to be based in the USA.
Company:	Kiefer Business Services LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	DAGMARA DZIUBYNA G & DINVEST I WSPÓLNICY
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Power House Private Banking
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Key Solutions, S.L.
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=key%20solutions
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Izard Quin Division Holding Limited
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Izard Quin Division Holding Limited is not authorised to provide investment business services in Ireland. The firm purports to be based in Switzerland
Company:	Impakt Online Marketing
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM license or a European Passport.
Company:	Stanley Kin AG
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM license or a European Passport.
Company:	Hanalex Services Ltd. (doing business as TradeQuicker.com)
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20130312_hanalex-services.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

16 March 2013
Added (25)
Company:	2013 Best Invest
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of FSA Authorised firms.
Company:	Brown Brothers Harriman SCA
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a FSA EEA Authorised firm.
Company:	NEW CASTLE DISTRIBUTORS
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	CARTIUS FINANCE
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	RWANDA CASH
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	European Value Partner Advisors (EVPA)
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm.
Company:	AGF Europe Advisors
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	AGF Europe Advisors is not authorised to provide investment business services in Ireland. The firm purports to be based in the UK
Company:	Clarity Capital Markets
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1059
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Hong Kong Regulatory Board
Link:	http://www.sfc.hk/web/EN/alert-list/h.html#1057
Posted by:	Securities and Futures Commission, Hong Kong
Company:	International Investor Protection Coalition
Link:	http://www.sfc.hk/web/EN/alert-list/i.html#1056
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Master Polar Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1335/language/en-US/Master-Polar-Limited--Advisory-Warning-No-5-of-2013-13-March-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Unauthorised financial services business
Company:	UPME Group Ltd.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1336/language/en-US/UPME-Group-Ltd--Advisory-Warning-No-6-of-2013-13-March-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Unauthorised financial services business
Company:	Kent Capital Partners Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1342/language/en-US/Kent-Capital-Partners-Limited--Advisory-Warning-No-12-of-2013-13-March-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Unauthorised financial services business
Company:	Granite Global Insurance Company Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1343/language/en-US/Granite-Global-Insurance-Company-Limited--Advisory-Warning-No-13-of-2013-13-March-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Unauthorised financial services business
Company:	Advisorcorp Ltd
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Mason Dunne
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Profitable Sunrise
Link:	http://www.bcsc.bc.ca/release.aspx?id=16782
Posted by:	British Columbia Securities Commission, British Columbia
Company:	Profitable Sunrise
Link:	http://www.lautorite.qc.ca/en/press-releases-2013-corpo.html_2013_profitable-sunrise-2013-03-12.html
Posted by:	Autorité des marchés financiers, Quebec
Company:	WFB-Financial Consulting World Ltd.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/Pages/details.aspx?orgid=352
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Izard Quin Division Holding Ltd.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=353
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Money Management AG
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=351
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Banque Louis-co
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/Pages/details.aspx?orgid=350
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	MCI Zurich
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=349
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Suisse invest private capital group A.G.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=348
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	UB Trading
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=347
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Deleted (2)
Company:	Geneve Invest (Europe) S.a.r.L
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Cloning FSA EEA firm
Company:	Handels Securities
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=334
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

9 March 2013
Added (19)
Company:	Scorpion Performance Inc.
Link:	http://www.lautorite.qc.ca/en/press-releases-2013-corpo.html_2013_amf-urges-utmost-caution-with-regard-to-scorpion-performance-inc-20-02-2013-12-0.html
Posted by:	Autorité des marchés financiers, Quebec
Company:	Bernstein, Whitman & Lloyds
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	State Street Advisory
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	cloning FSA authorised firm.
Company:	Prescott Fitzgerald Incorporated
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4683-warning--non-authorized-entity--prescott-fitzgerald-incorporated.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered - english
Company:	Prescott Fitzgerald Incorporated
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4682-advertencia--entidad-no-autorizada--prescott-fitzgerald-incorporated-.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered - spanish
Company:	Ariun Financial Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a FSA Registered firm.
Company:	Ironbridge Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a FSA Authorised firm.
Company:	Swiss Financial Research
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Amending previous alert from August 2011.
Company:	Charles Schwab
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm
Company:	Archipelago Corporate Services Inc.
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Eden Management Partners
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/eden-management-partners.html
Posted by:	Financial Market Authority, Austria
Company:	House of Finance AG
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/house-of-finance-ag.html
Posted by:	Financial Market Authority, Austria
Company:	Lawrence James and Associates
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Lawrence James and Associates is not authorised to provide investment business services in Ireland. The firm purports to be based in the USA
Company:	Blackswan Morgan
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Kedington Advisory
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Menzies Overseas Limited
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Yakamoto Investments
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Everest Asset Management AG
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Impakt Online Marketing (IOM)
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Deleted (2)
Company:	Swiss Financial Research
Link:	http://www.fsa.gov.uk/pages/doing/regulated/law/alerts/index.shtml
Posted by:	Financial Services Authority, United Kingdom
Company:	Charles Schwab
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml
Posted by:	Financial Services Authority, United Kingdom
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

2 March 2013
Added (41)
Company:	Genesis Consultoria Ltda.
Link:	http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?Tipo=D&File=\deli\deli703.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized offering of investment oportunities in funds and portfolio management services through the internet webpage: http://www.genesisassociados.com
Company:	Inside Gestão de Recursos Ltda.
Link:	http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?Tipo=D&File=\deli\deli704.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized offering of portfolio management services through the internet webpage: http://www.insideadmin.com.br
Company:	New England Private Equity LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Frank Goldenberg Yoshi
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Cloned of Inactive FSA authorised approved individuals.
Company:	Frank Goldenberg Yoshi
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Frank Goldenberg Yoshi is not authorised to provide investment business services in Ireland. The firm purports to be based in Hong Kong.
Company:	Ocean Mergers & Acquisitions
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Peking Dragon Limited
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Regency Group Inc. / United States Regulatory Securities Agency
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Comments:	Also refering to a fictitious regulator: United States Regulatory Securities Agency
Company:	Persist Global Wealth Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm and approved individual.
Company:	Feinler Management Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Imré Horvath
Link:	http://www.fsma.be/en/Consumers/press/Article/press/warnfsma/2013/2013-02-25_imrehorvath.aspx
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Bforex Ltd.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=345
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Rothenburger Emissionshaus
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=346
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Financial Trading Board
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is purporting to be an US regulator.
Company:	Winbase Equities
Link:	http://www.sfc.hk/web/EN/alert-list/w.html#1050
Comments:	Securities and Futures Commission, Hong Kong
Company:	Summit Capital Management
Link:	http://www.sfc.hk/web/EN/alert-list/s.html#1047
Comments:	Securities and Futures Commission, Hong Kong
Company:	Grupo Re Mida, S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/2540.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Itrade Secrets, Inc., Capital Wealth Fund, Inc. and CWF Holding Services, Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/2682.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	PMA Global Management, S.A., Limited Risk Investment, S.A., Boston Management, S.A., Chicago Comodities and Real Option Advisors
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/2700.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Douglas Charles, Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3118-warning--non-authorized-entity--douglas-charles-inc.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Centex Resources S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3154-warning--non-authorized-entity--centex-resources-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Sky Invesments Corp, Sky Investment Corporation and Sky Hedge Fund, S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3168-warning--non-authorized-entities--sky-invesments-corp-sky-investment-corporation-and-sky-hedge-fund-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Orion International Trading Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3181-warning--non-authorized-entity--orion-international-trading-inc.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Atlantic Financial Holding, Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3586-warning-non-authorized-entity-atlantic-financial-holding-inc.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Global Capital Managers, S.A. / Inter Euro Data, S.A
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3588-warning--non-authorized-entity--global-capital-managers-sainter-euro-data-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Wao Motor Corporation
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3593-warning--non-authorized-offer--wao-motor-corporation.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Flamel Trading Limited and Publimedia Marketing Services, S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3611-warning--non-authorized-entities--flamel-trading-limited-y-publimedia-marketing-services-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Olympic Capital Fund, Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3963-warning--non-authorized-entity--olympic-capital-fund-inc.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Regency Asesores de Inversiones
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/3980-warning--non-authorized-entity--regency-asesores-de-inversione.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Virgin Gold Mining Corporation
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4082-warning--non-authorized-entity--virgin-capital-mining-corporation.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Intertrading Consulting Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4087-warning--non-authorized-entity--intertrading-consulting-inc-.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Financiera Prontocash, S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4096-warning--non-authorized-entity--financiera-prontocash.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Elan Holding Corp.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4208-warning--non-authorized-entity--elanfx.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Capital Business Panamá, S.A.
Link:	http://supervalores.gob.pa/files/Avisos/Capital_Business_Panama_EN.pdf
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	James B. Clarke & Co. Ltd.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4308-warning--non-authorized-entity--james-b-clarke-a-co-ltd.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	ECN Alpha Limited Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4416-warning-non-authorized-entity-ecn-alpha-limited-inc.html
Company:	Traders International Return Network (TIRN, INC.)
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/2574.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Sebond Capital Corp.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4520-warning--non-authorized-entity--sebond-capital-corp.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	National Home Marketers, S.A.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4658-warning-non-authorized-entity-.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Euroinvest Worldwide Inc.
Link:	http://supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4660-warning-non-authorized-entity-.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	www.natwestint.net.ms
Link:	http://www.jerseyfsc.org/pdf/Public_Statement_www.natwestint.net.ms_February_2013.pdf
Posted by:	Jersey Financial Services Commission, Jersey
Deleted (1)
Company:	Persist Global Wealth Management
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA firm
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

23 February 2013
Added (8)
Company:	Limmat Finance AG
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=344
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Boston Acquisition Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	MB Transfer
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=343
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Geneve Invest (Europe) S.a.r.L
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Cloning FSA EEA firm
Company:	MCI-Zurich
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	EDG Sp. z o.o. SKA
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Dom Inwestycyjny "Taurus" SA
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Nelson Capital Advisors
Link:	http://www.iosco.org/investor_alerts/
Posted by:	Financial Services Authority, United Kingdom
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

11 February 2013
Added (17)
Company:	WAGNER BERN / MATTHEW GOODMAN
Link:	http://www.fsma.be/en/Consumers/press/Article/press/warnfsma/2013/2013-02-04_wagnerberne.aspx
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	COROLLA FINANCIAL
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Cohen Corporate Consulting
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms#4
Posted by:	Financial Services Authority, United Kingdom
Company:	GBH Holding and GBH Private Equity Securities, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4622-warning--non-authorized-entities--gbh-private-equity-securities-sa-and-gbh-holding-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Fondo de Pensiones Generar, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4620-warning--non-authorized-entity--fondo-de-pensiones-generar-sa-.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Alliance International Limited, Inc.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4618-warning--non-authorized-entity--alliance-international-limited-inc.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Perfect Money Finance Corp.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4616-warning--non-authorized-entity--perfect-money-finance-corp.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Brokerage Company Limited, S.A.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4614-warning--non-authorized-entity--brokerage-company-limited-sa.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Value International Corp.
Link:	http://www.supervalores.gob.pa/informacion-del-mercado/alerta-al-inversionista/4612-warning--non-authorized-entity--value-international-corp.html
Posted by:	Superintendencia del Mercado de Valores, Panama, Republic of
Comments:	Company not registered
Company:	Landora Investing Ltd.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1332/language/en-US/Landora-Investing-Ltd--Advisory-Warning-No-4-of-2013-6-February-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning - unauthorized investment business
Company:	Fidelis Research Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Smith and Olsson
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Mendel Meir & Safwat
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Fund Logic
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA Authorised firm
Company:	Anderson Franklin Sullivan Partners Ltd.
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	Caja Genève WorldPay
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=340
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	SCOEx, Swiss Commodities & Options Exchange
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=339
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Deleted (3)
Company:	Lago sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Stadler financiel shareholdings Aktienbank
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=290
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Bridport Advisory
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=229
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

1 February 2013
Added (13)
Company:	John and Langerdorf Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Pendulum Capital Markets Inc.
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Pendulum Capital Markets Inc. is not authorised to provide investment services in Ireland. The firm purports to be based in the USA.
Company:	Haffkin-Roth / South Korea Derivatives Exchange, SKDEX
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Informatica y gestión Costa del Sol, SL (I&Gc.s.)
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=informatica%20y%20gestion%20costa%20del%20sol
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Securities Trading Board
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Tifozi Investments Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1330/language/en-US/Tifozi-Investment-Limited--Advisory-Warning-No-3-of-2013-23-January-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: OptionRally Advisory warning - unauthorized investment business
Company:	Pacific Capital Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Swiss Money Finance Ltd.
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/swiss-money-finance-ltd.html
Posted by:	Financial Market Authority, Austria
Company:	Hemmington Capital Markets
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/hemmington-capital-markets.html
Posted by:	Financial Market Authority, Austria
Company:	Tokushima Worldwide
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/tokushima-worldwide.html
Posted by:	Financial Market Authority, Austria
Company:	Jacobs & Keller
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/jacobs-keller.html
Posted by:	Financial Market Authority, Austria
Company:	Savings Fund Limited
Link:	http://www.cnb.cz/cs/spotrebitel/ochrana_spotrebitele/upozorneni/upozorneni_savings_fund.html
Posted by:	Czech National Bank, Czech Republic
Comments:	The Czech National Bank wishes to point out that Savings Fund Limited, which is offering banking and other financial services via an internet presentation, see http://www.savingsfunds.co.nz/cz/index.php, in the Czech language, currently has no authorisation to provide banking, investment or other services on the financial market in the Czech Republic and is not supervised by the Czech National Bank. A potential investment is not insured by law.
Company:	FTGFX Solutions Inc. (doing business as FxRebateGurus.com)
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20130124_ftgfx-solution.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

2 February 2013
Added (13)
Company:	John and Langerdorf Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Pendulum Capital Markets Inc.
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank of Ireland, Ireland
Comments:	Pendulum Capital Markets Inc. is not authorised to provide investment services in Ireland. The firm purports to be based in the USA.
Company:	Haffkin-Roth / South Korea Derivatives Exchange, SKDEX
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Informatica y gestión Costa del Sol, SL (I&Gc.s.)
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=informatica%20y%20gestion%20costa%20del%20sol
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Securities Trading Board
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Tifozi Investments Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1330/language/en-US/Tifozi-Investment-Limited--Advisory-Warning-No-3-of-2013-23-January-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: OptionRally Advisory warning - unauthorized investment business
Company:	Pacific Capital Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Swiss Money Finance Ltd.
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/swiss-money-finance-ltd.html
Posted by:	Financial Market Authority, Austria
Company:	Hemmington Capital Markets
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/hemmington-capital-markets.html
Posted by:	Financial Market Authority, Austria
Company:	Tokushima Worldwide
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/tokushima-worldwide.html
Posted by:	Financial Market Authority, Austria
Company:	Jacobs & Keller
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/jacobs-keller.html
Posted by:	Financial Market Authority, Austria
Company:	Savings Fund Limited
Link:	http://www.cnb.cz/cs/spotrebitel/ochrana_spotrebitele/upozorneni/upozorneni_savings_fund.html
Posted by:	Czech National Bank, Czech Republic
Comments:	The Czech National Bank wishes to point out that Savings Fund Limited, which is offering banking and other financial services via an internet presentation, see http://www.savingsfunds.co.nz/cz/index.php, in the Czech language, currently has no authorisation to provide banking, investment or other services on the financial market in the Czech Republic and is not supervised by the Czech National Bank. A potential investment is not insured by law.
Company:	FTGFX Solutions Inc. (doing business as FxRebateGurus.com)
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20130124_ftgfx-solution.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

26 January 2013
Added (20)
Company:	COLLINGBOURNE GROUP
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Fairbairn Private Bank
Link:	http://www.jerseyfsc.org/pdf/Public%20Statement_%20Fairbairn_23%20January%202013_Final.pdf
Posted by:	Jersey Financial Services Commission, Jersey
Company:	http://caheninvestimentos.com
Link:	http://www.cvm.gov.br/asp/cvmwww/Atos/Atos/deli/deli690.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized offering of investment opportunities in quotas of fund: CAHEN INVESTIMENTOS.
Company:	CR7 REFLORESTAMENTO LTDA.
Link:	http://www.cvm.gov.br/asp/cvmwww/Atos/Atos/deli/deli702.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized ofering of investment oportunities through the internet webpage: www.grupocr7.com.br/web/reflorestamento/
Company:	ELOS BR CONSULTORIA E COMÉRCIO LTDA - ME
Link:	http://www.cvm.gov.br/dados/DocSai/2367DA387467408B89792BFD7AAC38C9.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized security intermediation activities.
Company:	KPR Associates S.A.
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Orcan Software Investments SA
Posted by:	Polish Financial Supervision Authority, Poland
Company:	MM Institutional
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA regsitered firm
Company:	Persist Global Wealth Management
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA firm
Company:	Kensington Reserve
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Stansfield Private Equity Ltd.
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Investec Asset Management Limited
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm
Company:	WOW! EMPREENDIMENTOS S/A
Link:	http://www.cvm.gov.br/asp/cvmwww/Atos/Atos/deli/deli700.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized public issuing of shares.
Company:	http://www.saturnov.com/
Link:	http://www.cvm.gov.br/asp/cvmwww/Atos/Atos/deli/deli701.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unauthorized offering of investment opportunities in quotas of fund: FUNDO DE INVESTIMENTO SATURNO V, as well as other investment vehicles.
Company:	Kleinwort Finance
Link:	http://www.cssf.lu/fileadmin/files/Protection_consommateurs/Avertissements/A_Kleinwort_210113_EN.pdf
Posted by:	Commission de surveillance du secteur financier, Luxembourg, Grand Duchy of
Company:	Hutchinson Partners
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Titan Worldwide Recovery
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Walter Harris & Company
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml
Posted by:	Financial Services Authority, United Kingdom
Company:	The Toros Group
Link:	http://www.sfc.hk/web/EN/alert-list/#alert-list-1036
Posted by:	Securities and Futures Commission, Hong Kong
Company:	5Decimals Limited
Link:	http://www.sfc.hk/web/EN/alert-list/#alert-list-1037
Posted by:	Securities and Futures Commission, Hong Kong
Deleted (5)
Company:	MM Institutional
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA registered firm.
Company:	Victory Life & Pensions Assurance Company Ltd
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=323
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Investec Asset Management Limited
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm
Company:	ACUMEN BANK LTD
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=289
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Global Investment Management
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=285
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	19 January 2013
	Added (2)
Company:	Diversified Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	ALLASS BVBA Advisory Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning an FSA EEA authorised firm.
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	12 January 2013
	Added (16)
Company:	Kalle Business Consulting LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Admiral Commodities Inc.
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Agentur Bosser
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=336
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Wheeler Asset Management
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=335
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Parker & Masters LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Universal Investments (International) Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1325/language/en-US/Universal-Investments-International-Limited--Advisory-Warning-No-2-of-2013-7-January-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: Universal Investments Limited Aka: Universal Investments (Financial Services) Limited Aka: Universal FX Advisory warning - unauthorized investment business
Company:	MIKA Holdings Inc.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1324/language/en-US/MIKA-Holdings-Inc--Advisory-Warning-No-1-of-2013-7-January-2013.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning - unauthorized investment business
Company:	Morris and Hill Acquisitions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Credit Pacific Group
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1025
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Credit Pacific Bank Limited
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1027
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Credit Pacific (Asia) Holdings Limited
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1026
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Stansell Corporate Services LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Credit Pacific (Asia) Asset Management Limited
Link:	http://www.sfc.hk/web/EN/alert-list/c.html#1028
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Handels Securities
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=334
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Overseas Corporate Advisors Inc
Link:	http://www.sfc.hk/web/EN/alert-list/o.html#1024
Posted by:	Securities and Futures Commission, Hong Kong
Company:	PARK EAST CAPITAL
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	7 January 2013
	Added (6)
Company:	Gordon, Tait & Co. LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Mitchell Berry Consultancy
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	United World Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Cloning FSA EEA authorised firm
Company:	Maynes Business Services LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Mercator Amalgamated
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Benson Union Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1320/language/en-US/Benson-Union-Limited--Advisory-Warning-No-32-of-2012-31-December-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: Benson Union - Advisory warning unauthorized investment business
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	22 December 2012
	Added (17)
Company:	Harvard Alliance
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=332
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Pamp Suisse Ltd.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=331
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Litmus Capital Management Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a US based company.
Company:	SWFInvestguide Financial Services Inc.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=329
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Bankhurst Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Brasrec LLC
Link:	http://www.osc.gov.on.ca/en/Investors_wl_201100209_brunel-asset.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered.
Company:	International Securities Authority
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121219_int-securities-authority.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered.
Company:	Goldentech Entertainment Software Inc. and Casino VR Inc.
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121219_goldentech-casino.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Companies not registered.
Company:	Flag Resources (1985) Limited
Link:	http://www.bcsc.bc.ca/release.aspx?id=16238
Posted by:	British Columbia Securities Commission, British Columbia
Company:	Global Asset Traders Inc.
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=328
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Genesis Transfer Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	BCF International Capital S.A.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1314/language/en-US/BCF-International-Capital-SA-et-al--Advisory-Warning-No-30-of-2012-14-December-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: BCF Bankorp International Capital S.A. Aka: BCF Bankorp Aka: BCF Banker Plus Aka: BCF Consulting - Advisory warning
Company:	Peekwood Private Trust and Holdings
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1313/language/en-US/Peekwood-Private-Trust-and-Holdings--Advisory-Warning-No-29-of-2012-14-December-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning
Company:	Sharptext Branch Inc.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1312/language/en-US/Sharptext-Branch-Inc--Advisory-Warning-No-28-of-2012-14-December-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning
Company:	AVA Private Bank
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=327
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	LGT International Group (HK) Co., Ltd. und LGTFX Group
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=326
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Inwestycje-Plus
Posted by:	Polish Financial Supervision Authority, Poland
	Deleted (1)
Comapny:	Litmus Capital Management
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml
Posted by:	Financial Services Authority, United Kingdom
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	15 December 2012
	Added (11)
Company:	Dragon International
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Non-standard investments proposed in diverse sectors
Link:	http://www.amf-france.org/affiche_plan.asp?IdSec=19&IdRub=192&IdPlan=214
Posted by:	Autorité des marchés financiers, France
Company:	Ava FX
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Entity not authorized to offer investment opportunities in the Forex market to Brazilian residents by any means (online or other).
Company:	The GrayBurg Group
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=325
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Litmus Capital Management Group
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Comments:	Litmus Capital Management Group LLC is impersonating a formerly registered investment adviser firm with a similar name - Litmus Capital Management LLC (CRD Number: 138130; SEC Number: 801-65501), which had the following mailing address: 1325 Avenue of the Americas, 28th Floor, New York, NY 10019. The impersonator has NO connection with, and is not to be confused with, the former genuine Litmus Capital Management LLC.
Company:	Mercury Global Acquisitions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Cohen & Levy Associates
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Comments:	Also refering to a fictitious regulator: U.S. Mergers & Acquisitions Regulators
Company:	Regal International
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the FRN number of a FSA PSD Agent.
Company:	Ocean International Ltd., Manhattan Capital Corp. and Wealth Capital Corp.
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121211_ocean-int.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Companies not registered
Company:	Kessler and Partners
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Bradford Securities LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
	Deleted (1)
Company:	Litmus Capital Management Group
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	8 December 2012
	Added (9)
Company:	Merkel Financial Incorporated
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Rabo Strategies
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm.
Company:	TND CAPITAL
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	ABNEY ASSOCIATES
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Goldman Sachs International
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm.
Company:	World Wide Financial
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=324
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	One Global Management
Link:	http://www.fi.se/Folder-EN/Startpage/Register/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Ascot Energy Services Ltd.
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=ascot
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Ascot Management Services Ltd.
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=ascot
Posted by:	Comisión Nacional del Mercado de Valores, Spain
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	3 December 2012
	Added (18)
Company:	Golden Grail Ltd.
Link:	http://www.cnb.cz/cs/spotrebitel/ochrana_spotrebitele/upozorneni/upozorneni_golden_grail_ltd.html
Posted by:	Czech National Bank, Czech Republic
Comments:	The Czech National Bank wishes to point out to activities of Golden Grail Ltd., registered address Trident Chambers, P.O. Box 1388, Victoria, Mahé, Seychelles, Reg. No. 108312, having a representation office at Regus Brno Spielberk, Holandská 2/4, 639 00 Brno. Golden Grail Ltd. is addressing potential investors in Czech via http://goldengrail.eu with an offer of investment on the forex market with above-average returns in the form of dividends of this company. Golden Grail Ltd. currently has no authorisation by the Czech National Bank to provide investment services or other services on the financial market in the Czech Republic.
Company:	MM Institutional
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA registered firm.
Company:	Salomon and Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Richardson Capital Group/Richardson Consultancy
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Redford Securities International
Link:	http://www.sfc.hk/web/EN/alert-list/r.html#1016
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Rosslin & Wilson Ltd
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1304/language/en-GB/Rosslin-Wilson-Ltd--Advisory-Warning-No-27-of-2012-28-November-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: Trading Coalition - Advisory warning
Company:	BVI Financial Services
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1303/language/en-GB/BVI-Financial-Services--Advisory-Warning-No-26-of-2012-28-November-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: BVI Securities & Escrow Ltd. Aka: BVI Financial & Securities Aka: BVI Financial - Advisory warning
Company:	Montgomery Roth International Ltd
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1302/language/en-GB/Montgomery-Roth-International-Ltd--Advisory-Warning-No-25-of-2012-28-November-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Aka: MRI Limited International BVI - Advisory warning
Company:	Victory Life & Pensions Assurance Company Ltd
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=323
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Capital Alliances
Link:	http://www.amf-france.org/affiche_plan.asp?IdSec=19&IdRub=192&IdPlan=214&lang=en
Posted by:	Autorité des marchés financiers, France
Comments:	Warning dated 23 November 2012.
Company:	Treld Invest GB
Link:	http://www.amf-france.org/affiche_plan.asp?IdSec=7&IdRub=122&IdPlan=214
Posted by:	Autorité des marchés financiers, France
Comments:	Warning dated 22 November 2012.
Company:	China International Capital Group
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121127_china-international.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Company:	Epsilon Capital Management ECM
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=322
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Douglas Charles
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=321
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Lago sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	BP Holdings
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=BP%20Holdings
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	UST Financial Services Corp
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Prudential Global Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
	Deleted (1)
Company:	Quantum Partners Ltd
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Entity is using the address of a formerly FSA registered firm.
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	24 November 2012
	Added (16)
Company:	Giles and Hochman Consulting
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Best Commodity Options S.A.
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121122_best-commodity.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Company:	Fairvesta
Posted by:	Autorité des marchés financiers, France
Comments:	Warning issued on 5 November 2012
Company:	China International Capital Group
Link:	http://www.afm.nl/nl/consumenten/vertrouwen/bedrijf_bekend.aspx
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	Blumkin Global
Link:	http://www.afm.nl/nl/consumenten/vertrouwen/bedrijf_bekend.aspx
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	Solaris Financial Solutions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Aomori Group
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/aomori-group.html
Posted by:	Financial Market Authority, Austria
Company:	Opulentia S.A.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	European Consumer & Business Protection Agency ECBPA
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=319
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Warner Abbott Capital Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Talisman Finance
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Talisman Finance is not authorised to provide investment services in Ireland. The firm purports to be based in the USA.
Company:	Goff Private Equity Limited
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Goff Private Equity Limited is not authorised as an investment firm in Ireland and is not authorised to provide investment services in Ireland. The firm purports to be based in Ireland
Company:	Eagle Advisors
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a FSA Authorised firm.
Company:	Maxwell Consultancy
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Quantum Partners Ltd
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Entity is using the address of a formerly FSA registered firm.
Company:	Deutsche Bank AG
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	(Clone of FSA EEA authorised firm)
	Deleted (1)
Company:	Quantum Partners Ltd
Link:	http://www.fsa.gov.uk/pages/doing/regulated/law/alerts/index.shtml
Posted by:	Financial Services Authority, United Kingdom
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	17 November 2012
	Added (14)
Company:	WILLIAM BLAKE
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Scottsdale Capital Consultancy Services
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Mergers & Acquisitions Supervision & Administration Commission (MASAC)
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Fictitious regulator.
Company:	Pacific Transfers International
Link:	http://www.sfc.hk/web/EN/alert-list/p.html#1006
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Shanghai Continental Futures Co. Ltd. / SCFS Group Limited
Link:	http://www.sfc.hk/web/EN/alert-list/s.html#1005
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Lear Capital Group
Link:	http://www.sfc.hk/web/EN/alert-list/l.html#1004
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Strategic Global Investments / SGI Traders SA
Link:	http://www.bcsc.bc.ca/cautionperson.aspx?id=16022
Posted by:	British Columbia Securities Commission, British Columbia
Company:	Eureka Consulting Ltd
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx?pagnr=2&perpage=10
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	Trans Reliance Inc
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx?pagnr=5&perpage=10
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	GBTRADE International Worldwide Limited
Link:	http://www.sfc.hk/web/EN/alert-list/g.html#1003
Posted by:	Securities and Futures Commission, Hong Kong
Company:	ChargeXP Investments Ltd. (doing business as uTrader.com)
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121113_charge-xp.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Company:	PROACTIVE MANAGEMENT GmbH
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=318
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Sun-Wealth Corporate Finance
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Walker Financial Management
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA firm
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	12 November 2012
	Added (21)
Company:	Eden Management Partners
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Riverbrook Capital
Link:	http://www.sfc.hk/web/EN/alert-list/r.html#1002
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Claybourne Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Update-several websites proposing binary options
Posted by:	Autorité des marchés financiers, France
Comments:	Warning issued on 24 October 2012
Company:	Center Finance Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Carwash Investment Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Fundacja Castellum
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Financial Solution Blackstone
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Financial Solution Blackstone is not authorised to provide investment services in Ireland. The firm purports to be based in Germany.
Company:	Kaiser Young Associates
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Kaiser Young Associates is not authorised to provide investment services in Ireland. The firm purports to be based in Germany.
Company:	Carlton Capital Inc
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is using the name and address of a broker-dealer firm previously registered in the US.
Company:	Hollerman & Company LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	MAC INSURANCE LIMITED
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	WARNING
Company:	Blumkin Global
Link:	http://www.sfc.hk/web/EN/alert-list/b.html#1001
Posted by:	Securities and Futures Commission, Hong Kong
Company:	AVI Vermögensberatung
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/avi-vermoegensberatung.html
Posted by:	Financial Market Authority, Austria
Company:	Stanley Clifford
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/stanley-clifford.html
Posted by:	Financial Market Authority, Austria
Company:	Korea Merchantile Exchange (KRMEX)
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/korea-merchantile-exchange-krmex.html
Posted by:	Financial Market Authority, Austria
Company:	Benda Finance
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/benda-finance.html
Posted by:	Financial Market Authority, Austria
Company:	Yamaguchi Partners Global Head Office
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/yamaguchi-partners-global-head-office.html
Posted by:	Financial Market Authority, Austria
Company:	Swissmoneybank
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=317
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Ocean Financial Management
Link:	http://www.finma.ch/d/sanktionen/unbewilligte-institute/Seiten/details.aspx?orgid=316
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	International Finance Court (IFC) Hong Kong
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	4 November 2012
	Added (8)
Company:	SeBond Capital Corporation
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121102_sebond-capital.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Company:	Index Mergers and Acquisitions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Drake Merger Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Rhaines LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	SWISSFIN GOLDBANCO SA
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=315
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Elkin & Associates LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Lehman Reilly
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Lehman Reilly is not authorised as an investment firm in Ireland and is not authorised to provide investment services in Ireland. The firm purports to be based in Ireland
Company:	AJ WYMAN & ASSOCIATES LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	27 October 2012
	Added (10)
Company:	Wealth Capital Corp.
Link:	http://www.lautorite.qc.ca/en/press-releases-2012-corpo.html_2012_caution-derivatives-2012-10-24.html
Posted by:	Autorité des marchés financiers, Quebec
Company:	Heckart Associates LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Weston and Scott Consultants
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Vantage Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Blue Print Securities Ltd, BPS
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Weisberg & Cohen LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Euro American
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm.
Company:	Walten Pichler
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm.
Company:	Knox D'Arcy Investment Management Limited
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	(Clone of FSA authorised firm)
Company:	Morrison Capital Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	20 October 2012
	Added (23)
Company:	Lance Bank
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=314
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Monarch Wealth Consultants
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml
Posted by:	Financial Services Authority, United Kingdom
Company:	Confoederatio Helvetica Derivatives Futures Exchange
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=313
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Geneva Commodities SA
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=312
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Lincon & Carter Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Williams Consultancy Limited
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Nord FX
Link:	http://www.cvm.gov.br/
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Link: "Atos Declaratorios". Entity not authorized to offer investment opportunities in the Forex market to Brazilian residents by any means (online or other).
Company:	Robertson Ellis
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Walten Pichler
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Walten Pichler is not authorised to provide investment services in Ireland. The firm purports to be based in the UK & Luxembourg.
Company:	Abney Associates
Link:	http://www.sfc.hk/web/EN/alert-list/a.html#989
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Dietrich & Sohn London
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/dietrich-sohn-london.html
Posted by:	Financial Market Authority, Austria
Company:	Lawson Knight Group
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=311
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	S-One Financial/Summit One Financial
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Apex Capital Partners
Link:	http://www.sfc.hk/web/EN/alert-list/a.html#987
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Admiral Finance Group
Link:	http://www.sfc.hk/web/EN/alert-list/a.html#986
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Thompson Gerrard
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a previously FSA registered firm.
Company:	GMC Europe
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a previously FSA EEA Authorised firm.
Company:	Provost Management
Link:	http://www.sfc.hk/web/EN/alert-list/p.html#983
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Banc De Binary Private Option Bankers
Link:	http://www.osc.gov.on.ca/en/Investors_wl_20121015_banc-de-binary.htm
Posted by:	Ontario Securities Commission, Ontario
Comments:	Company not registered
Company:	Advice Europe
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm
Company:	Mitchell Finch International
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=Mitchell%20Finch%20International
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Macmillan Fine International
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=Mitchell%20Finch%20International
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Morgan Finch International
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=Morgan%20Finch%20International
Posted by:	Comisión Nacional del Mercado de Valores, Spain
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	13 October 2012
	Added (17)
Company:	Helen's Financial Home
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1273/language/en-US/Helens-Financial-Home--Advisory-Warning-No-20-of-2012-12-October-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory warning
Company:	Drake & Childs Global Transfers
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Money Management AG
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/money-management-ag.html
Posted by:	Financial Market Authority, Austria
Company:	Mediacred AG
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/mediacred-ag-1.html
Posted by:	Financial Market Authority, Austria
Company:	Münzberg & Partner
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/muenzberg-partner.html
Posted by:	Financial Market Authority, Austria
Company:	Aozora Alliance ehemals Shinsei Associates
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/aozora-alliance-ehemals-shinsei-associates.html
Posted by:	Financial Market Authority, Austria
Company:	www.apolloglobalsecurities.com
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/wwwapolloglobalsecuritiescom.html
Posted by:	Financial Market Authority, Austria
Company:	Fairway Associates
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/fairway-associates.html
Posted by:	Financial Market Authority, Austria
Company:	Paramount Financial Group
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/paramount-financial-group.html
Posted by:	Financial Market Authority, Austria
Company:	Lear Capital Group
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Hemmington Capital Markets / Guangzhou Commodity Exchange, GZCOM
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Drake Merger Management
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Drake Merger Management is not authorised to provide investment services in Ireland. The firm purports to be based in Japan
Company:	Welling & Company, LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Charles Pearson Investments International
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Strauss Jones
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Asesores Financieros Independientes
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=asesores%20financieros%20independientes
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	BP HOLDINGS
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	6 October 2012
	Added (20)
Company:	Washington, D.C. Securities Division
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	The Washington, D.C. Securities Division has no connection with, and should not to be confused with, the genuine Securities Bureau of the Department of Insurance, Securities & Banking (DISB) of the District of Columbia
Company:	Posrednictwo Finansowe "Kredyty-Chwilówki" Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Grand Capital Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Progold Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Europol Insurance Consulting Group
Posted by:	Polish Financial Supervision Authority, Poland
Company:	William Blake
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Appleton Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Worldwide Investors Portfolio
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm - Schedule 5.
Company:	P.A.N. Securities LP - Mergers and Acquisitions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of an US broker dealer.
Company:	NBF Forex
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=310
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Lawson Knight Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Prime Strategies LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	BP Holdings
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Effit Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Hannover & Rothchild Consultancy
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Oakbridge Capital LLC / SGX Financial
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx?pagnr=1&perpage=10
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	SGX Financial / Oakbridge Capital LLC.
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx?pagnr=1&perpage=10
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	Integrated Tax
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-boiler-rooms.aspx?pagnr=1&perpage=10
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM licence or a European Passport.
Company:	Lehman Reilly
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Lexicon Mergers and Acquisitions
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	1 October 2012
	Added(16)
Company:	Blake Capital Partners
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Worldwide Investors Portfolio
Link:	http://www.cssf.lu/fileadmin/files/Protection_consommateurs/Avertissements/A_Worldwide_Investments_Portfolio_eng.pdf
Posted by:	Commission de surveillance du secteur financier, Luxembourg, Grand Duchy of
Company:	Silver Bonds S.A.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Remedium - Doradcy Finansowi Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Indywidualne Biznesowe Doradztwo Finansowe Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Aros Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a previously FSA EEA Authorised firm.
Company:	Russell Merger Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Global Direct Equities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of an US broker dealer.
Company:	CENTRAL & EASTERN MARKETS ASSET MANAGEMENT
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	Warning.
Company:	The Tyler Group
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=The%20Tyler%20Group
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Paramount Financial Group
Link:	http://www.cnb.cz/cs/spotrebitel/ochrana_spotrebitele/upozorneni/upozorneni_paramount.html
Posted by:	Czech National Bank, Czech Republic
Comments:	The Czech National Bank wishes to point out that Paramount Financial Group, registered address Lindengasse 48, 1070 Vienna, Austria, which is addressing potential investors by phone in English with an offer of investment services, currently has no authorisation to provide investment services on the financial market in the Czech Republic and is not supervised by the CNB. The company is also offering its services via http://paramountfg.com.
Company:	Yang Financial
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/Pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Yang Financial is not authorised to provide investment services in Ireland. The firm purports to be based in China.
Company:	BlackHorse Forex
Link:	http://www.cnb.cz/cs/dohled_financni_trh/vykon_dohledu/upozorneni_pro_verejnost/
Posted by:	Czech National Bank, Czech Republic
Comments:	The Czech National Bank (CNB) would like to inform investors that company BlackHorse Forex s.r.o. with registered office: Slavíkova 6068/18, Ostrava - Poruba 708 00 is not authorized to carry out investment or other regulated activities in the Czech Republic. Although BlackHorse Forex filed an application for registration as an investment intermediary under the Capital Market Undertakings Act (256/2004 Coll.), this application was withdrawn subsequently. Therefore, contrary to what the company alleges on their websites: "BlackHorse Forex is licensed and regulated according to Market in Financial Instruments Directive rules and FSA. We act according to EU regulations MiFiD. Additionally supervised by Czech's Central Bank registered under no: 28657314" (http://www.blackhorsefx.com/en/35.html), it has not been registered nor licensed by the CNB and thus it is not subject to CNB's supervisory oversight.
Company:	OTX INVESTIMENTOS
Link:	http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?Tipo=D&File=\deli\deli686.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Entity and principals not authorized to perform portifolio management and to publicly offer investment found units.
Company:	International United FX Investments MA Ltd
Posted by:	Financial Services Commission, Mauritius, Republic of
Company:	Ghana FX
Posted by:	Financial Services Commission, Mauritius, Republic of
	Deleted(1)
Company:	Aros Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a previously FSA EEA Authorised firm.
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

	22 September 2012
	Added(15)
Company:	Professional Financial Advisors
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of a previously FSA registered firm.
Company:	Bramwell & Kent Consultants LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Secure Insurance
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm.
Company:	Great Southern Investment
Link:	http://www.fi.se/ Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Eurocapital Trading
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=eurocapital%20trading
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Dant and Company LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Leighton International / Leighton High Income Fund / Hang Seng Bank
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of bank.
Company:	Ocean International Ltd
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=4AAF81B81596FA1148257A7E0024AB8B
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Manhattan Capital Corp
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=85EF83F38A9C6F5448257A7E0023AF0C
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Wealth Capital Corp
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=FDBAA8762822E0A448257A7E0022CFE5
Posted by:	Securities and Futures Commission, Hong Kong
Company:	AF Investment Partners Limited
Link:	http://www.fsc.gi/enforcement/fscwarning0046.htm
Posted by:	Financial Services Commission, Gibraltar
	The Financial Services Commission has today issued a warning to the public regarding AF Investment Partners Limited. The FSC has reviewed statements on AF Investment Partners Limited's website, which allude to various investments and funds related services offered by this company, which has not been incorporated in Gibraltar. The FSC is concerned at the company's website providing a Gibraltar office address as the only address on its 'Contact Us' page, yet not providing Gibraltar telephone contact numbers, with only a Spanish mobile number listed. The address from which it purports to operate is part of several suites at an office building in Gibraltar, at which several FSC regulated entities are based. Correspondence delivered to this address has not been replied to, neither have emails sent to AF Investment Partners Limited's stated email address or a further email used to register its website domain been answered. AF Investment Partners Limited is not associated with any of the FSC regulated entities operating at these premises. As a foreign company doing business in Gibraltar or from Gibraltar, AF Investment Partners Limited is required to register under Part X of the Companies Act, in a manner prescribed in the following circular issued by Companies House http://www.companieshouse.gi/publications/C0009.pdf, yet its name does not appear on the Register of Companies maintained by Companies House. The FSC therefore urges the public to exercise appropriate caution in respect of this company, whilst it continues its investigations. People are able to verify whether a firm is licensed by the FSC in Gibraltar, by checking the "Regulated Entities" section on our website at http://www.fsc.gi/fsclists/categorysearch.asp. Any persons who are already involved in any dealings with the above entity and have concerns, should contact the Manager, Enforcement on +350 200 40283 or by e-mail to enforcement@fsc.gi
Company:	EuroConsult International Mergers & Acquisitions Ltd
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm.
Company:	Trowbridge Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Emporium Financial, also using the name Emporium Capital, Emporium Financieringen, Magnum Financial and Mango Krediet
Link:	http://www.afm.nl/nl/consumenten/risico/waarschuwingen/waarschuwingenlijst-afm.aspx
Posted by:	The Netherlands Authority for the Financial Markets, Netherlands, The
Comments:	The warning list "boiler rooms" contains the names of companies that have approached persons without being asked, to offer them investment proposals. The AFM has established that the companies that are included in this warning list do not have an AFM ... more ... more licence or a European Passport.
Company:	Greenbull Investment Partners
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=309
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
	Please click here to go directly to the IOSCO Investor Alerts Portal for more information

10 September 2012
Added (19)
Company:	JMS Spólka z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	JM Financial Services Ltd.
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is using the name of a FSA Registered firm.
Company:	Wheeler Asset Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Sprint Hospital
Link:	http://www.fsc.gov.im/ViewNews.gov?page=lib/news/fsc/bogusoffersofemp3.xml
Posted by:	Financial Supervision Commission, Isle of Man
Comments:	Hospital offering bogus job opportunities purporting to be based in Isle of Man
Company:	Abacus Financial Services Limited
Link:	http://www.fsc.gov.im/ViewNews.gov?page=lib/news/fsc/abacusfinancials1.xml
Posted by:	Financial Supervision Commission, Isle of Man
Comments:	New website purporting to be genuine Isle of Man entity
Company:	Wells Fargo Securities International Limited/Suncor
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm
Company:	Gerrard Investment Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a FSA Authorised Firm.
Company:	Bridgeway Corporate Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	IMG Asset Management GmbH
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=307
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Kaiser Young Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	Group Financial Global Ltd.
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Fortress Investment Group
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firm
Company:	Churchills Mergers and Acquisitions
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=3E5527781557631548257A70002A695F
Posted by:	Securities and Futures Commission, Hong Kong
Company:	ACT Transfer Services
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=C1009915132832E748257A70002C0024
Posted by:	Securities and Futures Commission, Hong Kong
Company:	South Atlantic Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Stanley Clifford / Korea Mercantile Exchange, KRMEX
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Welborn Capital LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is using the name of a legitimate US broker-dealer.
Company:	THE TYLOR GROUP
Posted by:	Financial Services and Markets Authority, Belgium
Comments:	warning
Company:	Drake Merger Management
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Deleted (1)
Company:	Welborn Capital LLC
Link:	http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is using the name of legitimate US broker-dealer.

03 September 2012
Investor Alerts - Added (7)
Company:	A Warner Associates / Andrew Warner Associates / AW Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of FSA Registered Firm.
Company:	A Walker Associates / Andrew Walker Associates / AW Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a FSA Registered Firm.
Company:	Lefroy Hudson
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Omega Trading Group
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=79D5DC60357A8476482579AC0011FAEB
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Aros Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a previously FSA EEA Authorised firm.
Company:	Manor Private Capital, LLC
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is using the name of legitimate US broker-dealer.
Company:	Claymore Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Investor Alerts - Deleted (2)
Company:	LEFROY HUDSON
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts
Posted by:	Financial Services Authority, United Kingdom
Company:	AW Associates / Andrew Warner Associates / A.Warner Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning details of an FSA registered firm.
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

25 August 2012
Added (30)
Company:	Alkor Trade Sp. z o.o.
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Mizar Profit Polska
Posted by:	Polish Financial Supervision Authority, Poland
Company:	Corolla Financial
Link:	http://www.finanstilsynet.dk/Nyhedscenter/Pressemeddelelser/2012/Advarsel-mod-Corolla-Financial.aspx?sc_lang=en
Posted by:	Finanstilsynet (Denmark Financial Supervisory Authority), Denmark
Comments:	The Danish Financial Supervisory Authority has been informed that Corolla Financial unsolicited has offered to carry out financial services. The company is allegedly located in Tokyo, Japan and in Barcelona, Spain. The company's homepage is http://www.corollafinancial.com/.

	Corolla Financial does not have authorization from the Danish Financial Supervisory Authority in accordance with the Financial Business Act to carry out such services in Denmark.
Company:	Global Broker
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Cloning of EEA authorised firm
Company:	BRM International
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=306
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	ALIANÇA INCÓRPORI INCORPORAÇÃO & PLANEJAMENTO LTDA.
Link:	http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?Tipo=D&File=\deli\deli682.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unregistered issuer/securities. Not authorized by the CVM of Brazil to publicly offer securities or collective investment contracts.
Company:	SL. S.S. SCHULTZ & STEIN
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/sl-ss-schultz-stein.html
Posted by:	Financial Market Authority, Austria
Company:	Nagoya Corp.
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/nagoya-corp.html
Posted by:	Financial Market Authority, Austria
Company:	Mitsubishi Finance
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/mitsubishi-finance.html
Posted by:	Financial Market Authority, Austria
Company:	Whitegate Partners
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/whitegate-partners.html
Posted by:	Financial Market Authority, Austria
Company:	Dawson & Crane Inc.
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/dawson-crane-inc.html
Posted by:	Financial Market Authority, Austria
Company:	Equicap New York
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/equicap-new-york.html
Posted by:	Financial Market Authority, Austria
Company:	MediaCred AG
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/mediacred-ag.html
Posted by:	Financial Market Authority, Austria
Company:	Profton S.A. ("4xfinity")
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/profton-sa-4xfinity.html
Posted by:	Financial Market Authority, Austria
Company:	FINANZ PROFI CH LTD
Link:	http://www.fma.gv.at/de/verbraucher/investorenwarnungen/nationale-warnmeldungen/detail-natwm/article/finanz-profi-ch-ltd.html
Posted by:	Financial Market Authority, Austria
Company:	FCV Broker
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a FSA EEA Authorised firm.
Company:	China International Capital Group
Link:	http://www.bcsc.bc.ca/cautionperson.aspx?id=15510
Posted by:	British Columbia Securities Commission, British Columbia
Company:	CT Lambson and Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Excel Brokers Ltd
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm
Company:	Guaranteed Stone Banking Services
Link:	http://www.fsc.gov.im/ViewNews.gov?page=lib/news/fsc/guaranteedstoneb.xml
Posted by:	Financial Supervision Commission, Isle of Man
Comments:	Bogus company falsely claiming to be domiciled in the Isle of Man
Company:	Associated Nominees Limited
Link:	http://www.fsc.gov.im/ViewNews.gov?page=lib/news/fsc/associatednomine1.xml
Posted by:	Financial Supervision Commission, Isle of Man
Comments:	Bogus company falsely claiming identity of genuine entity in the Isle of Man
Company:	BASIS Fund Limited
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1265/language/en-US/Basis-Fund-Limited--Public-Statement-No-15-of-2012-2-August-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Revocation of licence
Company:	Palos Ventures Fund Ltd.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1264/language/en-US/Palos-Ventures-Fund-Ltd--Public-Statement-No-14-of-2012-2-August-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Revocation of licence
Company:	Leumi-Co
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=305
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Advice Consultants
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA EEA authorised firm
Company:	Alpen Ressourcen Sparkassa Ekonomisk förening
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=304
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Alps Resources SA
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=303
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Alpen Ressourcen SA
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=302
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Chronos Finanz AG
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=301
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Lavenkov Capital Partners
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Swede
Deleted (1)
Company:	FCV Broker
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a FSA EEA Authorised firm.
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

11 August 2012
Added (11)
Company:	Hamilton and Pricehouse Consultancy
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Wellington Management GmbH
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Firm is cloning the details of a FSA Authorised firm.
Company:	Newton Smith Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Masterseek Corp.
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Luyesteiner Swiss Private Bank
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=297
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Global Wealth Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA Appointed Representative
Company:	Hongkong Chuangtou Financial Investment Inc
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=

	F56D65EA0EA04A2D48257A530037B8B9
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Ferrer Invest
Link:	http://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=3&nombre=Ferrer%20Invest
Posted by:	Comisión Nacional del Mercado de Valores, Spain
Company:	Quest Financial Management
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Comments:	Clone of FSA authorised firms
Company:	MarketTradeFX
Link:	http://www.cvm.gov.br/
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Link: "Atos Declaratorios". Entity not authorized to offer investment opportunities in the Forex market to Brazilian residents by any means (online or other).
Company:	United World Capital - UWC
Link:	http://www.cvm.gov.br/
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Link: "Atos Declaratorios". Entity not authorized to offer investment opportunities in the Forex market to Brazilian residents by any means (online or other
Investor Alerts - Deleted (1)
Company:	Quest Financial
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Please click here to go directly to the IOSCO Investor Alerts Portal for more information

4 August 2012
Added (17)
Company:	MHH Associates
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Softchange Inc.
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=2

	DA0E95EFF92C3B248257A4E0028E402
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Pays Gold Inc.
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=

	29D8213B82EFC4BD48257A4E00294182
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Fast Gold Inc.
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=

	2216F9D6C3C7412648257A4E0029E6ED
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Electronic Money Inc.
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=

	19BC67A1A5426B9648257A4E00299F47
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Fast Gold Exchange
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=

	D1772383B9A0782348257A4E002A0F6E
Posted by:	Securities and Futures Commission, Hong Kong
Company:	Moe Securities
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Barclay Trust International
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	PLATZ EMPREENDIMENTOS E ADMINISTRADORA LTDA.
Link:	http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?Tipo=D&File=\deli\deli681.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Unregistered issuer/securities. Not authorized by the CVM of Brazil to publicly offer securities or collective investment contracts.
Company:	GNS Wealth Management
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=296
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Greenbird Financial
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Federal Asset Management
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Bridgestone Global Partners / London Gold and Commodities Exchange, LGCEX
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Epsilon Capital Management
Link:	http://www.centralbank.ie/regulation/unauthorised-firms/pages/list-search-unath.aspx
Posted by:	Central Bank and Financial Services Authority, Ireland
Comments:	Epsilon Capital Management is not authorised as an investment firm in Ireland and is not authorised to provide investment services in Ireland. The firm purports to be based in Switzerland.
Company:	Trade4youFX
Link:	http://www.cvm.gov.br/
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Link: "Atos Declaratorios". Entity not authorized to offer investment opportunities in the Forex market to Brazilian residents by any means (online or other).
Company:	INVEST-CAPE TOWN LTD
Posted by:	Financial Services Commission, Mauritius, Republic of
Company:	Tralian Trade Ltd. and Metal Roi
Posted by:	Financial Services Commission, Mauritius, Republic of
Please click here to go directly to the IOSCO Investor Alerts Portal for more information.

28 July 2012
Added (16)
Company:	AMF France
Posted by:	Autorité des marchés financiers, France
Comments:	Warning issued on July 6, 2012 concerning a number of websites proposing FOREX investments
Company:	AMF France
Posted by:	Autorité des marchés financiers, France
Comments:	Warning issued on July 23, 2012 concerning a number of websites proposing high yield investments.
Company:	AMF France
Posted by:	Autorité des marchés financiers, France
Comments:	Warning issued by the AMF on july 17,2012 concerning Fairvesta.
Company:	GRUPO DE INVESTIMENTO BITCOIN
Link:	http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?Tipo=D&File=\deli\deli680.doc
Posted by:	Comissão de Valores Mobiliários, Brazil
Comments:	Link: Within "Atos Declaratórios - Suspensão de Atividade Irregular".

	Entity and principals not authorized to perform portifolio management and to publicly offer investment found units.
Company:	Info Direct Marketing
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Eaton Capital Americas
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	The Kronos Group
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Transunion Financial
Link:	http://www.fi.se/Folder-EN/Startpage/Consumer/Investor-alerts/Database/
Posted by:	Finansinspektionen, Sweden
Company:	Thomas Capital
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Morgan Philips Consulting
Link:	http://www.fsa.gov.uk/doing/regulated/law/alerts/unauthorised-firms
Posted by:	Financial Services Authority, United Kingdom
Company:	Best Commodity Options
Link:	http://www.lautorite.qc.ca/en/press-releases-2012-corpo.html_2012_caution-caution-with-regard-to-solicitations-in-the-derivatives-market24-07-2012-10-1.html
Posted by:	Autorité des marchés financiers, Quebec
Company:	EFOC European Futures Options Commission
Link:	http://www.finma.ch/e/sanktionen/unbewilligte-institute/pages/details.aspx?orgid=295
Posted by:	Swiss Financial Market Supervisory Authority, Switzerland
Company:	Dawson & Crane Incorporated
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid

	=96832A1B55F1092E48257A44002CB575
Posted by:	Securities and Futures Commission, Hong Kong
Company:	The Kronos Group
Link:	http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid

	=0203539CE9CA2AE348257A4400279A14
Posted by:	Securities and Futures Commission, Hong Kong
Company:	International Investment Monetary Fund
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1262/language/en-US/International-Investment-Monetary-Fund--Advisory-Warning-No-16-of-2012-13-July-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory Warning
Company:	Invest Concept Ltd.
Link:	http://www.bvifsc.vg/News/tabid/160/articleType/ArticleView/articleId/1261/language/en-US/Invest-Concept-Ltd--Advisory-Warning-No-15-of-2012-13-July-2012.aspx
Posted by:	British Virgin Islands Financial Services Commission, British Virgin Islands
Comments:	Advisory Warning
Please click here to go directly to the IOSCO Investor Alerts Portal for more information.

Director sentenced to prison term for theft and false statements

2013-06-07T11:18:51+13:00

Director sentenced to prison term for theft and false statements

Media Release
7 June 2013

Stephen Charles Smith (45), a former director of failed finance company Belgrave Finance Limited (Belgrave Finance), has today been sentenced to four years’ imprisonment. The sentence follows a joint prosecution by the Financial Markets Authority (FMA) and the Serious Fraud Office (SFO).

In April, Mr Smith pleaded guilty to 19 Crimes Act charges of theft by person in a special relationship, four charges of false statement by promoter, one Securities Act charge of making an untrue statement and one Companies Act charge of making a false statement to a trustee. He was sentenced at the Auckland High Court.

The charges relate to more than $18 million of transactions made by Belgrave Finance for the benefit of various related entities between June 2005 and March 2008.

FMA Head of Enforcement, Belinda Moffat said, “Today’s sentence is a reminder to directors that they cannot depart from their obligations under the law, and their duty to investors.”

Acting SFO Chief Executive added, “This sentencing brings us another step closer to bringing the criminal prosecution of the Finance Company collapses to a close. This will increasingly allow resources to be refocused toward proactive intervention in emerging areas of financial crime.”

Belinda Moffat and Simon McArley said the joint prosecution demonstrated the efficiencies that were being achieved from the close working relationship between the two agencies.

"The combination of our specialist skills has enabled this prosecution to be progressed quickly and efficiently and without duplication of resource" said Simon McArley.

Under the Companies Act, Stephen Smith’s conviction means he is automatically banned from managing companies for five years.

ENDS

For further information:

(a) to account to any other person for the property, or for any proceeds arising from the property; or

(b) to deal with the property, or any proceeds arising from the property, in accordance with the requirements of any other person.

(2) Every one to whom subsection (1) applies commits theft who intentionally fails to account to the other person as so required or intentionally deals with the property, or any proceeds of the property, otherwise than in accordance with those requirements.

(3) This section applies whether or not the person was required to deliver over the identical property received or in the person's possession or control.

(4) For the purposes of subsection (1), it is a question of law whether the circumstances required any person to account or to act in accordance with any requirements.

Section 223: Punishment of theft
Every one who commits theft is liable as follows:

(a) in the case of any offence against section 220, to imprisonment for a term not exceeding 7 years; or

(b) if the value of the property stolen exceeds $1,000, to imprisonment for a term not exceeding 7 years; or

(c) if the value of the property stolen exceeds $500 but does not exceed $1,000, to imprisonment for a term not exceeding 1 year; or

(d) if the value of the property stolen does not exceed $500, to imprisonment for a term not exceeding 3 months.

Section 242: False statement by promoter, etc
(1) Every one is liable to imprisonment for a term not exceeding 10 years who, in respect of any body, whether incorporated or unincorporated and whether formed or intended to be formed, makes or concurs in making or publishes any false statement, whether in any prospectus, account, or otherwise, with intent—

(a) to induce any person, whether ascertained or not, to subscribe to any security within the meaning of the Securities Act 1978; or

(b) to deceive or cause loss to any person, whether ascertained or not; or

(2) In this section, false statement means any statement in respect of which the person making or publishing the statement—

(a) knows the statement is false in a material particular; or

(b) is reckless as to the whether the statement is false in a material particular.

FMA charges
Securities Act offences:

Section 58: Criminal liability for misstatement in advertisement or registered prospectus
(1) Subject to subsection (2), where an advertisement that includes any untrue statement is distributed,—

(a) the issuer of the securities referred to in the advertisement, if an individual; or

(b) if the issuer of the securities is a body, every director thereof at the time the advertisement is distributed—

commits an offence.

(2) No person shall be convicted of an offence under subsection (1) if the person proves either that the statement was immaterial or that he or she had reasonable grounds to believe, and did, up to the time of the distribution of the advertisement, believe that the statement was true.

(3) Subject to subsection (4), where a registered prospectus that includes an untrue statement is distributed, every person who signed the prospectus, or on whose behalf the registered prospectus was signed for the purposes of section 41(1)(b), commits an offence.

(4) No person shall be convicted of an offence under subsection (3) if the person proves either that the statement was immaterial or that he or she had reasonable grounds to believe, and did, up to the time of the distribution of the prospectus, believe that the statement was true.

(5) Every person who commits an offence against this section is liable—

(a) on conviction on indictment to—

(i) imprisonment for a term not exceeding 5 years; or

(ii) a fine not exceeding $300,000 and, if the offence is a continuing one, to a further fine not exceeding $10,000 for every day or part of a day during which the offence is continued; or

(b) on summary conviction to—

(i) imprisonment for a term not exceeding 3 months; or

(ii) a fine not exceeding $300,000 and, if the offence is a continuing one, to a further fine not exceeding $10,000 for every day or part of a day during which the offence is continued.

Companies Act offences:

Section 377: False statements
(1) Every person who, with respect to a document required by or for the purposes of this Act,—

(a) makes, or authorises the making of, a statement in it that is false or misleading in a material particular knowing it to be false or misleading; or

(b) omits, or authorises the omission from it of, any matter knowing that the omission makes the document false or misleading in a material particular—

commits an offence, and is liable on conviction to the penalties set out in section 373(4).

(2) Every director or employee of a company who makes or furnishes, or authorises or permits the making or furnishing of, a statement or report that relates to the affairs of the company and that is false or misleading in a material particular, to—

(a) a director, employee, auditor, shareholder, debenture holder, or trustee for debenture holders of the company; or

(b) a liquidator, liquidation committee, or receiver or manager of property of the company; or

(d) a stock exchange or an officer of a stock exchange,—

knowing it to be false or misleading, commits an offence, and is liable on conviction to the penalties set out in section 373(4).

(3) For the purposes of this section, a person who voted in favour of the making of a statement at a meeting is deemed to have authorised the making of the statement.

Role of SFO
The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office Act in response to the collapse of financial markets in New Zealand at that time.

SFO operates three investigative teams:

•           Evaluation & Intelligence;
•           Financial Markets & Corporate Fraud; and
•           Fraud & Corruption.

SFO operates under two sets of investigative powers.

Part I of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”

Part II of the SFO Act provides SFO with more extensive powers where: “…the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”

SFO’s Annual Report 2012 sets out its achievements for the past year, while the Statement of Intent 2012-2015 sets out the SFO’s three year strategic goals and performance standards. Both are available online at: www.sfo.govt.nz

Role of FMA
FMA was established on 1 May 2011 under the Financial Markets Authority Act 2011, in response to the need to address failures in the financial markets, made evident from the global financial crisis. The Government recognised that New Zealand required a single conduct regulator to proactively monitor and enforce securities legislation.

FMA is an independent Crown entity and has the following functions:

to monitor compliance with, investigate contraventions of, and enforce securities and investment law, financial reporting law, and companies law, in respect of financial markets participants;
to promote confident and informed participation in the financial markets;
to license and supervise particular financial markets participants, including financial advisers, trustees and statutory supervisors, auditors, and securities markets;
to monitor and conduct inquiries and investigations into financial markets and financial markets participants; and
to keep the law under review.

More information about FMA can be found at www.fma.govt.nz

FMA Update 6 June 2013

2013-06-06T14:42:43+13:00

FMA Update 6 June 2013

FMA’s supervision of Anti-Money Laundering and Countering Financing of Terrorism

From 30 June 2013, FMA’s role as a supervisor will be to monitor compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act), including assessment of the adequacy and effectiveness of reporting entities’ systems and controls, to detect and deter money laundering and terrorist financing, and to take action where these fall below the expected standard.

Click here to see our report released today, outlining FMA’s priorities for monitoring reporting entities under the AML/CFT Act.

FMC Bill

FMA is working on the Financial Markets Conduct Bill (FMC Bill). This is currently before Parliament and is the last major step in the reform of financial markets legislation in New Zealand. The Bill will govern how financial products are created, promoted and sold, and the ongoing responsibilities of those who offer, deal and trade them. It will also regulate the provision of certain financial services.

Look out for more information on our website over the coming weeks.

General obligations review of NZX report

Earlier this week FMA released our report on General Obligations Review of NZX. The report summarises our assessment of compliance by NZX with its obligations. To view the report click here.

FMA report on NZX General Obligations Review

2013-06-04T09:36:23+13:00

FMA report on NZX General Obligations Review

News release
4 June 2013

The Financial Markets Authority has today released its annual report on NZX’s compliance with its obligations under the Securities Markets Act and the Authorised Futures Exchange (NZX Limited) Notice. The period under review was 1 January to 31 December 2012.

FMA has concluded that by the end of the review period NZX was fully compliant with its obligations and had met its statutory requirements.

“NZX has committed itself to a programme of continuous improvement in all aspects of its operations that contribute to its delivery of fair, orderly and transparent markets,” said FMA Head of Compliance Monitoring, Elaine Campbell.

“Where we did identify areas that need more work, NZX displayed a willingness to take this feedback on board, and a commitment to implementing our recommendations,” said Ms Campbell.

The report found three areas where NZX needs to focus further efforts in 2013:

Managing potential conflicts of interest;
Enforcing compliance; and
Board reporting and oversight.

A copy of the NZX General Obligations Review can be found here.

Ends

Contact:
Tony Reid on 021 739 052 or tony.reid@fma.govt.nz

General Obligations Review of NZX June 2013

2013-06-04T09:30:03+13:00

General Obligations Review of NZX June 2013

FMA Update 30 May 2013

2013-05-30T15:04:17+13:00

FMA Update 30 May 2013

Hybrid financial instrument disclosures

FMA has just finished our report on hybrid financial instrument disclosures. As part of our theme based monitoring projects on financial reporting, we have reviewed the accounting classification and disclosure of financial instruments, classified as hybrid instruments, and listed on the NZX debt market.

We consider that disclosures around hybrid financial instruments need improvement and would like all issuers of hybrid financial instruments to reconsider your disclosures in regard to these.

FMA’s findings and recommendations are listed in the report.

Statement of Intent

FMA’s 2013 – 2016 Statement of Intent has just been released. You can read more about our strategic direction over the next three years, how we will measure our success, and the three appropriations FMA receives to achieve our objective of fair, efficient, and transparent markets.

A copy of our SOI can be found here, or if you would like a printed bound copy, please contact Danette Hunter at danette.hunter@fma.govt.nz

Court of Appeal rejects Lombard directors’ appeals against conviction; sentences found to be inadequate

2013-05-30T13:17:38+13:00

Court of Appeal rejects Lombard directors’ appeals against conviction; sentences found to be inadequate

News release
30 May 2013

The Financial Markets Authority says the decision by the Court of Appeal in the Lombard Finance case further clarifies directors’ duties and will help restore investor confidence.

The Court has today rejected an appeal against conviction by Sir Douglas Graham, Michael Reeves, Lawrence Bryant and William Jeffries, and accepted FMA’s appeal that the original sentences were inadequate. A decision on sentence will be made once the Court has received reports on the suitability of home detention.

The directors were found guilty of making untrue statements in a registered prospectus and were sentenced to periods of community service. Sir Douglas Graham and William Jeffries were also each ordered to pay $100,000 as reparation.

FMA Head of Enforcement, Belinda Moffat, said today’s decision reinforced the statutory obligation of directors to ensure that the statements made in the offer documents are true.

“The Court has clarified that the duties on directors under the Securities Act to ensure that offer documents are true overrides the duty that they owe to the company to act in its best interests, if they conflict,” said Ms Moffat.

“The Court has reconfirmed that the purpose of the Securities Act is to protect the investing public through timely disclosure of material information,” she said.

Lombard Finance & Investments was placed in receivership in 2008, owing $111 million to approximately 3600 investors.

A copy of the Court of Appeal decision can be found here.

Ends

Contact:
Tony Reid on 021 739 052 or tony.reid@fma.govt.nz

Report on hybrid financial instrument disclosures

2013-05-29T11:08:04+13:00

Report on hybrid financial instrument disclosures

Another Dominion Finance director pleads guilty to FMA charges

2013-05-24T10:02:28+13:00

Another Dominion Finance director pleads guilty to FMA charges

A former director of Dominion Finance Group and North South Finance, Robert Barry Whale, has pleaded guilty to seven Securities Act charges of misleading investors in a prosecution taken by the Financial Markets Authority.

The charges relate to untrue statements in a prospectus that were issued by Dominion Finance Group and North South Finance in September 2007.

Dominion Finance went into receivership in 2008, owing approximately $177 million to 5,900 investors. North South Finance was placed in receivership in 2010, owing $31 million to 3900 investors.

“Mr Whale failed to personally review and ensure the accuracy of the information contained in the offer documents,” said FMA Head of Enforcement, Belinda Moffat.

“The effect of this negligence was that investors did not receive a true picture of the financial health of the companies they invested in,” said Ms Moffat.

Mr Whale and another director, Ann Butler, will be sentenced on 14 June. Mrs Butler pleaded guilty to misleading investors on 10 May.

The trial of directors Vance Arkinstall, Richard Bettle, and Paul Forsyth is scheduled to begin commence on 17 June 2013. Mr Forsyth has applied for the trial to be adjourned.

Ends

Contact:
Tony Reid on 021 739 052 or tony.reid@fma.govt.nz

Guideline: Issuers of securities and participants in issues

2013-05-16T09:58:03+13:00

Guideline: Issuers of securities and participants in issues

FMA first published its 'Guideline: Issuers of securities and participants in issues' on 23 October 2013.

This version clarifies that FMA considers that the interpretation of a financial institution under the AML/CFT Act is not restricted to issues of securities to the public. A business will be 'participating in securities issues' in the ordinary course of business if it participates in a wholesale or retail offer of securities as an issuer and/or a promoter, acting as a trustee, unit trustee, superannuation trustee or collective investment scheme fund manager.

The amendments that reflect the clarification can be found in paragraphs 14, 25 and Table 3 of this version.

Guilty plea in Dominion Finance case

2013-05-10T12:00:23+13:00

Guilty plea in Dominion Finance case

News release
10 May 2013

A former director of Dominion Finance Group and North South Finance, Ann Butler, has today pleaded guilty to misleading investors in a prosecution taken by the Financial Markets Authority.

Mrs Butler pleaded guilty to seven Securities Act charges including making untrue statements in a Dominion Finance Group prospectus and investment statement and making untrue statements in a North South Finance prospectus and investment statement. She will be sentenced on 14 June.

"Ann Butler is the 27th finance company director to be convicted in proceedings taken by FMA and the first of the Dominion Finance directors to enter a guilty plea," said FMA Head of Enforcement, Belinda Moffat.

"She has accepted that she failed to perform her role as a director and did not take the steps required to ensure she was aware of the true position of the companies."

Dominion Finance and North South Finance were subsidiaries of the NZX-listed Dominion Finance Holdings Limited. Dominion Finance went into receivership in 2008 owing $176.9 million to 5,900 investors. North South Finance was placed in receivership in 2010, owing $31 million to 3900 investors.

The trial of directors Vance Arkinstall, Richard Bettle, Robert Whale and Paul Forsyth begins on 17 June.

Ends

Contact:
Tony Reid on 021 739 052 or tony.reid@fma.govt.nz

FMA marks two-year milestone

2013-05-01T11:24:21+13:00

FMA marks two-year milestone

Craig Foss

1 May, 2013

Commerce Minister Craig Foss has congratulated the Financial Markets Authority (FMA) on two years of operation.

“The FMA was established by the Government in 2011 with a clear mandate to be a visible and proactive enforcement agency operating in the financial sector while facilitating the development of fair, efficient, and transparent financial markets,” says Mr Foss.

“Following a spate of financial company failures, the FMA has worked to rebuild investor confidence and use its powers to pursue misconduct in the financial markets. The FMA is also working with the financial markets community to help them understand their legal obligations.

Mr Foss says establishing the FMA was one of the initiatives in the Government’s Business Growth Agency to build stronger capital markets.

“The Business Growth Agenda Building Capital Markets report outlines the Government’s initiatives to ensure investors are better informed and offered better protections.

“The rules are being made clearer and those who break the rules will be held to account as the government continues to progress financial markets reform. The Financial Markets Conduct Bill is the next essential piece of legislation to help restore confidence in the sector and grow our capital markets,” says Mr Foss.

For more information about the FMA, visit www.fma.govt.nz

Financial Markets Authority AFA Update: Issue # 10

2013-04-29T16:55:27+13:00

Financial Markets Authority AFA Update: Issue # 10

Are you currently providing Discretionary Investment Management Services (DIMS)?

FMA is in the process of conducting a thematic monitoring project focused on AFAs who are licensed to provide Discretionary Investment Management Services. There are currently around 1,300 AFAs licensed to provide these.

The purpose of the project is to:

• Get confirmation from AFAs licensed to provide Discretionary Investment Management Services that they are currently providing this service to clients.

• Monitor a selection of AFAs who are licensed to provide Discretionary Investment Management Services in order to:

ascertain if the AFA is currently providing Discretionary Investment Management Services to clients
identify how these services are being provided
identify any potential compliance issues that may be common across AFAs
provide specific monitoring feedback to individual AFAs that have been visited by FMA.

Our monitoring approaches range from reviewing the AFA’s Adviser Business Statement (ABS), to telephone interviews and monitoring visits.

A report on our findings and guidance on DIMS will be published in April.

AFA Monitoring for October to December 2012

As signalled last year, the focus and intensity of FMA’s monitoring work continues as we approach the end of our second year of operation under the Financial Advisers Act 2008. Our overarching focus is on raising standards of good conduct, ethics and integrity amongst market participants. Where activities have been subject to regulation for some time, we have higher expectations that participants will operate above the bare minimum required, and that senior management will sponsor a culture of integrity and good conduct.

As part of FMA’s ongoing monitoring of AFAs, we review AFA’s compliance with the conduct obligations set out in the Financial Advisers Act 2008.

Of particular relevance this quarter are sections 33 and 34 of the Financial Advisers Act 2008:

All financial advisers must exercise care, diligence and skill
All financial advisers must not engage in misleading or deceptive conduct

View a copy of our latest monitoring report here.

Giving KiwiSaver advice

FMA has just launched a consumer brochure to help advisers explain to New Zealanders the different types of services they may receive when investing in KiwiSaver schemes or considering changing between schemes or funds. The brochure can also help advisers explain their services to their clients.

The brochure describes the three different types of services:

• No advice – provision of information only - no advice is provided;
• Class Advice – advice on what is usually suitable for people in a group or class; and
• Personalised Advice –advice tailored to the client’s personal circumstances.

Many advisers only offer one KiwiSaver scheme. The brochure encourages customers to find out if their adviser is able to advise on only one scheme, or can compare schemes.

Understanding the service they receive is a key step to helping customers make informed decisions about their money.

The brochure responds to feedback received during consultation on FMA’s Guidance Note: Sale and Distribution of KiwiSaver and from our AFA Survey. We now expect all distributors to have taken account of the Guidance Note in their distribution practice and will review distributors approach to the guidance in our monitoring and surveillance work.

We invite you to download a copy of our new brochure here. Or, if you would like to receive some printed copies, please contact our Customer Service team on 0800 434 566.

FMA’s Compliance Focus for 2013

In February we released our compliance focus for 2013, outlining FMA’s priority areas for monitoring and surveillance over the coming year.

Our document outlines the four major themes which will influence our priorities for 2013. They are: building customer trust; raising standards in existing regimes; embedding new regimes; and KiwiSaver, as well as our overall regulatory approach.

AFAs will find raising standards in existing regimes of particular relevance. FMA’s overarching focus is on raising the standards of good conduct, ethics and integrity, and we expect that where activities have been subject to regulation for some time, participants will operate above the bare minimum required and that senior management will help foster a culture of integrity and good conduct.

We will also be placing significant emphasis on supporting participants and investors throughout the reconstruction of Christchurch.

A copy of FMA’s Compliance Focus for 2013 can be viewed here. If you would like a printed and bound copy please contact Danette Hunter at FMA on danette.hunter@fma.govt.nz.

Simon Allen reappointed Chair of FMA

2013-04-23T16:07:28+13:00

Simon Allen reappointed Chair of FMA

Craig Foss

23 April, 2013

Commerce Minister Craig Foss has welcomed the reappointment of Simon Allen as Chair of the Financial Markets Authority (FMA).

“I am delighted Mr Allen has been reappointed. He has been very successful in guiding the FMA through its initial period of operation since 1 May 2011.

“Over this time, the FMA has gained credibility from the public and the industry and has delivered on its role of rebuilding confidence in our financial markets following the global financial crisis.

“Mr Allen is highly-regarded across both Government and the industry. With more than 25 years’ experience in financial markets management and senior governance roles, he has the right credentials to ensure that the FMA continues to be an effective financial sector regulator,” says Mr Foss.

Mr Allen has been reappointed for an eighteen-month term, commencing 1 May 2013.

Further information on the Financial Markets Authority can be located at: http://www.fma.govt.nz/

Background

Simon Allen is the current Chair of Crown Fibre Holdings Limited and Auckland Council Investments Limited. He is Deputy Chair of St Cuthbert’s College in Auckland and director of Snowvision Charitable Trust. Previously, he was also the Chair of NZX Limited from 2001 to 2008.

The FMA is an independent Crown entity established under the Financial Markets Authority Act 2011. It enforces securities, financial reporting, and company law as they apply to financial services and securities markets. It is the primary regulator for securities exchanges, financial advisers and brokers, and trustees and issuers – including issuers of KiwiSaver and superannuation schemes. The FMA’s main objective is to promote and facilitate the development of fair, efficient and transparent financial markets.

Five Star finance saga draws to a close with prison sentence for Neill Williams

2013-04-19T15:46:00+13:00

Five Star finance saga draws to a close with prison sentence for Neill Williams

News release
19 April 2013

Neill Williams has this afternoon been sentenced to three years and seven months’ imprisonment for his role in the collapse of the Five Star finance companies, more than two and a half years after he pleaded guilty to the charges.

Mr Williams pleaded guilty to three charges of making a false statement in a registered prospectus, one charge of making false or misleading statements in financial statements and 12 charges of offering securities to the public for subscription without the required offer documents.

Mr Williams was generally recognised as the founder of Five Star and was an integral part of all major strategic decisions.

However, due to his prior association with two other failed finance companies, he was not named as a director of Five Star and his name didn’t appear on any Five Star documents.

Five Star Consumer Finance and Five Star Finance owed $97 million to 2300 investors when they collapsed in 2007.

“Neill Williams’ offending was at the highest end of the spectrum, and his desire to fly under the radar to hide his real position from the investing public added a layer of deception,” said FMA Head of Enforcement Belinda Moffat.

“Investors have a right to know who is at the helm of the companies they trust their money to, and this judgment should act as a reminder of that,” said Ms Moffat.

Under the Securities Act, Neill Williams’ conviction means he is automatically banned from managing companies for five years.

Ends

Contact:

Tony Reid on 021 739 052 or tony.reid@fma.govt.nz

Background

In 2010, Five Star directors Marcus Macdonald and Nicholas Kirk were sentenced to one year and six months and one year and nine months respectively after pleading guilty to misleading investors.

Anthony Bowden, who also pleaded guilty, was sentenced to home detention.

All three men are banned from managing companies for five years.

Ross Asset Management Update

2013-04-18T14:13:43+13:00

Ross Asset Management Update

To view the Ross Asset Management Investigation, click here.

Guilty plea sees another finance company director held to account

2013-04-17T10:30:14+13:00

Guilty plea sees another finance company director held to account

Media Release
17 April 2013

Stephen Charles Smith (45), pleaded guilty at the Auckland High Court today to 25 charges arising out of the collapse of Belgrave Finance Limited (Belgrave Finance). The charges were brought in a joint prosecution by the Financial Markets Authority (FMA) and the Serious Fraud Office (SFO).

Mr Smith pleaded guilty to 19 Crimes Act charges of theft by person in a special relationship, four charges of false statement by promoter, one Securities Act charge of making an untrue statement and one Companies Act charge of making a false statement to a trustee.

The charges relate to more than $18 million of loans made by Belgrave Finance to various related entities between June 2005 and March 2008.

FMA Head of Enforcement, Belinda Moffat, said all directors should treat today’s guilty plea as a reminder of their duties and responsibilities.

“Anyone who invests their hard earned money relies on directors to do the right thing,” said Ms Moffat. “There are standards of behaviour that are expected and consequences of getting it wrong.”

Acting SFO Chief Executive, Simon McArley, added that Mr Smith’s plea is another positive step towards concluding the response to the finance company collapses.

“The impact of fraud on its victims is substantial. Whether it’s the loss of financial investments or jobs, many New Zealanders’ lives and prosperity are irrevocably changed through the impact of fraud. The completion of these prosecutions sends a strong deterrent message that will help ensure we don’t see a repetition of the finance company issues and will deter any new forms of financial crime developing,” he said.

Under the Companies Act, Stephen Smith’s conviction means he is automatically banned from managing companies for five years.

Mr Smith has been remanded in custody pending a bail hearing at 3.15pm today and will next appear for sentencing on 7 June.

ENDS

For further information:

Andrea Linton                                   Tony Reid
Serious Fraud Office                          Financial Markets Authority
027 705 4550                                   021 739 052

Notes to editors

Background to investigation
Belgrave Finance Limited was incorporated in September 2000.

Belgrave Finance provided financial accommodation and mortgage facilities for commercial and residential property developments. Funds for lending were sourced primarily from the issue of securities to the public in the form of debenture stock and convertible capital notes.

Belgrave Finance was placed into receivership in on 28 May 2008 owing around $22 million to approximately 1,000 investors. The company was placed into liquidation in April 2010 and at the time, was the 20^th finance company to collapse in two years.

Following the collapse of Belgrave Finance, the (then) Securities Commission made initial investigations into the company before referring the matter to SFO in June 2010. The SFO Director determined that an investigation into the affairs of Belgrave Finance may disclose serious or complex fraud, and SFO commenced an investigation under Part II of the Serious Fraud Office Act in July 2010.

Charges have also been laid against former director Shane Buckley (45), alleged controller of the company Raymond Schofield (51), and legal advisor Hugh Hamilton (61). Mr Buckley was sentenced to three years’ imprisonment following a guilty plea in August 2012. Mr Schofield was granted a stay of prosecution on the grounds of terminal illness in December 2012, conditional upon review. Mr Hamilton has been committed for trial at a date to be set.

SFO charges

Crimes Act offences:

Section 220: Theft by person in special relationship
(1) This section applies to any person who has received or is in possession of, or has control over, any property on terms or in circumstances that the person knows require the person—

(a) to account to any other person for the property, or for any proceeds arising from the property; or

(b) to deal with the property, or any proceeds arising from the property, in accordance with the requirements of any other person.

(2) Every one to whom subsection (1) applies commits theft who intentionally fails to account to the other person as so required or intentionally deals with the property, or any proceeds of the property, otherwise than in accordance with those requirements.

(3) This section applies whether or not the person was required to deliver over the identical property received or in the person's possession or control.

(4) For the purposes of subsection (1), it is a question of law whether the circumstances required any person to account or to act in accordance with any requirements.

Section 223: Punishment of theft
Every one who commits theft is liable as follows:

(a) in the case of any offence against section 220, to imprisonment for a term not exceeding 7 years; or

(b) if the value of the property stolen exceeds $1,000, to imprisonment for a term not exceeding 7 years; or

(c) if the value of the property stolen exceeds $500 but does not exceed $1,000, to imprisonment for a term not exceeding 1 year; or

(d) if the value of the property stolen does not exceed $500, to imprisonment for a term not exceeding 3 months.

Section 242: False statement by promoter, etc
(1) Every one is liable to imprisonment for a term not exceeding 10 years who, in respect of any body, whether incorporated or unincorporated and whether formed or intended to be formed, makes or concurs in making or publishes any false statement, whether in any prospectus, account, or otherwise, with intent—

(a) to induce any person, whether ascertained or not, to subscribe to any security within the meaning of the Securities Act 1978; or

(b) to deceive or cause loss to any person, whether ascertained or not; or

(c) to induce any person, whether ascertained or not, to entrust or advance any property to any other person.

(2) In this section, false statement means any statement in respect of which the person making or publishing the statement—

(a) knows the statement is false in a material particular; or

(b) is reckless as to the whether the statement is false in a material particular.

FMA charges
Securities Act offences:

Section 58: Criminal liability for misstatement in advertisement or registered prospectus

(1) Subject to subsection (2), where an advertisement that includes any untrue statement is distributed,—

(a) the issuer of the securities referred to in the advertisement, if an individual; or

(b) if the issuer of the securities is a body, every director thereof at the time the advertisement is distributed—

commits an offence.

(2) No person shall be convicted of an offence under subsection (1) if the person proves either that the statement was immaterial or that he or she had reasonable grounds to believe, and did, up to the time of the distribution of the advertisement, believe that the statement was true.

(3) Subject to subsection (4), where a registered prospectus that includes an untrue statement is distributed, every person who signed the prospectus, or on whose behalf the registered prospectus was signed for the purposes of section 41(1)(b), commits an offence.

(4) No person shall be convicted of an offence under subsection (3) if the person proves either that the statement was immaterial or that he or she had reasonable grounds to believe, and did, up to the time of the distribution of the prospectus, believe that the statement was true.

(5) Every person who commits an offence against this section is liable—

(a) on conviction on indictment to—

(i) imprisonment for a term not exceeding 5 years; or

(ii) a fine not exceeding $300,000 and, if the offence is a continuing one, to a further fine not exceeding $10,000 for every day or part of a day during which the offence is continued; or

(b) on summary conviction to—

(i) imprisonment for a term not exceeding 3 months; or

(ii) a fine not exceeding $300,000 and, if the offence is a continuing one, to a further fine not exceeding $10,000 for every day or part of a day during which the offence is continued.

Companies Act offences:

Section 377: False statements

(1) Every person who, with respect to a document required by or for the purposes of this Act,—

(a) makes, or authorises the making of, a statement in it that is false or misleading in a material particular knowing it to be false or misleading; or

(b) omits, or authorises the omission from it of, any matter knowing that the omission makes the document false or misleading in a material particular—

commits an offence, and is liable on conviction to the penalties set out in section 373(4).

(2) Every director or employee of a company who makes or furnishes, or authorises or permits the making or furnishing of, a statement or report that relates to the affairs of the company and that is false or misleading in a material particular, to—

(a) a director, employee, auditor, shareholder, debenture holder, or trustee for debenture holders of the company; or

(b) a liquidator, liquidation committee, or receiver or manager of property of the company; or

(c) if the company is a subsidiary, a director, employee, or auditor of its holding company; or

(d) a stock exchange or an officer of a stock exchange,—

knowing it to be false or misleading, commits an offence, and is liable on conviction to the penalties set out in section 373(4).

(3) For the purposes of this section, a person who voted in favour of the making of a statement at a meeting is deemed to have authorised the making of the statement.

Role of SFO
The Serious Fraud Office (SFO) was established in 1990 under the Serious Fraud Office Act in response to the collapse of financial markets in New Zealand at that time.

SFO operates three investigative teams:

•           Evaluation & Intelligence;
•           Financial Markets & Corporate Fraud; and
•           Fraud & Corruption.

SFO operates under two sets of investigative powers.

Part I of the SFO Act provides that it may act where the Director “has reason to suspect that an investigation into the affairs of any person may disclose serious or complex fraud.”

Part II of the SFO Act provides SFO with more extensive powers where: “…the Director has reasonable grounds to believe that an offence involving serious or complex fraud may have been committed…”

SFO’s Annual Report 2012 sets out its achievements for the past year, while the Statement of Intent 2012-2015 sets out the SFO’s three year strategic goals and performance standards. Both are available online at: www.sfo.govt.nz

Role of FMA
FMA was established on 1 May 2011 as part of the Financial Markets Authority Act 2011, in response to the need to address failures in the financial markets, made evident from the global financial crisis. The Government recognised that New Zealand required a single conduct regulator to proactively monitor and enforce securities legislation.
FMA is an independent Crown entity and has the following functions:

to monitor compliance with, investigate contraventions of, and enforce securities and investment law, financial reporting law, and companies law, in respect of financial markets participants;
to promote confident and informed participation in the financial markets;
to license and supervise particular financial markets participants, including financial advisers, trustees and statutory supervisors, auditors, and securities markets;
to monitor and conduct inquiries and investigations into financial markets and financial markets participants; and
to keep the law under review.

More information about FMA can be found at www.fma.govt.nz

New directors’ guide aimed at sharpening up corporate governance

2013-04-16T15:35:24+13:00

New directors’ guide aimed at sharpening up corporate governance

The Financial Markets Authority (FMA) and the Institute of Directors in New Zealand (IoD) have today released ‘A Director’s Guide’: a must-read for all current and aspiring directors.

The guide sets out the essentials of being an effective director and includes: questions to ask before you take up a directorship; decision making; legal requirements for signing off financial statements; and what you should do when things go wrong.

FMA CEO, Sean Hughes, said being a director is more than just a title and that ‘A Director’s Guide’ will help directors understand their obligations, particularly first time directors of small and medium-sized companies, and directors of family businesses.

“Being a director can be challenging but it can also be incredibly rewarding. This guide will act as a useful roadmap for directors to turn to,” said Mr Hughes.

“If directors keep their feet on the ground, and are alert to the risks and realities of what is happening around them, then they should feel confident that they are performing the most important duties and responsibilities of a director.”

IoD CEO, Ralph Chivers, said this guide is part of the IoD’s commitment to increasing the standard of governance in New Zealand. Good governance is ultimately a framework for making good decisions and this guide will assist aspiring directors to understand that framework.

“There is now and has always been a very high standard of care and diligence expected of directors, especially in matters relating to the management of other people’s money. Having the right knowledge and skill set to execute those responsibilities is essential for directors,” said Mr Chivers.

“It is also vital that directors are committed to on-going personal development to ensure that their knowledge and skills remain current and that they are doing the best job possible.”

A copy of ‘A Director’s Guide’ can be found here.

Ends

Contact:
Tony Reid, FMA Media Manager on 021 739 052 or tony.reid@fma.govt.nz

Diana Price, IoD External Relations Manager, on 021 0249 5245 or diana.price@iod.org.nz

Mighty River Power Share offer

2013-04-12T14:02:35+13:00

Mighty River Power share offer

FAQs for potential retail investors

The Mighty River Power Share Offer will open for applications on Monday, 15 April 2013.

You can view, download or print the Share Offer document from within New Zealand at www.mightyrivershares.govt.nz

When the Share Offer opens, shares can be bought directly. All applications for shares must be made on the application form accompanying the Share Offer document.

1. What is the Mighty River Power Share Offer?

The Government is planning to sell up to 49% of four state owned energy companies. These partial sales are expected to be achieved through a series of public share offers. New Zealanders will have the opportunity to buy shares in the companies.

The first of these sales is for shares in Mighty River Power Limited (MRP offer). The Government will sell up to 686 million shares in Mighty River Power and has said the shares are likely to list for between $2.35 and $2.80 a share. More information on the Government's mixed ownership model programme, of which the MRP offer forms part, can be found at www.governmentshareoffers.govt.nz

2. Can I still buy shares if I did not pre-register?

Potential investors from New Zealand were invited to register their interest in the MRP offer on the Government's website without any obligation to purchase shares, in order to help the Government gauge levels of interest in the offer.

Pre-registration was not necessary in order to buy shares. New Zealanders’ who did pre-register however, will be eligible for up to 25% more shares than someone who did not pre-register, in the event of scaling due to demand exceeding the number of shares available.

3. Do I need financial advice and when should I get this?

FMA encourages all potential investors to be fully informed before making decisions about investing.

If you are considering whether or not to invest, the most important source of information is the MRP offer investment statement and prospectus, available at www.mightyrivershares.govt.nz. These are available now so investors and their advisers have time to read information about the offer before making an investment decision.

Look first at the ‘Answers to Important Questions’ section which outlines the basic information you need to know, including: who is providing the offer; how much you will pay for the shares; the likely returns; the procedures and timeframes for making the investment; and the main investment risks.

Make sure you take time to read the offer document before you decide whether or not to invest. If you have more questions or don't understand what you are being invited to invest in then seek financial advice - see 'What sort of financial advice should I obtain and who can provide this for me?'

More information on investing in shares can be found at: https://www.governmentshareoffers.govt.nz/investing/

4. What sort of financial advice should I obtain and who can provide this for me?

There are two different types of advice relevant to the MRP offer:

Personalised advice - this is advice tailored to your personal circumstances about whether the shares are suitable for you, and can be provided by an Authorised Financial Adviser (AFA).

Class advice - this is generic advice relevant to a group or 'class' of people with similar characteristics and circumstances as you (such as age and risk appetite) and can be provided by an AFA, a Registered Financial Adviser (RFA) or a QFE Adviser (such as an adviser employed by a broker, bank or other financial institution). Class advice might also be issued generally by an entity such as a financial institution or bank. Class advice does not take into account your personal situation.

Ask the person who is providing you with advice to explain what sort of advice they are providing. If they can't give you a satisfactory explanation, then you may want to consider changing your adviser.

5. Do I have to obtain financial advice before I invest in MRP?

No, not necessarily. You can purchase shares on an 'information only' basis (sometimes called 'execution only' or 'direct') through a broker, or through some banks who are involved in the MRP offer or through other financial institutions. You can also purchase shares directly. You should however take steps to ensure you are fully informed about the MRP offer. See below: 'What else should I do before I make any decisions?'

6. What else should I do before I make any decisions?

We encourage all investors to understand what they are investing in. The best way to do this is to read the investment statement and prospectus. Start by looking at the Answers to Important Questions section in the investment statement: who is providing the offer; how much you will pay for the shares; the likely returns; the procedures and timeframes for making the investment; and the main investment risks. If the investment statement and prospectus have been combined into one document then you will find this important information at the front of the document and more detailed information on each of these topics as you read further into the document.

7. What if I don't have a financial adviser or an existing broker?

You can find a list of Authorised Financial Advisers on FMA’s website at: /help-me-invest/getting-financial-advice/find-an-adviser/

You can find a list of brokers here: https://www.nzx.com/investing/find_a_participant

8. How do I know if I am a wholesale or retail investor?

Most 'ordinary New Zealanders' are likely to be classed as 'retail investors' and are entitled to the full protections that are available in law when they make an investment. For example, they are entitled to receive the offer document containing required content, disclosure from their financial adviser and access to a dispute resolution scheme.

Experienced or habitual investors, or investors (such as companies or other entities) who meet certain prescribed asset criteria can be classed as 'wholesale' for investment and financial advice purposes and are not entitled to all those protections.

If you have been advised that you are a wholesale investor (or you have previously certified yourself as an eligible investor), and you are not sure what this means for you and for this offer, please talk to your adviser or broker about whether this classification is appropriate for the MRP offer. If they can't give you a satisfactory explanation, then you may want to consider changing your adviser.

9. Is this investment guaranteed by the Government?

No. The Government is selling the shares but this does not mean that it guarantees future returns from MRP shares or otherwise guarantees your investment. Look carefully at the sections in the investment statement and prospectus about returns and risks and look at the prospective financial information sections for the issuer's assessment of likely future prospects. Ask your financial adviser or broker to guide you through these sections if you are unsure.

10. Where can I find more information about investing generally?

You can find more information on investing, including goals and risk tolerance, developing an investment plan, choosing an investment and risks involved in investing at: /help-me-invest/investing-basics/

11. Where can I find more information about the offer?

Further information about the MRP offer can be found at:
https://www.governmentshareoffers.govt.nz/about/

FMA completes review of Mighty River Power offer document

2013-04-12T10:45:33+13:00

FMA completes review of Mighty River Power offer document

News release
12 April 2013

The Financial Markets Authority has completed its review of the Mighty River Power share offer document and is satisfied that it contains the information potential investors need to make an informed decision.

The offer document was registered last Friday, giving FMA five working days to review it before the allocation of shares begins.

FMA CEO, Sean Hughes, confirmed that due to the complex and significant nature of the listing, FMA engaged with Mighty River Power and the Crown well before the offer document was registered. This is in line with FMA’s guidance on Effective Disclosure published in June last year.

“FMA, Mighty River Power and the Crown worked constructively to ensure that the key information, including particularly the investment statement and principal risks, was presented clearly,” said Mr Hughes.

“The offer document is a significant source of information for anyone thinking of investing in a financial product, and while it’s not FMA’s role to endorse any offer, we are keen to work with issuers where we can.”

FMA has published a list of FAQs for potential retail investors on the Mighty River Power share offer including information on investing in shares, getting financial advice, and what you should do before making any decisions.

A copy of the FAQs can be found here.

Ends

Contact:
Tony Reid on 021 739 052 or tony.reid@fma.govt.nz

Auditor Regulation and Oversight Plan for three years ending 30 June 2015

2013-04-10T16:51:49+13:00

Auditor Regulation and Oversight Plan 2012

Auditor Regulation and Oversight Plan for three years ending 30 June 2015

FMA signals its compliance focus for 2013

2013-04-04T15:56:38+13:00

FMA signals its compliance focus for 2013

News release
28 February 2013

The Financial Markets Authority (FMA) today released its compliance focus for 2013 which outlines FMA's priority areas for monitoring and surveillance over the next year.

The document details four major themes which will influence priorities: building customer trust; raising standards in existing regimes; embedding new regimes; and KiwiSaver.

FMA CEO Sean Hughes said "Signalling our focus for 2013 makes sense. It provides an opportunity for participants to assess their activities and take the necessary steps to improve compliance in these areas."

"The document is not intended to be a complete list of all the work we will do, but it outlines our priorities and overall regulatory approach. Priorities will evolve as we monitor financial markets and evaluate emerging risks, but we're anticipating that these themes will remain beyond 2013."

In addition to the four major themes, FMA will be placing significant emphasis on supporting participants and investors throughout the reconstruction of Christchurch.

"FMA's focus in 2013 will also support the Government's Business Growth Agenda, and specifically its Building Capital Markets initiatives launched yesterday."

Ends

Contact:
Scott McMurray on 029 222 0776 or scott.mcmurray@fma.govt.nz
A copy of FMA's Compliance Focus for 2013 can be viewed here. Copies will also be distributed to market participants. Additional copies can be supplied by contacting Danette Hunter at FMA on danette.hunter@fma.govt.nz.

Thank You

2013-03-27T18:51:41+13:00

Unsubscribe Confirmation Page

You've now unsubscribed from these AFA Updates. However AFA's will still occasionally receive important information about compliance by email from FMA. For example we may alert AFAs to any new requirements to follow, or important interpretations.

Statistics

2013-03-27T18:51:40+13:00

Read statistics on the financial sector.

Statistics on KiwiSaver can be found in the appendices to the KiwiSaver Annual Reports to Parliament.
Statistics on registered superannuation schemes can be found in the appendices to the Superannuation Annual Reports to Parliament.
Statistics on Authorised Financial Advisers.
Statistics on Qualified Financial Entities.
Find statistics from the Financial Reporting Surveillance Programme.

Being Alert to Scams

2013-03-27T18:51:39+13:00

Being Alert to Scams

Common Frauds

Telephone Share Scams

Contact FMA to report a scam

Names of Firms and Individuals To Be Wary Of

2013-03-27T18:51:38+13:00

Warning: Illegal Share Offer by IRA NRG NZ Limited (INNL)

2013-03-27T18:51:37+13:00

The Securities Commission warns people of an illegal share offer by Ira NRG NZ Limited (INNL) and its sole director Simon Romana.

8 December 2010

The Securities Commission warns people of an illegal share offer by Ira NRG NZ Limited (INNL) and its sole director Simon Romana. The Commission has banned the company's website and the content of the website has been removed. There is no registered prospectus for the offer.

The website of INNL described INNL's plans to generate electricity and sell it to the national grid. The website included claims of future income that are not substantiated on the website. There were no assumptions disclosed relating to the prospective financial information as required by law.

"The public offer of shares by INNL is illegal as there is no prospectus. Any purported allotment of shares to investors would be void and of no effect. People should not invest in this company until it complies with the requirements of the Securities Act 1978" said Securities Commission Chairman, Jane Diplock.

INNL was incorporated in March 2010.

Ends

Contact Rebecca Barclay 04 471 76666

Warning: IRA NRG NZ Limited (INNL) Investment Statement Banned

2013-03-27T18:51:37+13:00

The Securities Commission has banned INNL's investment statement following the banning of INNL's website earlier this month.

17 December 2010

The Securities Commission has banned INNL's investment statement following the banning of INNL's website earlier this month. INNL has made an illegal offer of shares to the public. There is no registered prospectus for the offer.

Commission Chairman Jane Diplock reiterated her earlier comments in relation to this company. "The public offer of shares by INNL is illegal as there is no prospectus. Any purported allotment of shares to investors would be void and of no effect. People should not invest in this company until it complies with the requirements of the Securities Act 1978."

Ends

Contact Rebecca Barclay 04 471 7666

Warning: Illegal Share Offer - Inertialess Drive ZPE (2010) Limited

2013-03-27T18:51:36+13:00

The Securities Commission warns people who have been invited to invest in Inertialess Drive ZPE (2010) Limited that its share offer is illegal.

4 February 2010

The Securities Commission warns people who have been invited to invest in Inertialess Drive ZPE (2010) Limited that its share offer is illegal.

The Securities Commission has banned a document offering shares in Inertialess Drive ZPE (2010) Limited. The offer is illegal because no prospectus has been registered, and there is no investment statement.

The company is based in Mount Maunganui and Ken Pedlar is its sole director and shareholder.

"In New Zealand, most offers of investments must have a registered prospectus and an investment statement," the Commission's Chairman Jane Diplock says. "These documents are important to allow people to make an informed decision about investing."

The Commission understands that offer documents were sent to people who responded to advertisements by the company in the Bay of Plenty Times in December 2009.

The Commission warns people about buying securities that do not have the required offer documents.

"Under New Zealand law anyone who has subscribed for securities in offers that are illegal is entitled to have their money refunded," Jane Diplock says.

The Commission had previously, in 1998, banned advertising for shares by Inertialess Drive Technologies (1995) Limited (now liquidated) because there was no registered prospectus. In 2000 the Commission also banned advertising for shares in Inertialess Drive Corporation Limited for the same reason. Mr Pedlar was involved in both these companies. The advertisements in the Bay of Plenty Times are targeted at former shareholders of these companies.

Ends

Contact: Poly Banerjee 04 471 7666

Warning: Unsolicited Offer for Strategic Finance Debentures

2013-03-27T18:51:36+13:00

Debenture-holders in Strategic Finance Limited should be wary of an offer by Marchmont Securities Trust to buy their debentures for 10c in the dollar.

27 January 2010

Debenture-holders in Strategic Finance Limited should be wary of an offer by Marchmont Securities Trust to buy their debentures for 10c in the dollar.

Investors should be cautious of any unsolicited offer to purchase their investments, especially where the offer is well below face value.

The Securities Commission urges investors to seek professional advice before making any decision to accept the offer.

When a finance company is in moratorium it is very difficult to accurately assess the value of the company's debentures. The debentures are not trading on any organised market, so there is no market price against which investors can assess the offer.

"Offers to buy securities for a fraction of their face value can be opportunistic, and play on doubts about the value of the debentures" said Commission Chairman Jane Diplock. "The fact that someone is willing to pay 10c in the dollar does not mean that this is the true value of the securities. We urge investors to seek advice from a reputable financial adviser."

Under securities legislation it is not illegal to offer to buy securities below their face value. Any offer to buy securities from investors must not be misleading or deceptive.

Warning: Unsolicited Offer for St Laurence Finance Debentures

2013-03-27T18:51:36+13:00

Debenture-holders in St Laurence Finance Limited should be wary of an offer by Stock and Share Trading Company Pty Ltd to buy their debentures for 8c in the dollar.

6 May 2010

Debenture-holders in St Laurence Finance Limited should be wary of an offer by Stock and Share Trading Company Pty Ltd to buy their debentures for 8c in the dollar.

The Securities Commission urges investors to seek professional advice before making a decision about the offer.

It is very difficult to accurately assess the value of a finance company's debentures when it is in moratorium or receivership. As these debentures are not trading on any organised market there is no market price for investors to compare the offer against.

They should be especially wary when an unsolicited offer is for well below face-value.

"Such an offer does not mean that 8c in the dollar is the true value of the securities," Commission Chairman Jane Diplock says. "Offers sometimes try to exploit doubts about the value of debentures, so it's important that investors get advice from a reputable financial adviser before coming to a decision."

It is not illegal to offer to buy securities below their face value, but such offers must not be misleading or deceptive.

Ends

Contact: Roger Marwick 04 471 7659

Warning: Further Unsolicited Offer for Strategic Finance Debentures (1)

2013-03-27T18:51:35+13:00

Debenture-holders in Strategic Finance Limited should be wary of an offer by Stock & Share Trading Company Pty Limited to buy their debentures for 5c in the dollar.

11 June 2010

Debenture-holders in Strategic Finance Limited should be wary of an offer by Stock & Share Trading Company Pty Limited to buy their debentures for 5c in the dollar. Stock & Share Trading Company, which is based in Australia, had previously offered investors 20c in the dollar.

There was also an earlier unsolicited offer to Strategic Finance debenture holders by Marchmont Securities Trust, which the Commission issued a warning about in January.

The Securities Commission reminds investors to be cautious of any unsolicited offer to purchase their investments, especially where the offer is well below face value.

The Securities Commission urges investors to seek professional advice before making any decision to accept the offer.

When a finance company is in receivership it is very difficult to accurately assess the value of the company's debentures. The debentures are not trading on any organised market, so there is no market price against which investors can assess the offer.

Under securities legislation it is not illegal to offer to buy securities below their face value. Any offer to buy securities from investors must not be misleading or deceptive.

Ends

Contact: Roger Marwick 04 471 7659

Warning: Offer of Securities by 9999 Gold Mining Corporation

2013-03-27T18:51:35+13:00

The Securities Commission warns the public to be wary of a company called 9999 Gold Mining Corporation.

6 May 2010

The Securities Commission warns the public to be wary of a company called 9999 Gold Mining Corporation. The Commission understands this company may be offering securities to members of the public in New Zealand.

The provisions of the Securities Act 1978 prohibit companies that offer securities to members of the public in New Zealand from allotting those securities unless investors have received a copy of the investment statement prior to subscription and the company has registered a prospectus. 9999 Gold Mining Corporation does not have a registered prospectus or investment statement for its Offer.

In addition, Gold Mining Corporation is forecasting a 100% return on investments.

In the Commission's experience the only people who profit from any Offer promising unusually high rates of return are the people who organise and promote them.

The Commission urges anyone considering this Offer to seek professional advice.

Ends

Contact: Roger Marwick 04 471 7659

Warning: Unsolicited Offer for DNZ Property Fund Limited Shares

2013-03-27T18:51:34+13:00

Shareholders in DNZ Property Fund Limited should be wary of an offer by Carrington Securities LP to buy their shares for $0.60 per share.

10 August 2010

Shareholders in DNZ Property Fund Limited should be wary of an offer by Carrington Securities LP to buy their shares for $0.60 per share.

The Securities Commission reminds investors to be cautious of any unsolicited offer to purchase their investments and urges investors to seek professional advice before making any decision to accept the offer.

As the shares are not currently trading on any organised market, there is no market price against which investors can assess the offer and accordingly, it is very difficult to accurately assess the value of the company's shares. Shareholders should consider, together with other relevant factors, the indicative price range of $0.80 to $1.05 per shares which is set out in DNZ Property Fund Limited's prospectus.

Under securities legislation it is not illegal to offer to buy securities below their face value. Any offer to buy securities from investors must not be misleading or deceptive.

The general partner of Carrington Securities LP is Mr Bernard Whimp.

Ends

Contact: Rebecca Barclay 04 471 7666

Warning: Unsolicited Offer for Dorchester Finance Debentures

2013-03-27T18:51:34+13:00

Debenture-holders in Dorchester Finance Limited should be wary of an offer by Stock & Share Trading Company Pty Limited to buy their debentures for 5c in the dollar.

28 July 2010

Debenture-holders in Dorchester Finance Limited should be wary of an offer by Stock & Share Trading Company Pty Limited to buy their debentures for 5c in the dollar.

Stock & Share Trading Company, which is based in Australia, had previously made similar offers for debentures issued by Strategic Finance Limited and St Laurence Finance Limited.

The Securities Commission reminds investors to be cautious of any unsolicited offer to purchase their investments, especially where the offer is well below face value and urges investors to seek professional advice before making any decision to accept the offer.

Investors in Dorchester Finance Limited have voted to approve the capital reconstruction plan. In making their decision whether or not to accept the offer to purchase their debentures, debenture-holders should consider, together with other relevant factors, the value that the directors of Dorchester Pacific Limited, the parent company of Dorchester Finance Limited, have attributed to the securities to be issued under that plan.

Under securities legislation it is not illegal to offer to buy securities below their face value. Any offer to buy securities from investors must not be misleading or deceptive.

Ends

Contact: Rebecca Barclay 04 471 7666

FMA warns investors who receive unsolicited offers for their shares or other securities to seek advice

2013-03-27T18:51:33+13:00

FMA warns investors who receive unsolicited offers for their shares or other securities to seek advice

21 December 2011

The Financial Markets Authority advises investors that Stock & Share Trading Company Pty Ltd has requested copies of security holder registers from TOWER Ltd, Dorchester Pacific and a number of other issuers, potentially with a view to making unsolicited offers for securities held by investors.

FMA has asked that Stock & Share include a warning from FMA on any unsolicited offers they put into the marketplace, and Stock & Share have undertaken to do so. The warning is intended to encourage investors to make informed decisions by talking to an Authorised Financial Adviser or sharebroker to find out what their investment is really worth before committing to selling it.

FMA also advises investors that VonWin Capital Management L.P. intends to make an offer to the bondholders of Irongate Property Limited (In Receivership) who have expressed an interest in selling their bonds.

FMA has also asked that VonWin Capital Management include a warning in any offer they send to Irongate bondholders.

Warning: Further Unsolicited Offer for Strategic Finance Debentures

2013-03-27T18:51:33+13:00

The Securities Commission is warning all debenture-holders in Strategic Finance Limited to be wary of another offer by Stock & Share Trading Company Pty Limited.

15 November 2010

The Securities Commission is warning all debenture-holders in Strategic Finance Limited to be wary of another offer by Stock & Share Trading Company Pty Limited to buy their debentures for five cents in the dollar.

Earlier this year the Commission issued two warnings about similar offers made by Australian-based Stock & Share Trading Company for debentures issued by Strategic Finance and St Laurence Finance Limited.

While it is not illegal to make an unsolicited offer to buy investments or to offer to buy them at a price below their current market value, it is against the law to mislead or deceive investors into accepting an offer.

The Commission reminds investors to be cautious of any unsolicited offer to purchase their investments, especially where the offer is well below face value and seek independent, professional advice before making a decision to accept any offer.

Investors who receive unsolicited offers are encouraged to carefully read the offer and take the time to make a few important checks. See further guidance on the Commission's website (http://www.seccom.govt.nz/invest/articles/270810.shtml).

Ends

Rebecca Barclay 04 471 7666

Warning Disclosure Order under section 49 of the Financial Markets Authority Act 2011

2013-03-27T18:51:32+13:00

Warning Disclosure Order under section 49 of the Financial Markets Authority Act 2011

To:

Share Buyers Limited (Share Buyers) Suite 3775, 24 Moorefield Road
Johnsonville, Wellington

And to:

associated persons of Share Buyers, including any associated person that may be incorporated or formed after the date of this order (Share Buyers Associates)

The Financial Markets Authority (FMA) makes the following order under section 49(1) of the Financial Markets Authority Act 2011* against Share Buyers and Share Buyers Associates:

1.    Any offer document containing an unsolicited offer by Share Buyers or any Share Buyers Associate must contain, at the beginning of that offer document, a warning statement in the form attached as Annexure A to this order (Warning Statement).

2.    The Warning Statement is required to be printed:

a.    on one A4 page;
b.    on white paper;
c.    in black font no smaller than the font contained in Annexure A to this order; and
d.    in the same layout as the layout used in Annexure A to this order.

3.    Share Buyers must provide a copy of this order to each Share Buyers Associate.

4.    In this order, unless the context otherwise requires:

      associated persons has the meaning set out in section 49(7)(b) of the Financial Markets Authority Act 2011; and

      unsolicited offer means an offer to which all of the following apply:

(a)    the offer is to acquire a security, to acquire a power to dispose of a security, or to acquire another interest in or right attaching to a security, made by a person (A) to another person (B) (whether the acquisition is by A or an associated person of A); and

(b)    it is unsolicited by B; and

(c)    it is not made on a registered market; and

(d)    it is not a takeover offer for securities under the Takeovers Code or an acquisition or a redemption by a company of its shares under the Companies Act 1993; and

(a)    offer document means a document that contains or refers to an offer to acquire or dispose of securities, and includes any advertisement that refers to an interest in acquiring securities.

These orders are made subject to any further orders of FMA.

Dated at Wellington this 15th day of August 2011.

*Note that a person who contravenes an order made by FMA under section 49 of the Financial Markets Authority Act 2011 commits an offence and is liable on summary conviction to a fine not exceeding $300,000.

Warning: Stock & Share Trading Pty Limited may be offering you less than your investment is worth

2013-03-27T18:51:31+13:00

FMA makes a warning that Stock & Share Trading Pty Limited may be offering you less than your investment is worth

8 July 2011

This is a warning from the Financial Markets Authority.

The Financial Markets Authority urges you to treat this offer with great caution.

Before you accept it, carefully read the details of what you will be paid and when, and any fine print anywhere on the offer or forms.

Make an informed decision - seek advice from an authorised financial adviser, a Community Law Centre, or Citizen's Advice Bureau.

Even if you've been asked to respond urgently, take the time to make a few important checks:

How much will you receive for your investment? Check the most recent market price for your investment and compare it with the price you are being offered. For listed companies, the most recent price is available on the NZX website www.nzx.com and in newspapers.

If your investment isn't traded on any organised market (for example because it is an interest in a failed finance company), find out how much it is likely to be worth from a authorised financial adviser, the company that offers the investment, or (if the company you invested in is in receivership) from the receivers. Receivers reports can give a good indication of how much you are likely to receive for your investment. You can find copies of the receivers reports by searching under the companies name on the Companies Office website www.companies.govt.nz.

When will you get paid? Make sure you understand when and how you will get paid. It may be that you won't get paid for some time after you've handed over your investment.

Who is making the offer? Check who you are dealing with, and consider whether they are trustworthy and likely to pay you.

The Financial Markets Authority regulates New Zealand's financial markets. Our main objective is to promote fair, efficient and transparent financial markets. To find out more about us and for help with investing see www.fma.govt.nz.

Warning: Be wary of unsolicited offers from Share Buyers Limited and associates

2013-03-27T18:51:31+13:00

FMA urges you to be wary of unsolicited offers from Share Buyers Limited and associates

8 July 2011

This is a warning from the Financial Markets Authority.

The Financial Markets Authority urges you to treat this offer with great caution.

Before you accept it, carefully read the details of what you will be paid and when, and any fine print anywhere on the offer or forms.

It is likely that this offer to purchase your investment is for much less than what your investment is actually worth.

Make an informed decision - seek advice from an authorised financial adviser, a Community Law Centre or Citizen's Advice Bureau.

Even if you've been asked to respond urgently, take the time to make a few important checks:

How much will you receive for your investment? Check the most recent market price for your investment and compare it with the price you are being offered. For listed companies, the most recent price is available on the NZX website www.nzx.com and in newspapers.

If your investment isn't traded on any organised market, find out how much it is likely to be worth from an authorised financial adviser, the company that offered the investment, or (if the company you invested in is in receivership) from the receivers. Receivers reports can give a good indication of how much you are likely to receive for your investment. You can find copies of the receivers reports by searching under the companies name on the Companies Office website www.companies.govt.nz.

When will you get paid? Make sure you understand when and how you will get paid. It may be that you won't get paid for some time after you've handed over your investment.

Who is making the offer? Check who you are dealing with, and consider whether they are trustworthy and likely to pay you.

Warning: FMA warns SuperLife in relation to KiwiSaver sales practices

2013-03-27T18:51:31+13:00

Warning: Offers from Mr Bernard Whimp May Not Be in Your Best Interests

2013-03-27T18:51:30+13:00

FMA urges you to treat this offer from Mr Bernard Whimp with great caution.

2 May 2011

This is a warning from the Financial Markets Authority.

The Financial Markets Authority urges you to treat this offer with great caution.

Before you accept it, carefully read the details of what you will be paid and when, and any fine print anywhere on the offer or forms.

The Financial Markets Authority considers it is not in your interests to accept an offer that is for less than the market price, or where you will have to wait longer than three days to be paid.

Make an informed decision - seek advice from a registered financial adviser, your lawyer, your accountant, a Community Law Centre or Citizen's Advice Bureau.

Even if you've been asked to respond urgently, take the time to make a few important checks:

How much will you receive per share? Check the most recent market price for your shares and compare it with the price you are being offered. For listed companies, the most recent price is available on the NZX website and in newspapers. If your investment isn't traded on any organised market, find out how much it is likely to be worth from a registered financial adviser.
When will you get paid? Make sure you understand when and how you will get paid. It may be that you won't get paid for some time after you've handed over your shares. Payment may be made in instalments, rather than in a lump sum, and these payments may be spread over many years - possibly ten or fifteen years.
Who is making the offer? The offer may have come from an entity associated with Mr Whimp that has little or no assets. If you accept it, you will be trusting a stranger with no known financial substance to pay you for your shares when they say they will. Check who you are dealing with, and consider whether they are trustworthy and likely to pay.

The Financial Markets Authority specifically warns you that if you sell your shares by accepting this offer, you risk selling them for less than you would get by selling them through a sharebroker.

If you sell shares through a sharebroker you will receive the full market price for your shares (less any brokerage fees) and you are likely to receive payment within 3 days. You can find a sharebroker in the Yellow® Pages under "sharebroker", on the NZX website, or by talking to a registered financial adviser.

Warning: Think Before Signing Away 'Mum and Dad' Investor Rights

2013-03-27T18:51:30+13:00

The Financial Markets Authority is warning investors against being classified as wholesale investors and losing retail 'mum and dad' investor rights and protections.

5 May 2011

The Financial Markets Authority is warning investors against being classified as wholesale investors and losing retail 'mum and dad' investor rights and protections.

FMA's priority is increasing investor confidence in capital markets and increased protections are being phased in (by 1 July 2011) for retail investors. These include advisers being subject to professional conduct standards and disclosure requirements, and investors having the ability to complain to an independent dispute resolution scheme.

Advisers servicing only wholesale clients do not have to offer the same protections.

An investor recently complained about being asked to sign an 'eligible investor' document making him a wholesale client.

FMA Director of Financial Adviser Regulation, Mel Hewitson said the investor was right to be concerned.

Ms Hewitson said wholesale investors were defined in the Act to include local authorities and Crown entities, those who habitually invested money as part of their business as well as 'eligible investors' who certified themselves as knowledgeable.

"However, entities with net assets over a million dollars are also caught. That could quite easily be a farmer who has just sold the farm, or a retiring small business owner who places money in a trust or partnership entity - that is, the sort of person who may not have the type of detailed financial knowledge you might expect a typical 'wholesale' client to have," she said.

Investors who have been classified as wholesale clients have the ability to 'opt out' and be treated as a retail client if they choose, she said.

"Investors should think carefully about the consequences of becoming a wholesale client.

"This is why it's a requirement for investors who choose to become 'eligible investors' to certify this in writing, and why there are penalties for advisers who don't explain the consequences adequately."

Ends

For more information: Rebecca Barclay 04 471 7666

Commission Warns About More Unsolicited Offers

2013-03-27T18:51:29+13:00

The Securities Commission is alerting investors to be wary of further unsolicited offers for shares which have been brought to its attention.

17 March 2011

The Securities Commission is alerting investors to be wary of further unsolicited offers for shares which have been brought to its attention following a warning it issued yesterday.

The latest offers are from NZ Investment Securities LP for Vector Limited shares and Carlyle Securities LP for Contact Energy shares.

Commission chairman, Jane Diplock, said "These offers are worth significantly less than appears at first sight - it cannot be in a shareholder's best interests to accept."

Like the offers warned of yesterday, although the offer price would appear to be above the market value of the shares, payment for the shares is deferred. The payment wouldn't be received by the investor in full for as long as 10 years - with yearly payments being made in instalments of only a few cents a year per share.

For yesterday's warning and guidance on unsolicited offers (http://www.seccom.govt.nz/invest/articles/270810.shtml), see the Commission's website

Ends

Contact: Roger Marwick 04 471 7659

Warning: Unsolicited Offer for The Warehouse Group Limited Shares

2013-03-27T18:51:29+13:00

Shareholders in The Warehouse Group Limited should be wary of an offer dated 18 April 2011 from Cargill Securities LP (Cargill) to buy their shares for $2.34 per share.

26 April 2011

Shareholders in The Warehouse Group Limited should be wary of an offer dated 18 April 2011 from Cargill Securities LP (Cargill) to buy their shares for $2.34 per share.

The general partner of Cargill is Mr Bernard Whimp. This follows a warning issued last week about an unsolicited offer by NZ Investment Securities LP, of which Mr Whimp is also the general partner, for Sky City Entertainment Group Limited shares. The Commission also warned that Mr Whimp, and some other people, had recently requested the share registers of a number of other listed companies. The Commission is concerned that other unsolicited offers may be made in the coming weeks.

The Commission is currently taking legal proceedings against Cargill and other limited partnerships associated with Mr Whimp.

The Commission considers that it cannot be in a shareholder's interests to accept the Cargill offer for the following reasons. The amount offered per share is less than the current market price of the shares. The most recent market price for the shares is available on the NZX website at www.nzx.com. At 3.00pm on 26 April 2011, the market price was $3.55 per share. If a shareholder instead sold their shares through a broker, they would receive the full market price (less any fees payable). That means that any shareholder who sold their shares to Cargill today would lose more than $1 per share - or around a third of their shares' value.

In addition, payment for the shares will not be made until up to 14 days after Cargill has received notification from the share registry that the shares have been transferred. It is therefore likely that shareholders will not receive payment for shares sold under the offer for at least 3 weeks after they accept it. If a shareholder instead sold their shares through a broker, they would likely receive payment within 3 working days.

The offers suggest that there is an urgent need for investors to act on the offers. The Commission is not aware of any such urgency.

It is not illegal to make an unsolicited offer to buy investments or to offer to buy them at a price below their current market value. However it is against the law to mislead or deceive investors into accepting an offer.

Any investor who receives an unsolicited offer is encouraged to treat such an offer with great caution, to carefully read the offer in full including any fine print anywhere on the forms, and to take the time to make a few important checks. For further guidance, see the Commission's website www.seccom.govt.nz.

Ends

Contact: Roger Marwick 04 471 7659

Warning: Unsolicited Offer for Sky City Entertainment Group Limited Shares and Further Expected Unsolicited Offers

2013-03-27T18:51:28+13:00

Shareholders in Sky City Entertainment Group Limited should be wary of an offer dated 18 April 2011 from NZ Investment Securities LP (NZIS)

20 April 2011

Shareholders in Sky City Entertainment Group Limited should be wary of an offer dated 18 April 2011 from NZ Investment Securities LP (NZIS) to buy their shares for $2.30 per share.

The general partner of NZ Investment Securities LP is Mr Bernard Whimp. The Commission is currently taking legal proceedings against NZ Investment Securities LP and other limited partnerships associated with Mr Whimp. The Commission considers that it cannot be in a shareholder's interests to accept the offer for the following reasons.

The amount offered per share is less than the current market price of the shares. The most recent market price for the shares is available on the NZX website at www.nzx.com. At 11.00am on 20 April 2011, the market price was $3.39 per share.

If a shareholder instead sold their shares through a broker, they would receive the full market price (less any fees payable).

That means that any shareholder who sold their shares to NZIS today would lose around $1 per share - or around a third of their shares' value.

In addition, payment for the shares will not be made until up to 14 days after NZIS has received notification from the share registry that the shares have been transferred. It is therefore likely that shareholders will not receive payment for shares sold under the offer for at least 3 weeks after they accept it.

If a shareholder instead sold their shares through a broker, they would likely receive payment within 3 working days. The offers suggest that there is an urgent need for investors to act on the offers. The Commission is not aware of any such urgency.

The Commission is aware that Mr Whimp, and some other people, have recently requested the share registers of a number of other listed companies and is concerned that other unsolicited offers may be made in the coming weeks.

For further guidance, see Unsolicited Offers - Guidance for Investors

Contact: Rebecca Barclay 04 471 7666

Recent Offers by Limited Partnerships Associated with Mr Bernard Whimp to Purchase Shares

2013-03-27T18:51:28+13:00

Shareholders in several listed companies have complained to the Securities Commission about offers made in March 2011 from limited partnerships

Which offers?

The offers were made around 15-18 March 2011 by:

Carrington Securities LP - to buy shares in TrustPower Limited
NZ Investment Securities LP - to buy shares in Vector Limited
Chase Securities LP - to buy shares in Guinness Peat Group plc
Carlyle Securities LP - to buy shares in Contact Energy Limited
Energy Securities LP - to buy shares in DNZ Property Fund Limited
Fairfield Securities LP - to buy shares in Fletcher Building Limited.

Mr Whimp is the general partner of all these limited partnerships.

What has the Securities Commission done about the offers?

We have obtained interim orders that stop the transfer of shares to the buyers until the Court decides whether the offers are misleading.

What happens next?

The Court will decide on 9 May 2011 if the offers are misleading.

I accepted an offer - what should I do now?

You don't have to do anything at the moment.

You can go to our website at www.seccom.govt.nz for more information, and watch the media for the outcome of the hearing.

If the Court decides the offers were misleading, the Securities Commission will ask it to cancel the share sales and for any shares already sold to be returned. If the Court decides the offers weren't misleading, the accepted offers will go through and shares will be transferred.

You may have had a notice from us or be about to get one. This explains that you may go ahead and sell your shares regardless of what the Court decides about the offers.

DO NOT SIGN and return the notice UNLESS you do want to go ahead and sell your shares to the limited partnership that offered to buy them.

What shall I do if the Court decides the offers weren't misleading?

We recommend you get legal advice as soon as possible. The Court may decide the offers were not misleading, and/or the Commission might be unable to cancel the sale of shares and have them returned to you.

We can't give you any legal advice. A lawyer will be able to tell you what your other options are.

How did the partnerships get hold of information about me?

Companies are legally required to provide a copy of their share registers to anyone who asks for it. This includes the names and addresses of their shareholders.

Are these offers illegal?

It's not illegal to offer to buy someone's shares or to offer to buy them at below their current market value. But it is against the law to mislead or deceive someone into accepting an offer.

At first sight, these offers seem to be for above the shares' current market value, but we believe they are misleading. You won't be fully paid for 10 years so, in today's value, the offer is worth much less than first appears.

Not only is the offer worth less than it appears, but it's worth less than you would get if you sold your shares now at the current price through a sharebroker.

You will also lose rights to any dividends over those 10 years, and you will have to trust the creditworthiness of the limited partnership to meet your ongoing payments.

Where can I get more information?

Go to www.seccom.govt.nz. Or you can call the registrar of the company you hold shares in - Computershare Investor Services Limited - on 0800 888 726.

Commission Issues Warning on Unsolicited Offers from Carrington Securities and Energy Securities LP

2013-03-27T18:51:28+13:00

The Securities Commission is warning investors to be very wary of any unexpected offers they may receive for their shares or other investments.

16 March 2011

The Securities Commission is warning investors to be very wary of any unexpected offers they may receive for their shares or other investments.

Over the past week, the Commission has become aware of a number of unsolicited offers, including for TrustPower shares and for units in the DNZ Property Fund.

The offers have been made by limited partnerships, Carrington Securities and Energy Securities LP of which Bernard Whimp is general partner.

Unlike earlier unsolicited offers on which the Commission has issued warnings, these offers are made at prices that appear at first sight to be above their market value. However, payment for the shares or units is deferred and wouldn't be received by the investor in full for as long as 10 years - with yearly payments being made in instalments of only a few cents a year per share.

This means that the offers are worth significantly less than may appear at first sight and may even mean that the investor will never receive the full payment if the offeror is unable or unwilling to pay at any time in the future.

The Commission has also been informed that requests have been made by Mr Whimp for copies of the share registers of a significant number of New Zealand listed companies and suspects that a large number of investors may soon receive unexpected offers for their investments.

Commission Chairman, Jane Diplock said "We strongly recommend that any investor who receives an unexpected offer to buy their investments takes the time to check they understand a few simple facts about the offer - including both how the price being offered compares with the market price and also when the purchase price is payable - and to seek advice and support from another person. Ideally a reputable financial adviser, but talking with the Citizens Advice Bureau or even family and friends can be a good start."

While it is not illegal to make an unsolicited offer to buy investments, it is against the law to mislead or deceive investors into accepting an offer and the Commission is urgently reviewing the current offers in light of that requirement.

Investors who receive unsolicited offers are encouraged to carefully read the offer and take the time to make a few important checks - for further guidance, see see Unsolicited Offers - Guidance for Investors (http://www.seccom.govt.nz/invest/articles/270810.shtml) and look out for announcements from the company concerned.

Ends

Contact: Roger Marwick 04 471 7659/021 020 47775

Warning: Be wary of using portfolio services provided by Ajay Kumar Vallabhaneni

2013-03-27T18:51:27+13:00

Warning: Be wary of using portfolio services provided by Ajay Kumar Vallabhaneni

25 February 2013

The Financial Markets Authority (FMA) warns potential investors not to use portfolio or other financial advice services provided by Ajay Kumar Vallabhaneni (also known as Ajay Kumar), a former Authorised Financial Adviser.

Mr Vallabhaneni is no longer authorised to provide financial adviser services. FMA believes that Mr Vallabhaneni is currently residing overseas, but has New Zealand connections and may return to New Zealand and purport to provide portfolio or other financial advice services.

FMA has concerns that Mr Vallabhaneni declined to repay the value of an investor's portfolio when requested.

If you are approached by Mr Vallabhaneni to use portfolio services, FMA would like to hear from you. Please contact our helpline on 0800 434 567.

Warning: Beware of offerings of securities made by NJF Global Group and Profitable Sunrise

2013-03-27T18:51:27+13:00

Warning: Beware of offerings of securities made by NJF Global Group and Profitable Sunrise

11 March 2013

The Financial Markets Authority (FMA) warns the public of an illegal offering of securities by Profitable Sunrise (Prosun) and/or NGF Global Group which has been advertised on 'youtube' by Mr Robert(Bob)Hughes, also known as Bob Hughes.

It is FMA's understanding that these entities are operating from the UK and the US.

FMA is concerned that Prosun is illegally offering securities to the public in New Zealand in breach of NZ securities law, and warns New Zealanders not to invest in the above entities.

If you have invested with Profitable Sunrise or NJF Global Group, FMA would like to hear from you. Please contact our helpline on 0800 434 567.

Cold-calling share scam

2013-03-27T18:51:26+13:00

Cold-calling share scam

The Ministry of Economic Development has issued the following media release:

'Boiler room' scam threatens to dupe New Zealanders.

New Zealand investors are in danger of being fleeced by a sophisticated new cold-calling share scam.

Fraudsters posing as a legitimate Japanese company, Sumitomo Mitsui Financial Corporation, are cold-calling investors and making lucrative share offers. The scammers get the numbers from publicly available shareholder lists, making their approach all the more plausible.

It's the latest warning from a cross-agency working group, made up of the Ministry of Consumer Affairs, Department of Internal Affairs and Netsafe. The group is dedicated to fighting consumer fraud.

The boiler room scammers persuade their victims to sell underperforming shares in their portfolios. The scammers send legitimate-looking payment instructions, refund documents offering 'protection' if the sale falls through and have created a clone website of the actual company.

This type of fraud − sometimes known as a boiler room scam, referring to the boiler rooms from which the fraudsters typically operate − is usually a slick operation.

"The callers are very clever and persuasive," says Ministry of Consumer Affairs Team Leader Jarrod Rendle. "They make offers that are very hard to resist. Add to that an impressive website and documentation that appears genuine and even the most seasoned investor is at risk of being taken in."

The Financial Markets Authority advises the safest way to buy shares in overseas companies is through a registered New Zealand broker, who is responsible under New Zealand law. Brokers must be registered and you can check a caller's credentials for free on the Financial Service Providers Register, at www.fspr.govt.nz, or by calling the Financial Markets Authority on 0800 434 556.

For information on how to invest safely visit www.fma.govt.nz. The Financial Markets Authority also publishes the names of firms that have tried to scam people in New Zealand, as well as a list of the official-sounding agencies scammers use to try to prove their authenticity.

More information

Cyber safety - www.netsafe.org.nz
Information on spam, and to report email, fax or text spam - www.antispam.govt.nz
Scams - www.scamwatch.govt.nz

Warning: Be wary of unsolicited offers from Ross Investments (Aust) Pty Limited

2013-03-27T18:51:26+13:00

Warning: Be wary of unsolicited offers from Ross Investments (Aust) Pty Limited and associated persons

13 July 2012

The Financial Markets Authority advises investors that Ross Investments (Aust) Pty Limited (or an associated person) is requesting copies of the debenture holder register from Dominion Finance Group Limited (In Receivership & In Liquidation) and possibly copies of registers of other issuers, potentially with a view to making unsolicited offers for securities held by investors.

Ross Investments (Aust) Pty Limited and its director Mr Robert Ross were convicted in the District Court at Auckland in April 2006 for breaches of the Fair Trading Act 1986 in relation to unsolicited offers to purchase securities in two New Zealand companies. In September 2007 the High Court of Australia in Melbourne declared that Ross Investments (Aust) Pty Limited and Mr Ross contravened the Australian Corporations Act 2001 in relation to unsolicited offers for securities in Australian companies.

The Financial Markets Authority urges you to treat any offers from Ross Investments (Aust) Pty Limited and any associated person with great caution.

It is possible that any offer to purchase your investment will be for less than what your investment may be actually worth.

Before you accept any offers the Financial Markets Authority urges investors to carefully read the Financial Markets Authority guidance for investors who receive unsolicited offers, which can be found here.

Make an informed decision - seek advice from an authorised financial adviser, a Community Law Centre or Citizen's Advice Bureau.

Warning: Be wary of unsolicited offers from Stock & Share Trading Company Pty Limited

2013-03-27T18:51:26+13:00

Warning: Be wary of unsolicited offers from Stock & Share Trading Company Pty Limited

3 September 2012

The Financial Markets Authority (FMA) is reminding investors to be wary of unsolicited offers being made by Stock & Share Trading Company Pty Limited for shares and other securities. Stock & Share's offers are often for significantly less than the market value of the securities.

Stock & Share has regularly been making unsolicited offers and continues to do so. FMA is aware of two current offers by Stock & Share, one for certain capital notes issued by Fletcher Building Industries Limited and the other for shares in TOWER Limited. Stock & Share has also recently requested registers of security holders from a number of other entities, including ASB NZ Property Trust, so it is likely that it will be making further unsolicited offers.

Since October last year, Stock & Share has been required to carry an FMA warning statement on any unsolicited offers it makes, pursuant to an enforceable undertaking provided to FMA. The warning statement encourages investors to make informed decisions by recommending that they talk to an Authorised Financial Adviser (AFA) about what their investment is really worth and by disclosing the market price of the securities, or alternative pricing information if the securities are not listed.

FMA has recently published a brochure on unsolicited or "low ball" offers which can be found here or picked up from a Citizens Advice Bureau.

A list of Authorised Financial Advisers (AFAs) can be found here.

A list of sharebrokers, including online brokers, can be found here on the NZX website.

FMA's earlier general warning on Stock and Share offers can be found here.

FMA warns of illegal offer by Makko Securities to advise on Facebook IPO

2013-03-27T18:51:25+13:00

FMA warns of illegal offer by Makko Securities to advise on Facebook IPO

29 February 2012

Makko Securities is not registered to provide financial services in New Zealand and therefore cannot legally offer financial advice or broking services to retail investors in New Zealand.

FMA notes that no shares in Facebook are available to the public at this time, and that any offer of shares in Facebook is therefore likely to be a scam. Any initial offer of shares in Facebook in New Zealand would have to meet the requirements of the Securities Act 1978.

Makko Securities is a company purporting to have offices in London, Singapore and the Cayman Islands.

FMA reminds the public that they can search the Financial Service Providers Register to ensure that anyone offering to broker shares, or to provide financial advice on shares, is properly registered. FMA encourages investors to seek financial advice in relation to investing in shares from an Authorised Financial Adviser.

Ends

Beneficial Ownership Guideline

2013-03-27T18:51:24+13:00

Beneficial Ownership Guideline

This guideline is to assist reporting entities to conduct customer due diligence of the beneficial owner of their customers.

AFA Survey 2012

2013-03-27T18:51:24+13:00

AFA Survey 2012

FMA's Compliance Focus for 2013

2013-03-27T18:51:24+13:00

Compliance Focus for 2013

FMA's Compliance Focus for 2013

Guideline for audits of risk assessments and AML/CFT programmes

2013-03-27T18:51:23+13:00

Guideline for audits of risk assessments and AML/CFT programmes

FMA will use the Audit Report as a supervisory tool. We believe that it will give us a good insight into the AML/CFT compliance regime of a reporting entity and be an effective way of helping us to supervise reporting entities. If the Audit report does not provide us with sufficient assurance that a reporting entity's AML/CFT regime is robust and effective, we may adopt a more vigorous supervisory approach to give us assurance that the reporting entity's AML/CFT regime is up to the required standards.

Guideline: Territorial scope of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

2013-03-27T18:51:23+13:00

Guideline: Territorial scope of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009

This guideline is designed to help financial institutions understand the territorial scope of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

2012 Stakeholder Survey

2013-03-27T18:51:22+13:00

2012 stakeholder survey

View the Executive Summary of the stakeholder survey conducted by Colmar Brunton on behalf of FMA. The survey included 14 in depth face to face interviews, and 203 online responses.

The purpose of the survey was to better understand perceptions of our organisation and our interactions with the market. It is also an important reporting tool, enabling FMA to supply independent analysis and is referenced in our Statement of Intent.

Click here to view the Executive Summary.

Consultation Paper: Issuer exemptions from licensed auditor requirement

2013-03-27T18:51:22+13:00

Consultation Paper: Issuer exemptions from licensed auditor requirement

Superannuation Schemes Report for the year ended 30 June 2012

2013-03-27T18:51:21+13:00

Superannuation Schemes Report for the year ended 30 June 2012

KiwiSaver Report for the year ended 30 June 2012

2013-03-27T18:51:21+13:00

KiwiSaver Report for the year ended 30 June 2012

Review of Financial Reporting by Issuers - Cycle 10

2013-03-27T18:51:20+13:00

December 2009

The Financial Reporting Surveillance Programme encourages high-quality financial reporting that will enhance the credibility of issuers' financial information and thus strengthen investor confidence.

About This Report

This report presents the findings of Cycle 10 of the New Zealand Securities Commission's Financial Reporting Surveillance Programme. The Commission reviewed the annual reports of 20 issuers with balance dates from 31 January 2009 to 31 March 2009.

Handbook - Corporate Governance in New Zealand - Principles and Guidelines

2013-03-27T18:51:20+13:00

Sets out nine Principles of corporate governance for application within a broad range of entities.

16 March 2004

The Securities Commission published a report Corporate Governance in
New Zealand Principles and Guidelines in February 2004. The report sets out nine Principles of corporate governance for application within a broad range of entities.

About This Handbook

This Handbook is a shortened version of the report Corporate Governance in New Zealand Principles and Guidelines. It is intended as a reference for directors, executives and advisers, as they decide how best to apply the Principles to their particular entity. The nine Principles and their accompanying guidelines are included together with the Commission's view on the particular area of corporate governance.

Report of the Government Actuary for the Year Ended 30 June 2010

2013-03-27T18:51:19+13:00

Presented to the House of Representatives pursuant to Section 28 of the Superannuation Schemes Act 1989.

Review of Financial Reporting by Issuers - Cycle 11

2013-03-27T18:51:19+13:00

Financial reporting and corporate governance - Cycle 11

The Financial Reporting Surveillance Programme encourages high-quality financial reporting that will enhance the credibility of issuers' financial information and thus strengthen investor confidence.

About This Report

This report sets out findings from Cycle 11 of the Commission's ongoing Financial Reporting Surveillance Programme (FRSP) and covers entities with balance dates from 31 March 2009 to 30 June 2009.

Review of Corporate Governance Disclosure by Selected Issuers

2013-03-27T18:51:18+13:00

The purpose of this report is to inform governing bodies, investors and other stakeholders of the findings of the reviews of issuers' corporate governance disclosures.

July 2010

Recently, the Securities Commission recommenced its reviews of issuers' corporate governance disclosures. Selected issuers' disclosures are reviewed against the Securities Commission's Corporate Governance Principles and Guidelines.

The purpose of this report is to inform governing bodies, investors and other stakeholders of our findings so that they can reflect critically on the governance practices and disclosures of issuers. In so doing, we aim to promote high standards of corporate governance by issuers and ultimately improve confidence in New Zealand's capital markets.

KiwiSaver Report of the Government Actuary for the Year Ended 30 June 2010

2013-03-27T18:51:18+13:00

Presented to the House of Representatives pursuant to Section 194 of the KiwiSaver Act 2006.

Anti-Money Laundering and Countering the Financing of Terrorism - Sector Risk Assessment

2013-03-27T18:51:17+13:00

This sector risk assessment (SRA) is a preliminary assessment by the AML/CFT supervisors to assess the risks of money laundering across the sector they will supervise.

13 June

This guideline has designed to help reporting entities conduct a risk assessment, as required under section 58 of the Anti-Money Laundering and Countering Financing of Terrorism Act.

March 2011

This sector risk assessment (SRA) is a preliminary assessment by the AML/CFT supervisors to assess the risks of money laundering across the sector they will supervise.

Review of Financial Reporting by Issuers - Cycle 13

2013-03-27T18:51:17+13:00

March 2011

The Financial Reporting Surveillance Programme encourages high-quality financial reporting that will enhance the credibility of issuers' financial information and thus strengthen investor confidence.

About This Review

This report sets out findings from Cycle 13 of the Commission's ongoing Financial Reporting Surveillance Programme. It covers 20 issuers with a balance date of 31 March 2010.

Review of Financial Reporting by Issuers - Cycle 12

2013-03-27T18:51:17+13:00

October 2010

The Financial Reporting Surveillance Programme encourages high-quality financial reporting that will enhance the credibility of issuers' financial information and thus strengthen investor confidence.

About This Report

This report sets out findings from Cycle 12 of the Commission's ongoing Financial Reporting Surveillance Programme (FRSP). It covers 21 issuers with balance dates ranging from 30 June 2009 to 31 January 2010.

Review of Financial Reporting by Issuers - Cycle 14

2013-03-27T18:51:16+13:00

This report presents the findings of Cycle 14 of the New Zealand Securities Commission’s Financial Reporting Surveillance Programme.

April 2011

The Financial Reporting Surveillance Programme encourages high-quality financial reporting that will enhance the credibility of issuers' financial information and thus strengthen investor confidence.

About This Review

This report presents the findings of Cycle 14 of the New Zealand Securities Commission's Financial Reporting Surveillance Programme (FRSP), which sampled 25 issuers' financial reports dated between 31 March 2010 and 31 July 2010.

Offering Securities in New Zealand and Australia under Mutual Recognition

2013-03-27T18:51:16+13:00

This is a guide for New Zealand and Australian issuers offering securities or interests in managed or collective investment schemes in both countries.

March 2011

About this guide

This is a guide for New Zealand and Australian issuers offering securities or interests in managed or collective investment schemes in both countries. It explains what issuers have to do under the trans-Tasman mutual recognition scheme for offers of securities.

This is a joint guide published by the Australian Securities and Investments Commission (ASIC) and the New Zealand Securities Commission (NZSC).

Identity Verification Code of Practice 2011

2013-03-27T18:51:15+13:00

This code of practice provides a suggested best practice for all reporting entities

1 September 2011

This code of practice provides a suggested best practice for all reporting entities conducting name and date of birth identity verification on customers (that are natural persons) they have assessed to be low to medium risk.

Anti-Money Laundering and Countering Financing of Terrorism - Risk Assessment Guideline

2013-03-27T18:51:15+13:00

AML/CFT Risk Assessment Guideline

13 June

This guideline has designed to help reporting entities conduct a risk assessment, as required under section 58 of the Anti-Money Laundering and Countering Financing of Terrorism Act.

Oversight Review of NZX: 1 January 2009 - 30 June 2010

2013-03-27T18:51:15+13:00

The Securities Commission has reviewed NZX's performance of its regulatory functions as a registered exchange under the Securities Markets Act 1988.

April 2011

The Securities Commission has reviewed NZX's performance of its regulatory functions as a registered exchange under the Securities Markets Act 1988. This review, the fifth oversight review of NZX to be conducted by the Commission, focussed on NZX's arrangements for discharging its obligations (as specified in paragraph 12) during the period from 1 January 2009 to 30 June 2010 and developments, relating to matters within the scope of the review, up to the date of this report.

Superannuation Schemes Report for the Year Ended 30 June 2011

2013-03-27T18:51:14+13:00

Superannuation Schemes Report 2011

Presented to the House of Representatives pursuant to Section 28 of the Superannuation Schemes Act 1989

Interpreting "Ordinary Course of Business" Guideline

2013-03-27T18:51:14+13:00

This guideline is designed to help clarify the meaning of the phrase “in the ordinary course of business”

20 September 2011

This guideline is designed to help clarify the meaning of the phrase "in the ordinary course of business" in the definition of financial institution in the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).

Roadmap for markets regulation: Oliver Wyman stakeholder report

2013-03-27T18:51:13+13:00

This report details the results of stakeholder research conducted around the time of FMA’s establishment in 2011.

November 2011

This report details the results of stakeholder research conducted around the time of FMA's establishment in 2011. It outlines stakeholder priorities, articulates key strategic priorities for the organisation and highlights challenges to implementation.

FMA signals its intention to provide guidance on the use of alternative performance measures

2013-03-27T18:51:13+13:00

FMA will issue draft guidance for public consultation in 2012 on the use of alternative performance measures in public communications.

10 November 2011

The Financial Markets Authority will issue draft guidance for public consultation in 2012 on the use of alternative performance measures in public communications.

Background

It is becoming increasingly common for New Zealand issuers to include financial information in public documents including annual reports, market announcements and transaction documents that do not conform to accounting standards. In particular, it has become increasingly common for entities to present alternative performance measures such as "underlying profit" or "normalised profit".

The Financial Markets Authority (FMA) intends to release for consultation a draft regulatory guide on disclosing alternative performance measures and other information prepared other than in accordance with accounting standards (non-conforming financial information, or NCFI). We have commenced initial discussions with market participants with a view to issuing a draft guide for public consultation in 2012.

FMA supports the continued application of International Financial Reporting Standards for issuers in New Zealand and views its broad and consistent application as helping to promote confidence in capital markets. FMA considers that, while NCFI can provide useful information to investors, it also has the potential to be misleading if, for example, it is used to mask bad news or to smooth results. NCFI can also lead to inaccurate comparisons of performance in different entities.

As a result, FMA intends to provide guidance on the use of NCFI in public communications. Key proposals expected to be contained in the draft regulatory guidance include:

NCFI should not be misleading.

NCFI should not be given undue prominence, emphasis or authority when compared with financial information prepared in accordance with accounting standards.

Restrictions on the use of NCFI on the face of the financial statements.

A reconciliation between NCFI and statutory information must be presented along with an explanation for each material adjustment. In addition an explanation on why such NCFI is presented should also be included along with details of its calculation.

A consistent approach from period to period should be adopted in calculating NCFI and, where there are changes, an explanation and reconciliation should be provided.

Adjustments made to information prepared in accordance with accounting standards should be unbiased, and should not merely remove "bad news".

Entities should disclose if the NCFI has been audited or reviewed.

NCFI should be clearly identified as non-conforming.

The FMA maintains relationships with other regulators in New Zealand and internationally. In particular, FMA contributes to the development of the trans-Tasman Single Economic Market agenda, ratified by both the Australian and New Zealand governments. To this end, we maintain a strong relationship with the Australian Securities and Investments Commission (ASIC).

ASIC is in the process of finalising guidance in relation to NCFI and, given its broader agenda, FMA will closely consider this guidance in developing appropriate and relevant guidance for the New Zealand Market.

Contact:
Nick Stride on 09 985 4868 or 021 739 052

KiwiSaver Report for the Year Ended 30 June 2011

2013-03-27T18:51:13+13:00

KiwiSaver Annual Report 2011

Presented to the House of Representatives pursuant to the section 194 of the KiwiSaver Act 2006.

Guide for small financial adviser businesses

2013-03-27T18:51:12+13:00

A guide to help financial advisers working independently or in a small business

A guide to help financial advisers working independently or in a small business comply with their obligations under the AML/CFT Act.

AML/CFT Programme Guideline

2013-03-27T18:51:12+13:00

This guideline is designed to help reporting entities develop their AML/CFT programme.

13 December 2011

This guideline is designed to help reporting entities develop their AML/CFT programme.

Report on the NZX General Obligations Review

2013-03-27T18:51:11+13:00

Report on the NZX General Obligations Review

Report on the NZX General Obligations Review: 1 July 2010 - 30 December 2011.

29 June 2012

FMA has reviewed NZX's compliance with its obligations under:

Section 36Y of the Securities Markets Act 1988

The Authorised Futures Exchange (NZX Limited) Notice 2010.

This review is the first FMA assessment since amendments introduced by the Securities Markets Amendment Act 2011 came into effect on 1 May 2011 and the Futures Exchange Notice came into force in September 2010.

FMA focussed on NZX's obligations in ensuring the development of fair, efficient and transparent financial markets during the period 1 July 2010 to 30 December 2011.

Briefing to the Incoming Minister

2013-03-27T18:51:11+13:00

Briefing paper for the incoming Minister of Commerce, provided on 25 November 2011.

Memorandum of Understanding between Financial Markets Authority and Serious Fraud Office

2013-03-27T18:51:11+13:00

MoU between FMA and SFO

The Financial Markets Authority (FMA) and the Serious Fraud Office (SFO) have signed a Memorandum of Understanding (MOU).

Designated Business Group – Scope Guideline

2013-03-27T18:51:10+13:00

Designated Business Group – Scope Guideline

This guideline is designed to assist reporting entities to understand which obligations may be shared by members of a designated business group (DBG)

Countries Assessment Guideline

2013-03-27T18:51:09+13:00

Countries Assessment Guideline

This guideline is designed to help reporting entities decide when they will have to assess aspects of another country's regulatory environment and how they could do it.

Designated Business Group – Formation Guideline

2013-03-27T18:51:09+13:00

Designated Business Group – Formation Guideline

This guideline is designed to help reporting entities forming a DBG understand the process for doing so.

FMA Update - 11 December 2012

2013-03-27T18:51:08+13:00

FMA Update - 11 December 2012

Consultation Paper: Class exemption review

FMA has published a consultation paper on 17 Securities Act and Financial Reporting Act class exemption notices currently under review. Fourteen of these notices are notices on which FMA has already received and considered submissions. FMA's consultation paper proposes advanced policy positions on these notices, which were extended until 31 March 2013 to enable this further consultation. Three additional notices have been added to FMA's review because they are due to expire in 2013. FMA also provides proposals for consultation on these additional notices.

The consultation paper is available on our website www.fma.govt.nz at 'Laws we enforce', 'Policy', 'Current consultations', or by clicking here.

We seek submissions on the proposals in the paper to assist with this review process. Submissions should be sent by email to exemptions@fma.govt.nz. The deadline for submissions is 14 January 2013.

You can contact Natalie Muir, Manager Exemptions, with any questions.

Guideline for audits of risk assessments and AML/CFT programmes

AML/CFT supervisors have jointly published their 'Guideline for audits of risk assessments and AML/CFT programmes'. The guideline is available here.

Requirements for Reporting Entities

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act 2009) requires Reporting Entities to electronically report Suspicious Transaction Reports (STRs) to the New Zealand Financial Intelligence Unit (FIU). When the relevant portions of this legislation take effect on June 30, 2013, the FIU will no longer accept manual STR submissions. The "secure web" reporting platform currently being used to report STRs electronically will also be turned off at this time.

Continue reading here.

Inquiries, Investigations and Enforcement Report

2013-03-27T18:51:08+13:00

Inquiries, Investigations and Enforcement Report

Key issues and themes arising from inquiries, investigations, and enforcement activities

Release of PwC report into Ross Asset Management

2013-03-27T18:51:07+13:00

Release of PwC report into Ross Asset Management

News release
15 November 2012

The investigation into the affairs of David Ross of Ross Asset Management Ltd and related entities has moved forward today with the release of the receivers' report.

The investigation commenced on 25 October when the Financial Markets Authority received complaints from investors who had been unable to withdraw funds, several months after requesting them.

Read full release here.

FMA welcomes the introduction of the unsolicited offers regulations from 1 December 2012

2013-03-27T18:51:07+13:00

FMA welcomes the introduction of the unsolicited offers regulations from 1 December 2012

FMA welcomes the introduction of the Securities Markets (Unsolicited Offers) Regulations 2012 (Regulations), which come into force on 1 December 2012.

The Regulations introduce new processes and disclosure obligations for most unsolicited offers (also known as 'low ball' offers). A key change introduced by the new Regulations is a right for individuals to cancel an agreement to sell shares (or other securities) during a 10 working day 'cooling off' period, after accepting an offer.

The Regulations will not apply to unsolicited offers made prior to 1 December that remain open for acceptance on or after 1 December. They also do not prohibit unsolicited offers. These can still be made, but they must comply with the Regulations and other legal obligations.

FMA will have enhanced enforcement powers in relation to unsolicited offers that are subject to the Regulations. FMA will continue to actively monitor unsolicited offers and will take enforcement action in appropriate cases.

The Regulations can be viewed here.

Consultation Paper: Issuer exemptions from licensed auditor requirement

FMA is consulting on a review of class Financial Reporting Act exemptions for issuers in light of the introduction of auditor licensing requirements under the Auditor Regulation Act 2011.

FMA's consultation paper proposes policy positions regarding when Financial Reporting Act exemptions will generally be given to relieve an issuer from using a licensed auditor, discusses specific amendments to existing exemptions, and consider whether any new class exemption notices may be required.

We seek submissions on the proposals in the paper to assist with this review process. Submissions should be sent by email to exemptions@fma.govt.nz. The deadline for submissions is 17 December 2012.

You can contact Natalie Muir, Manager Exemptions, with any questions.

The consultation paper can be viewed here.

Guidance Note: Pre-prospectus publicity - some practical guidance for issuers and their advisers

2013-03-27T18:51:07+13:00

Guidance Note: Pre-prospectus publicity - some practical guidance for issuers and their advisers.

This guidance note was released in September 2012.

<Read full guidance note>

Time for KiwiSaver members to maximise their retirement savings potential

2013-03-27T18:51:06+13:00

Time for KiwiSaver members to maximise their retirement savings potential

News release
23 October 2012

The Financial Markets Authority says it's time for KiwiSaver members to make sure their investment options best suit their future retirement needs.

Read full release here.

Receivers and Managers appointed to Ross Asset Management

2013-03-27T18:51:06+13:00

Receivers and Managers appointed to Ross Asset Management

News release
6 November 2012

The High Court in Wellington has today granted FMA's application for John Fisk and David Bridgman of PwC to be appointed as receivers and managers, along with experienced brokers from First NZ Capital, to manage the business of David Ross and Ross Asset Management.

Read full release here.

FMA completes licensing of Securities Trustees and Statutory Supervisors

2013-03-27T18:51:05+13:00

FMA completes licensing of Securities Trustees and Statutory Supervisors

News release

28 September 2012

The Financial Markets Authority (FMA) has today concluded the licensing process for Securities Trustees and Statutory Supervisors with decisions on three further applicants.

Corporate Trust Limited has been granted a licence for a term of four-and-a-half years, for all classes of securities and retirement villages. Corporate Trust Limited is a new entity that has acquired the Corporate Trust division of Perpetual Trust in a management buyout.

Read full release

FMA issues guidance on KiwiSaver sales and distribution

2013-03-27T18:51:05+13:00

FMA issues guidance on KiwiSaver sales and distribution

News release
15 October 2012

The Financial Markets Authority has today published its final guidance note for people involved with the sale and distribution of KiwiSaver schemes.

The guidance confirms the factors FMA will take into account when considering whether advice is given, and if so, whether the advice is classified as a 'class' or 'personalised' service.

Read full release here

FMA grants auditor licensing accreditation to CPA Australia

2013-03-27T18:51:05+13:00

FMA grants auditor licensing accreditation to CPA Australia

News release
18 October 2012

The Financial Markets Authority has today accredited accounting body CPA Australia to license auditors who carry out issuer audits in New Zealand.

Under the Auditor Regulation Act 2011, auditors who carry out issuer audits must be licensed and audit firms must be registered.

Read full release here

Moving office

2013-03-27T18:51:04+13:00

Moving office

FMA is moving its Wellington office to Level 2, 1 Grey Street, in Central Wellington from 3.00pm, Friday, 29 June. Our offices will re-open at 8:30am, Monday, 2 July 2012 at our new premises. We apologise for any inconvenience.

Project update: Class exemption review

2013-03-27T18:51:04+13:00

Project update class exemption review

FMA has published a project update on its review of 44 class exemption notices expiring this year.

FMA has made decisions on all of the 44 class exemption notices under review that were scheduled to expire in 2012, and finalised the drafting of exemption notices to put into effect these decisions. In this Project Update we provide information on where you can access the amendments to the notices reviewed which are of interest to you.

View the update

Further questions can be addressed to Natalie Muir, Manager Exemptions, by email:
exemptions@fma.govt.nz or telephone: 04 471 4616.

New Consultations

2013-03-27T18:51:03+13:00

New Consultations

Consultation: KiwiSaver Performance Fees

FMA has prepared a draft guidance note which outlines the basis on which FMA will assess whether a performance fee is 'not unreasonable'.

Comments are invited. Submissions close Friday 2 December.

Consultation: Licensing of auditors and registration of audit firms

The Financial Markets Authority has begun consulting with the auditing profession and other interested parties on the implementation of the Auditor Regulation Act, which comes into force on 1 July 2012.

See the media release.

See the consultation paper. Submissions close Friday 16 December.

FMA announces full repayment of funds for Kiwi Finance investors

2013-03-27T18:51:02+13:00

FMA announces full repayment of funds for Kiwi Finance investors

The Financial Markets Authority announced today that debenture investors in Kiwi Finance Ltd will receive full reimbursement and are to be repaid approximately $1.2 million.

The payment covers all remaining principal owed to secured debenture investors, plus interest outstanding up until Kiwi Finance went into receivership in April 2008.

See news release

FMA Announcements

2013-03-27T18:51:02+13:00

FMA announcements

FMA to support South Canterbury Finance prosecution

The Financial Markets Authority has completed its criminal investigation of South Canterbury Finance (SCF) and will support the Serious Fraud Office's case against five individuals involved with SCF's affairs.

See news release

FMA completes its strategic leadership team

The Financial Markets Authority has completed the recruitment of its strategic leadership team with the appointment of the Head of Enforcement and the Head of Strategic Intelligence reporting to Chief Executive Sean Hughes.

See news release

FMA to issue guidance on effective disclosure in offer documents

2013-03-27T18:51:01+13:00

FMA to issue guidance on effective disclosure in offer documents

The Financial Markets Authority today published draft guidance for securities issuers, directors and their advisers on how to prepare and present effective prospectuses and investment statements.

Guidance will be finalised and published by 31 March 2012, and new offer documents will need to comply with the guidance from 1 May. Issuers with offer documents already in the market will have until late 2012 to ensure they comply.

FMA has published a consultation paper, with submissions due by 9 March.

See the consultation paper.

FMA warns of illegal offer by Makko Securities to advise on Facebook IPO

2013-03-27T18:51:01+13:00

FMA warns of illegal offer by Makko Securities to advise on Facebook IPO

The Financial Markets Authority is warning the public of an illegal offer by Makko Securities and its Senior Account Manager, Roy Lochen, to provide broking services in relation to the proposed Initial Public Offering of Facebook and other securities.

Makko Securities is not registered to provide financial services in New Zealand and therefore cannot legally offer financial advice or broking services to retail investors in New Zealand.

See the news release.

Subscribe to continue to receive Updates

2013-03-27T18:51:00+13:00

Subscribe to continue to receive Updates

The Financial Markets Authority (FMA) is the new Crown entity that has taken over the functions of the Securities Commission and the Government Actuary, and consolidates other regulatory functions from the Ministry of Economic Development. Visit www.fma.govt.nz for more details.

You are receiving this email because you were previously subscribed to email alerts from the Securities Commission.

To continue to receive updates from FMA you will need to complete our subscribe form which can be found here.

If you do not wish to receive further updates from FMA then do nothing and you will automatically be removed from our update list.

Court supports FMA adviser decision

2013-03-27T18:51:00+13:00

Court supports FMA adviser decision

The Wellington District Court has dismissed an appeal by Sean Wood against a Financial Markets Authority decision to decline his application for authorisation as an Authorised Financial Adviser (AFA).

Mr Wood's application was declined by FMA on 21 October 2011 after he failed to disclose convictions under the Building Act.

See the news release.

AML/CFT Roadshow 2012

2013-03-27T18:51:00+13:00

AML/CFT Roadshow 2012

You are invited to attend the 2012 Anti-Money Laundering and Countering Financing of Terrorism Roadshow.

This is an opportunity to meet representatives from the Department of Internal Affairs, the Financial Markets Authority and the Police Financial Intelligence Unit. We will present important information about the Act and discuss the requirements it places on businesses.

The 2012 roadshow is being presented in two parts. The Part 1 presentation is an introduction to the AML/CFT Act . The information presented in Part 1 will be similar to what was presented in 2011. If you attended the 2011 roadshow, or if you are already familiar with the Act and compliance requirements at a basic level, you should attend a Part 2 presentation. Part 2 focuses in more detail on selected topics related to compliance with the AML/CFT Act.

Part 1 topics include:

What is money laundering and terrorism financing
The AML/CFT Act, purpose of the AML/CFT Act
The role of the supervisors
Obligations and key requirements for reporting entities

Part 2 topics include:

Brief overview of the AML/CFT Act, Regulations and the key requirements for reporting entities
Customer Due Diligence (including identity verification, beneficial ownership, enhanced due diligence, countries assessment)
Account monitoring
Suspicious/unusual transactions
Auditing your AML/CFT programme

How to register

The final day for registrations is Wednesday 2 May.

See the dates, times and locations.

Please provide the name, email address and phone number for each attendee from your organisation. Registrations should be emailed or register by telephone on (04) 472 9830. Please indicate your preferred session and provide a 2nd preference if possible. We will endeavour to confirm your first preference, although numbers are limited and registrations will be accepted on a first in first served basis.

A confirmation email will be sent, including full address details for the venue.

If you have any queries about the Roadshow please email us or phone us on (04) 472 9830.

Securities Trustees and Statutory Supervisors Licensing Guidance Note

2013-03-27T18:50:58+13:00

Securities Trustees and Statutory Supervisors Licensing Guidance Note

FMA intends to publish a Securities Trustees and Statutory Supervisors Licensing Guidance Note to assist licence applicants in compiling and submitting their licence applications.

Prior to finalising the document for publication, FMA wishes to receive comments on the contents of the Guidance Note.

See the Consultation.

Revised AFA Guide, New Exemption Notice

2013-03-27T18:50:58+13:00

Revised AFA Guide, New Exemption Notice

FMA has made minor changes to the AFA ABS Guide.

FMA has also granted an exemption to Australian Licensees.

Career opportunities

2013-03-27T18:50:58+13:00

Career opportunities

FMA has a range of opportunities for astute and talented professionals to contribute to a new era in New Zealand's financial markets.

Current vacancies close on 22 June 2011.

See current vacancies

Consultation: Licensing of auditors and registration of audit firms

2013-03-27T18:50:57+13:00

Consultation: Licensing of auditors and registration of audit firms

See the media release.

See the consultation paper. Submissions close Friday 16 December.

FMA's Statement of Intent 2011-2014

2013-03-27T18:50:57+13:00

FMA's Statement of Intent 2011-2014

FMA has presented it's Statement of Intent and Statement of Service Performance for 2011-2014 to the House of Representatives in accordance with sections 140 to 142 of the Crown Entities Act 2004.

See the Statement of Intent.

Consultation Paper # 2 – Proposed requirements for accredited bodies under the Auditor Regulation Act 2011

2013-03-27T18:50:56+13:00

Consultation Paper # 2 – Proposed requirements for accredited bodies under the Auditor Regulation Act 2011

The Financial Markets Authority has issued the second in a series of papers on the approach to be taken by FMA in implementing the Auditor Regulation Act

This consultation paper covers FMA's proposed:

minimum standards for accreditation a person must meet in order to be granted accreditation by FMA; and
conditions attaching to accreditation, including in respect of bodies deemed by the Act to be accredited bodies.

See the consultation paper. Submissions close Thursday, 22 December.

Consultation: KiwiSaver Performance Fees

2013-03-27T18:50:56+13:00

Consultation: KiwiSaver Performance Fees

FMA has prepared a draft guidance note which outlines the basis on which FMA will assess whether a performance fee is 'not unreasonable'.

Comments are invited. Submissions close Friday 2 December.

Second consultation: Licensing of auditors and registration of audit firms

2013-03-27T18:50:55+13:00

Second consultation: Licensing of auditors and registration of audit firms

FMA has previously consulted on proposed minimum standards and conditions for licensed auditors and registered audit firms, and has incorporated feedback from that consultation into this consultation paper.

This consultation paper represents the second, and final, round of consultation on these proposals which include:

(a) minimum standards for licensing a person must meet in order to be issued with a licence to perform issuer audits;

(b) the kinds of conditions to which such licences must, and may, be subject;

(c) requirements for ongoing competence that must be complied with by New Zealand based licensed auditors;

(d) minimum standards an audit firm must meet in order to be registered; and

(e) criteria which must be met in order for individuals and firms to be eligible for the transitional arrangements of the Act.

See the consultation paper. Submissions close Monday, 5 March 2012.

Second consultation: Proposed requirements for accredited bodies under the Auditor Regulation Act 2011

2013-03-27T18:50:55+13:00

Second consultation: Proposed requirements for accredited bodies under the Auditor Regulation Act 2011

FMA has previously consulted on proposed requirements for accredited bodies under the Auditor Regulation Act 2011, and has incorporated feedback from that consultation into this consultation paper.

This consultation paper represents the second, and final, round of consultation on these proposals which include:

(a) minimum standards for accreditation a person must meet in order to be granted accreditation by FMA; and

(b) conditions attaching to accreditation, including in respect of bodies deemed by the Act to be accredited bodies.

See the consultation paper. Submissions close Friday, 24 February 2012.

Your legal obligations under the AML/CFT Act

2013-03-27T18:50:55+13:00

Your legal obligations under the AML/CFT Act

If you are working independently as an AFA or in a small financial adviser business, you may need help complying with your obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). The Financial Markets Authority (FMA) has published a guide that discusses your role in the AML/CFT regime, and how you can begin to comply with your AML/CFT obligations. It focuses on how to carry out a risk assessment, customer due diligence (CDD) and suspicious transaction reports (STR).

This guide is available here. If you have any questions, or would like a printed copy to be sent to you, please contact FMA.

AML/CFT Roadshow

2013-03-27T18:50:54+13:00

AML and CFT Roadshow

AML/CFT - Are you ready?

You/your company has been identified as a reporting entity under AML/CFT legislation. That means you'll have obligations under the Act. Are you ready to meet them?

We're coming to Wellington, Auckland, Napier, Palmerston North, Tauranga, Hamilton, Dunedin and Christchurch to show you how.

If you haven't already RSVPed, the final date for registrations for the 2012 Anti-Money Laundering and Countering Financing of Terrorism Roadshow is Wednesday 2 May. Check the dates, times and locations and get your registration in now.

How to register

A confirmation email will be sent, including full address details for the venue.

If you have any queries about the roadshow please email us or phone us on (04) 472 9830.

Financial Markets Authority AFA Update: Issue # 7

2013-03-27T18:50:53+13:00

Financial Markets Authority AFA Update: Issue # 7

AFA Interim Monitoring Report

FMA has released an interim report providing feedback on AFA monitoring visits to 34 advisers over five locations in the nine months September 2011 to June 2012.

You are strongly encouraged to read the report and consider whether the observations made might also apply to your own client advice processes. If so, you should make the necessary improvements.

The report is available on our website here.

Overdue annual ABS confirmations

Advisers with overdue annual ABS confirmations should now have received a letter from us asking for confirmation within 10 working days.

Annual ABS confirmations are a Standard Condition of authorisation. Failing to comply with terms and conditions of authorisation is an offence under section 126 of the Financial Advisers Act with a fine of up to $5000 payable on summary conviction and may result in cancellation or suspension of authorisation.

Every AFA must confirm their ABS is up to date on the anniversary of their authorisation. AFAs must take personal responsibility for submitting their confirmations - this cannot be delegated to a compliance officer or your employer.

For confirmation instructions see our web page.

Annual registration renewal

Another obligation for all AFAs is the need to annually renew your registration on the Financial Service Providers Register.

Under the Financial Advisers Act, authorisation terminates when a person ceases to be registered. The authorisation of two AFAs has already been terminated because of this situation.
We urge advisers to diarise this important date, and to attend to their annual confirmation on the FSPR. This will avoid termination and having to re-apply to FMA for authorisation.

Please take a moment to review all your AFA obligations.

Other recent news and website updates

FMA is currently consulting on a guidance note about KiwiSaver sales and distribution. It gives guidance on the Financial Market Authority's expectations for the sale of KiwiSaver schemes within the requirements and spirit of the Financial Advisers Act. Submissions close on Monday 16 July 2012. See the guidance note.
FMA finalised its effective disclosure guidance note earlier this month. See the final guidance note.
The auditor regulatory regime comes fully into effect on 1 July 2012. This affects auditors of issuers. Read more here.

AFA Update emails - alerting you to your obligations

This periodic email provides information, guidance and feedback to help you meet your obligations as an AFA. It is not intended to be an exhaustive list of all AFA obligations on the topics discussed. Please see our website for further resources and information available for AFAs.

Financial Markets Authority AFA Update: Issue # 8

2013-03-27T18:50:53+13:00

Financial Markets Authority AFA Update: Issue # 8

AFA Questionnaire - final day to respond is Friday 28 September 2012

We've emailed all AFAs a questionnaire seeking input on how financial adviser regulation has impacted your business. We've been really encouraged by the high level of interest and to date we've had over 700 responses. Thank you for this input.

Remember if you haven't yet responded the deadline is Friday 28 September 2012.

Please take this opportunity to have your say.

Complaints - offering 'AFA' services

We often receive complaints about RFAs offering services that can only be offered and provided by AFAs. When we receive these complaints we generally review the RFA's advertising and then contact the RFA for further information about the extent of their services so that we can assess their compliance with the law. In most cases it is an issue of unclear marketing and advertising and compliance is achieved quite quickly, without recourse to any other regulatory enforcement powers.

For example, recently we have requested that RFAs withdraw advertising which uses phrases such as, 'comprehensive personal financial plans' and 'full financial health checks'. We think this type of advertising could imply an investment planning service is provided, which is not permitted under the Financial Advisers Act unless an adviser is appropriately authorised.

We have a range of additional powers to use where these measures do not achieve compliant outcomes.

The information provided to us by members of the public and by advisers, is very valuable and we encourage AFAs to continue to provide us with details of any non- compliant behaviour. We can't always tell you exactly how we will act on your information, but we do
take all information referred to us very seriously.

Is your annual ABS confirmation due?

A reminder that if your annual confirmation was due for the months of June - August, then you should have submitted your annual confirmation to FMA via afa.monitoring@fma.govt.nz by now.

To ensure that your confirmation is correctly received, please include in the subject line your first name, surname, and FSPR number.

You will recall that the annual reporting period is a 12 month period that commences from the date of your authorisation. This is separate to your annual registration requirements that you complete with the Companies Office.

Failure to complete the annual ABS confirmation is a breach of your Standard Conditions.

Have you selected the right address for mail?

Any FMA reminders or other important correspondence that we mail to you is posted to the address you have listed as your address for communications on the Financial Service Providers Register (FSPR).

Remember this must be an address NZ Post delivers to (e.g. if you are in a commercial building this will normally be a PO Box rather than a street address). Please take a moment to check your address details are up to date on the FSPR and that you have selected the correct address for communication.

Go to http://www.business.govt.nz/fsp/do-it-now/my-account remember you will need your i-govt logon to access your account.

We ask that you do this without delay; otherwise you may not receive important communications from FMA.

Other recent news and website updates

FMA has announced the granting of licences for Securities Trustees and Statutory Supervisors. See here.
FMA has issued a guidance note on pre-prospectus publicity. See the guidance note here.
Our new consumer flyers are proving popular. AFAs can order copies of these flyers by contacting us.
FMA has published its first report on inquiries, investigations and enforcement. See the report here.

Financial Markets Authority AFA Update: Issue # 9

2013-03-27T18:50:53+13:00

Financial Markets Authority AFA Update: Issue # 9

AFA Survey Findings

We had an unprecedented response to our survey and wish to thank all of those who participated. We have attached our report setting out key themes and outlining our responses to the issues. FMA has already started talking to industry about these issues and we will continue this dialogue in 2013.
AFA Survey 2012 - Summary of Findings and FMA response.

AFA Monitoring Report

Our second monitoring report has now been published and you can access a copy of it here. We will be continuing our monitoring visits again early in the New Year.

Other recent news and website updates

FMA's 2012 Annual Report has now been released and can be viewed on our website.

Happy Holidays

It's been a busy year and Christmas is almost upon us. We'd like to take the opportunity to wish you all a very Merry Christmas and a Happy New Year.

Financial Markets Authority AFA Update: Issue # 2

2013-03-27T18:50:52+13:00

Financial Markets Authority AFA Update: Issue # 2

AFA Update emails - alerting you to your obligations

This periodic email provides information, guidance and feedback to help you meet your obligations as an AFA.

First monitoring visits complete

AFAs in the lower North Island have taken a constructive approach to our first round of monitoring visits.
We are now pulling together conclusions for each adviser from a review of their Adviser Business Statement (ABS) and professional development plan and from notes taken during the visit. We'll be providing individual feedback to each adviser as soon as we've completed internal quality assurance checking to ensure we are consistent across advisers.
We are also in the process of going back to other advisers who were asked to submit their ABS.
We'll use a future AFA Update email to update all advisers on some of the common feedback themes.

Website guidance and information

We receive a number of enquiries about Continuing Professional Development (CPD) requirements.
Recently we published information on our website about CPD to answer the most frequently asked questions.
Other information that will be published on the site shortly includes:
• Property investment - guidelines on when the Financial Advisers Act applies to those advising on property investment
• Mortgage brokers and KiwiSaver - information about whether mortgage brokers can refer to KiwiSaver in their advertising
You can click on the orange RSS button on FMA's website to learn about using RSS to keep up to date with changes to website content.

Canterbury AFAs

Congratulations to the 76 advisers in the Canterbury area who recently completed their authorisation requirements.
Canterbury advisers had until 1 October to be authorised due to the earthquake. We've issued a media release marking their achievements.

Trustee and Statutory Supervisor licensing begins

1 October also marked the implementation of the securities trustees and statutory supervisors licensing regime. You may find the messages in the media release helpful in understanding the ongoing rollout of financial market regulatory reform.

Enforcement policy

In September we released our enforcement policy. Briefly:
• we cannot run every case
• we won't pursue matters where there's a disproportionate cost versus the likely outcome
• we favour compliance over enforcement and will use all of the tools in our regulatory toolbox to encourage compliance
• we will focus our resources on the most serious misconduct where breaches are intentional or reckless
An early priority for enforcement is actively enforcing compliance with new licensing regimes. We will also actively monitor and enforce the boundary between unregulated and regulated activity, particularly in relation to the financial advisers regime. You can read the policy here.

Ordering flyers, Code booklets or ABS guides

You can use the Contact Us link on our website to order:
• Confidence comes from sound advice flyers (consumer focused flyers about using a financial adviser)
• Printed copy of the Code of Professional Conduct for AFAs booklet
• Printed copy of the AFA ABS guide
Tell us your name, address and the quantity required and we will send copies to you. There is no cost for reasonable quantities.

Financial Markets Authority AFA Update: Issue # 1

2013-03-27T18:50:52+13:00

Financial Markets Authority AFA Update: Issue # 1

AFA Update emails - alerting you to your obligations

Authorised Financial Advisers (AFAs) have certain obligations under law, their Standard Conditions and the Code of Professional Conduct for Authorised Financial Advisers. This new periodic email update has been designed to alert AFAs to information, guidance and feedback to help you meet those obligations.

If you would like your compliance officer or support person to also receive future copies, please use this link to forward them a copy. They can subscribe directly here.

Monitoring visits begin

Monitoring visits begin next week in the lower North Island. Requests for Adviser Business Statements are also ongoing.

Please remember, Standard Condition 4 requires AFAs to make available their business records, including client information, for FMA's inspection at any time. FMA will rely on this condition for its routine monitoring activities. Inspection of records is a standard function of any regulatory body and gives the public more certainty professional standards are being upheld.

If you have not already alerted your clients that you are subject to monitoring you should take steps to do so now.
FMA's website now includes information about the purpose and current focus of our monitoring and surveillance activities.

Disclosure web pages updated

FMA's web pages on disclosure have been updated to cover common questions we receive.

A reminder, please update any references to the Securities Commission in your disclosure documents to Financial Markets Authority.

Canterbury Red Zone resident advertising underway

FMA is running a series of press and radio advertisements in the Canterbury region to remind the public to get financial advice from professional financial advisers.

Red Zone website pages have been developed to support the campaign. These pages include information explaining the extension provided to Canterbury based AFAs.

Financial Markets Authority AFA Update: Issue # 4

2013-03-27T18:50:51+13:00

Financial Markets Authority AFA Update: Issue # 4

Code Standard 6 (d) guidance note

FMA has released a guidance note addressing questions and concerns raised by significant sectors of the market as to FMA's expectations and intended application of Code Standard 6 (d) of the Code of Professional Conduct for Authorised Financial Advisers (AFAs).
The guidance is provided particularly in the context of recommendations in relation to public issues (securities listed, or to be listed on a registered market) but is also relevant to recommendations in relation to other financial products.

Website updates

Other recent website information includes:
• Eligibility sunset - information about eligibility sunsets on AFA competence alternatives and what happens on renewal of authorisation
• Sharebroker/stockbrokers - avoiding the term stockbroker (unless a member of a registered exchange) to avoid misleading or confusing investors
In addition AFAs who handle client money or property may wish to be aware that website information for brokers has been updated:
• Broker disclosure expectations - while regulations have not been in place yet, we consider brokers should, as a matter of good professional practice, disclose certain information

Coming up in 2012

In the New Year we will add information to our website about the sorts of things we expect advisers to consider when meeting their obligations to provide a written explanation under Code Standard 9. We are also preparing guidance on KiwiSaver sales and distribution.
AFA's who were authorised in 2011 will begin their first CPD period on 1 January 2012. Our website has information about CPD requirements.
Many of you may also be starting to prepare for the implementation of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act. Early in the New Year FMA will be publishing a guide targeted to small financial advisory practices. The guide steps advisers through who has AML/CFT obligations, and provides simple methodologies for completing a risk assessment - the first part of preparing for AML/CFT.

Seasons greetings

Finally, for most of you, it will be your first Christmas as an Authorised Financial Adviser. As you begin to turn your thoughts to the New Year, we trust you will take a moment to reflect on and celebrate your achievements.
Seasons greetings to you, your family and friends.

AFA Update emails - alerting you to your obligations

This periodic email provides information, guidance and feedback to help you meet your obligations as an AFA. Please see the information below for help in viewing this email in your browser, and for subscribing colleagues or support/compliance staff.

Financial Markets Authority AFA Update: Issue # 3

2013-03-27T18:50:51+13:00

Financial Markets Authority AFA Update: Issue # 3

AFA Update emails - alerting you to your obligations

This periodic email provides information, guidance and feedback to help you meet your obligations as an AFA.

Initial monitoring feedback

Around 45 AFAs have now been visited, or had their Adviser Business Statements reviewed. We've provided individual feedback to these advisers.
Generally we're seeing evidence of a commitment to professionalism and to fulfilling the obligations placed on AFAs. Advisers have positively engaged with the monitoring process and have appreciated the feedback we've provided.
Most advisers have received feedback from us about improving in one or more area. In some cases we are working more closely with individuals and have asked to see updated client files once they have addressed points we've raised.
Many of the advisers we've spoken with are keen to get feedback on how to comply. We have developed an initial monitoring feedback and tips website page to share our expectations on key areas of financial advice service.

Website guidance and information

Other recent website information includes:
• Advertising - information about advertising obligations, including the additional obligations that apply to AFAs.
• Mortgage brokers and KiwiSaver - specific information about whether mortgage brokers can refer to KiwiSaver in their advertising
• Property investment - guidelines on when the Financial Advisers Act applies to those advising on property investment
• Category 1 and Category 2 product definition guide - an interactive PDF where you can click on the product type to see the current legal description of the product. Also contains a flowchart defining investment-linked contracts of insurance.
Remember you can click on the RSS button on FMA's website to learn about using RSS to keep up to date with changes to website content.

Keeping your details current

As an AFA you have an obligation to ensure your details are correct on the Financial Service Providers Register. You will do this directly via your i-govt logon.
Standard condition 3 also requires you to notify FMA of any changes. Please email us on afaapplications@fma.govt.nz to advise of changes such as change of trading name, or address or email changes.

Financial Markets Authority AFA Update: Issue # 5

2013-03-27T18:50:50+13:00

How we’ll monitor competence, knowledge and skills

How we'll monitor competence, knowledge and skills

Most AFAs will now have begun their first CPD period. The CPD requirement supports the requirement for you to have the competence, knowledge and skills you need to provide the financial adviser services you offer (Code Standard 14). It will help you to deliver advice or services that are suitable for each client. When looking at whether an AFA is meeting the competence requirements of the Code of Professional Conduct, these are some of the factors FMA will look at:

1. Whether an AFA's files and the services they have provided show they are competent in practice

2. Whether the AFA's development plan and CPD undertaken specifically relate to the financial adviser services the AFA provides or intends to provide

3. That an AFA can explain how they have identified what development is needed to maintain competence, including maintaining up-to-date product knowledge
4. That an AFA can explain the process followed in circumstances where they do not have the required competence to provide the service - such as referral to an appropriately qualified AFA.

You must have a professional development plan and a record of your CPD activity.
Remember, CPD, is defined in the Code and:
• Is about hours, not 'credits'
• Needs to be recorded by you (with third party verification for structured training)
• Can be provided overseas if the training meets your learning needs
• Can include structured training which is part of a structured programme of a QFE, DAO or professional body even if you are not part of the group managing the training.

Make sure that you are familiar with the Code. Code standards relating to competence are standards 14 to 18 (pages 19 - 24 in the booklet format of the Code of Professional Conduct booklet - order a copy).
For more information about CPD on our website see:
• Your obligations/AFAs/CPD
• Monitoring tips and hints

How care, diligence and skill applies in insurance and credit advice

The obligations to exercise care, diligence and skill and not act in a way that is misleading, deceptive or confusing apply to all people who provide financial adviser services.

We have added information to our website to show some examples of how we consider these obligations apply to:

• Advice on insurance including payment protection insurance
• Product replacement advice - for example, replacement of insurance policies or debt consolidation

Consultation: Guidance note effective disclosure

FMA is currently consulting on draft guidance on how to prepare and present prospectuses and investment statements. Financial advisers have a key role to play in explaining the key features, risks and benefits of investments to their clients based on the information provided by issuers in investment statements and registered prospectuses. As described in FMA's Code 6(d) guidance note, we expect AFAs to consider the financial product's registered prospectus and investment statement in order to recommend a product.
Documents that are written and presented in accordance with the guidance will help advisers to better understand the features, benefits and risks of the product and will help advisers to help clients meet their needs. We are particularly interested in practitioner feedback on whether the proposed guidance will assist with interactions with clients. We have asked a series of question in the consultation document and we encourage advisers to make a submission at consultation@fma.govt.nz
Submissions are due by 9 March.

Canterbury financial advice service

Around 40 Canterbury based AFAs have volunteered to provide a free financial advice service for red zone residents.
Set up with the input and support of Canterbury based AFAs, the service provides residential red zone property owners with a professional one-on-one consultation to help them work through the financial decisions around the Government's payment offer and options for making best use of the payout.
The Commission for Financial Literacy and Retirement Income who is co-ordinating the initiative has commented on the professionalism of the AFAs involved. Protocols around the type and limits of the advice they'll provide at the initial meeting have been agreed and the AFAs involved in the initiative are subject to usual legal and regulatory obligations.

AFA Update emails - alerting you to your obligations

Financial Markets Authority AFA Update: Issue # 6

2013-03-27T18:50:49+13:00

Is your annual ABS confirmation overdue?

AFA standard conditions

Authorised Financial Advisers (AFAs) must comply with their terms and conditions of authorisation which include:

• Standard Conditions
• Any terms and conditions specific to the AFA

The Standard Conditions apply to all AFAs and are available on our website with explanatory notes. FMA considers it part of your professional obligations to be familiar with these conditions and to understand your obligations which include providing us with periodic reporting and notifications (see stories below).
See Standard Conditions and Standard Conditions incorporating explanatory notes.

If you were authorised before May 2011 your annual ABS confirmation is now overdue

Under the Standard Conditions of Authorisation AFAs must maintain a current written Adviser Business Statement (ABS). Each year, you must confirm to us that your ABS is current.
Confirmation is due 12 months after the date of your authorisation. If you were authorised before <date> April 2011 and you haven't yet provided us with this confirmation, then please let us have this by Friday 11 May.
For confirmation instructions see our web page.

You must notify us of 'significant matters'

The notification requirements in the Standard Conditions specify that AFA's must notify FMA within five business days of 'any significant matter concerning the AFA's authorisation'.
This includes a requirement to notify us of any matter that has arisen since the date on which you were authorised 'which would have been required to be disclosed at the time' of your application to be authorised (or any subsequent application for re-authorisation). If any significant issue arises for you, you should consider making a notification to FMA.
Significant matters can include disciplinary actions or rulings made by professional bodies or other forums, initiation of court proceedings involving you or your company, convictions, and liquidation or bankruptcy proceedings. This is not intended to be a full list of matters.
For more see:
• AFA Authorisation Guide
• Guidance Note: Good Character and Criminal Convictions

Some reminders about disclosure

Disclosure is another key AFA obligation. Here are some of the main issues we have been talking to advisers about on our recent monitoring visits:

- You must stick to the prescribed format in the regulations. Disclosure statements are not marketing material. They are intended to provide easy-to-read information to help clients decide whether to use an adviser and then whether to follow their advice. In a primary disclosure statement no other additional text is allowed. In a secondary statement there is more flexibility to include other text however the prescribed information must be prominently displayed. Remember the Code requires clear, concise and effective dealings with clients as well as requiring advisers to ensure clients have sufficient information to enable them to make informed decisions.
- Joint disclosure statements are not permitted because no regulations have been made to allow for this. Each adviser must have individual, signed disclosure documents.
- Secondary disclosure should be provided in one or more separate documents. A secondary disclosure statement is intended to be relevant to the type of service the client is contemplating. We have seen advisers providing all disclosure at once in a single document. We don't believe this approach complies with the regulations and we don't think it is helpful to the client.
For more information on disclosure see here.

Other recent news and website updates

• FMA's second consultation on effective disclosure is now underway. Submissions close on Thursday 10 May 2012. See here.

• FMA has clarified how RFAs can use the term RFA or registered financial adviser in their advertising. See here.

• The Wellington District Court has dismissed an appeal by Sean Wood against a Financial Markets Authority decision to decline his application for authorisation as an Authorised Financial Adviser (AFA). See here.
• A list of reporting entities under AML/CFT legislation has been published. See here.

AFA Update emails - alerting you to your obligations

FMA provides update on exemption review and requests further feedback on specific notices

2013-03-27T18:50:48+13:00

FMA provides update on exemption review and requests further feedback on specific notices

3 July 2012

The Financial Markets Authority (FMA) is undertaking a review of 44 class exemption notices due to expire later this year. We have completed an initial round of public consultation on the expiring class exemption notices.

We would like to update interested parties on decisions made, the continuing work on notices, and the further feedback we are seeking.

A copy of our Project Update paper can be found here.

As part of the review process, FMA is also undertaking further consultation on the following 5 exemption notices and requests further feedback from interested parties:

Securities Act (Amalgamations) Exemption Notice 2002
Securities Act (Co-operative Companies) Exemption Notice 2011
Securities Act (Renewals and Variations) Exemption Notice 2002
Securities Act (Rights, Options and Convertible Securities) Exemption Notice 2002
Securities Act (Takeovers) Exemption Notice 2011

The final date for submissions is 27 July 2012. The consultation paper and request for feedback can be found here.

Contact: Jennifer Watt on Jennifer.Watt@fma.govt.nz

FMA suspends AFA licence of David Ross

2013-03-27T18:50:48+13:00

FMA cancels AFA licence of Andrew Robinson

8 January 2013

FMA has suspended the Authorised Financial Adviser (AFA) licence of David Ross for a period of six months. Mr Ross' licence was formally suspended on 17 December 2012. FMA will decide whether further action is required before the end of the suspension period. The wider investigation into alleged breaches of financial markets legislation continues.

FMA cancels AFA licence of Andrew Robinson

2013-03-27T18:50:48+13:00

FMA suspends AFA licence of David Ross

11 January 2013

FMA has cancelled the Authorised Financial Adviser (AFA) licence of Andrew Robinson. His licence was cancelled on 21 December 2012. FMA is investigating Mr Robinson following a complaint made against him. He is no longer registered as a financial services provider.

Finance firm debacle shows light touch failed

2013-03-27T18:50:47+13:00

Sean Hughes' article in NZ Herald

Watchdog is looking for the regulation sweet spot, writes FMA's Sean Hughes

A lot of newsprint has been devoted to the investigation of failed finance companies.

During the past eight months, the Financial Markets Authority announced its intention to file civil proceedings in relation to the Hanover group, laid charges against three people associated with Belgrave Finance, secured some guilty pleas in the Bridgecorp, National Finance and Huljich Wealth Management cases and negotiated a settlement with Kiwi Finance that saw investors paid in full.

It has been a busy time and frustratingly retrospective in its focus.

"Low ball" offers - Guidance for Investors

2013-03-27T18:50:47+13:00

Guidance for investors receiving unsolicited offers

(For offers made after 1 December 2012)

What is a "low ball" offer?

A "low ball" offer is an unsolicited offer to buy an investment from you:

at significantly below the market price; and/or
where payment is spread over a long period of time.

"Unsolicited" means that you do not know the person making the offer and that the offer is not part of an offer process such as a share buyback from the company whose shares you hold or a takeover.

It is not illegal to make an unsolicited offer to buy someone's investments, or to offer to buy them at a price below their current market value. However, the law requires that such offers must not be misleading or deceptive and that, in most cases, key information be disclosed, including a recent market price or the fair value of your investment.

Your right to cancel during the "cooling off" period

If you have accepted a "low ball" offer and then change your mind you have a right, in most cases, to cancel the resulting agreement, provided you do so within 10 working days of acceptance. See below for more information on how to cancel.

What to do before deciding whether or not to accept a "low ball" offer

If you receive a "low ball" offer to buy your investment make sure you read the offer carefully and understand all of the terms of the offer, including any fine print in documents and forms relating to the offer.

Questions you should ask before deciding whether or not to accept an offer:

1. Who is making the offer?

Read the offer to see exactly who is making it. Some "low ball" offers are sent on official looking letterhead, using official sounding names, which may sound like the company you have shares with or a stock exchange. "Low ball" offers are also sometimes sent out at the same time as legitimate letters from companies to their shareholders. If you are unsure about an offer you have received, you should contact the company (or its receiver or liquidator if applicable) in which you have an investment and check whether or not the offer is "official".

2. Am I receiving the market price or a fair value for my investment?

Check exactly what price you will receive for your investment and compare it with the current market price or the fair estimate of value of your investment. In most cases a recent market price or fair estimate of value of your investment will be included in a document sent with the offer. You can get an up-to-date market price for your investment, if it is listed on a registered stock exchange, in a newspaper or on a stock exchange's website. Most listed shares and other securities issued by New Zealand or Australian companies will be listed by the NZX www.nzx.com or on the ASX www.asx.com.

If your investment is not listed on a registered stock exchange, the current market price or a fair estimate of value of your investment may be more difficult to establish. An Authorised Financial Adviser (AFA) may be able to help you. You could also check the following:

The website of the company you have invested in;
The original offer documents for your investment;
The investment statement and prospectus for your investment (if you have a New Zealand investment you can access the prospectus online by searching under the company's or other entity's name at the Companies Office website: www.companies.govt.nz;
Unregistered securities trading facilities, such as the Unlisted website: www.unlisted.co.nz, which includes price information on some shares and other securities issued in New Zealand;
If the company you invested in is in receivership, receiver's reports may also give you a good indication of how much you are likely to receive for your investment. Copies of the receiver's reports (if it is a New Zealand company) can be found by searching under the company's name at the Companies Office website: www.companies.govt.nz. You can also contact the receiver directly to find out how much you are likely to receive for your investment and when you can expect payment.

3. When will I receive payment?

Some offers spread payment of the price in instalments over a number of years. In this case the true value of the offer could be much less than it appears because you will have to wait a long time for your money. There is also a risk that, if your payment instalments are spread over a long time, the offeror might go out of business and you will not receive all of the promised payments.

As a benchmark, if you sell your investment through a sharebroker, someone who is a member of New Zealand's only registered exchange, NZX, you are likely to receive payment within just three working days.

4. If I sell will I have to pay brokerage fees?

If you sell your investment through a sharebroker directly you will receive the full market price for your investment, less any brokerage fees. Different sharebrokers charge different fees, but generally you should expect to pay between $30 to $75 as a minimum brokerage fee.

Your right to cancel during the "cooling off" period

In most cases where you have accepted a "low ball" offer, and then change your mind, you have a legal right to cancel the agreement under the Securities Markets (Unsolicited Offers) Regulations 2012. However, you must cancel the agreement during the 10 working day "cooling off" period (see below for what counts as a "working day"). To cancel the agreement you must do one of the following:

Write to, or email, the offeror and state that you want to cancel or withdraw from the agreement. You must do this within 10 working days after the date on which you accepted the offer. You must also repay to the offeror any amounts paid by the offeror to you under the agreement. You should do this within 20 working days after the date on which you accepted the offer.
If you have received payment under the agreement, simply repay to the offeror all amounts paid by the offeror to you under the agreement within 10 working days after the date on which you accepted the offer.

Note: A "working day" does not include a Saturday or a Sunday, public holidays, the period between 25 December and 2 January (and if 1 January falls on a Friday, the following Monday or, if 1 January falls on a Saturday or a Sunday, the following Monday and Tuesday).

Where can I get further information or advice?

For a list of Authorised Financial Advisers (AFAs) in your area see here on FMA's website.
For a list of sharebrokers see here on the NZX website.
Search the Yellow Pages for "financial advisers" or "sharebrokers".
Visit your local Community Law Centre or Citizens Advice Bureau.

Check the latest warnings and alerts and the names of firms and individuals to be wary of here on FMA's website.

Updated Guide for Financial Entities

2013-03-27T18:50:46+13:00

The Securities Commission today released an updated edition of its QFE Adviser Business Statement Guide reflecting changes to the Financial Advisers Act.

6 September 2010

The Securities Commission today released an updated edition of its QFE Adviser Business Statement Guide reflecting changes to the Financial Advisers Act.

The guide explains how to prepare an Adviser Business Statement, which is a prerequisite for any business that chooses to apply for status as a Qualifying Financial Entity (QFE) in the new regulatory regime.

The guide has new content on QFE groups and covers partner entities, nominated representatives and associated entities. Other changes have been kept to a minimum.

The Adviser Business Statement describes the adviser business and details the governance and compliance arrangements in place to demonstrate that it can take responsibility for the professional conduct and competence of its financial advisers.

"To become a QFE a financial entity must satisfy the Commission that it has the capacity to take frontline compliance responsibility for its advisers and has policies and procedures in place to ensure adequate consumer protection for retail clients," Commissioner for Financial Advisers David Mayhew said. "The Adviser Business Statement is key to demonstrating that."

Prospective QFEs should submit their Adviser Business Statement to the Commission for review by 1 October 2010 to allow time for any queries to be addressed. The deadline is 1 December 2010.

See: the new guide at seccom.govt.nz (http://www.seccom.govt.nz/publications/documents/qfe-adviser/)

Ends

Contact: Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 7659

Moratorium Proposals - What Investors Should Consider

2013-03-27T18:50:46+13:00

Moratorium proposals - what investors should consider.

December 2008

Investor confidence has been severely tested over the past 18 months as finance companies have collapsed or frozen repayments. Investigating these failures is a major enforcement priority for the Financial Markets Authority.

FMA cannot protect people against genuine investment risk. Our investigations are about whether the companies misled their investors. If they did the directors can face imprisonment, fines or compensation claims, whether or not the company is in receivership or moratorium.

Moratorium documents are a form of offer document and are therefore subject to the same rules as other offer documents. FMA reviews moratorium offer documents and will take action to ban them if we consider they contain any false or misleading information.

We are working with the Registrar of Companies who has already laid criminal charges in three cases and banned some directors, and FMA's investigations of other cases are well advanced.

Many investors are currently faced with considering proposals by finance companies for a moratorium or debt restructuring programme. Investors are being told the only real alternative is receivership. A moratorium means that investors forego interest, capital, or both for a period of time.

If a finance company is placed in receivership, investors usually face the prospect of getting back less than their full investment. If the directors are proposing a moratorium they should believe that this will give investors a better chance of getting more of their money back. While a moratorium may extend the life of the company, in many cases it will merely be a longer term winding down of company assets.

When considering a moratorium investors should ask themselves the following questions:

How would my rights be different under receivership?
How much am I likely to get under receivership, and when?
How much do the directors think I will get under a moratorium, and when?
Which is more in my interests, given my investment needs (including payout timeframes)?
What assumptions have the directors made if they say a moratorium will result in better returns? What are the risks compared with the risks of receivership?
Who would supervise a moratorium and report to the trustee or investors?
What is the plan to change the moratorium proposal if there are changes in the company's situation or economic conditions?
Do I get another chance to vote if things aren't going as expected?
Is there an independent expert's report and if so what does it say?
Have there been any independent valuations of assets?
If parties related to the company are contributing assets are there independent valuations?
What does the trustee have to say about the moratorium?
What are the financial and legal implications for the directors and other related parties under receivership compared with a moratorium?

An important consideration is the time period for any returns to investors. While the total return may be likely to be less under a receivership, any returns will most likely come sooner than under a moratorium.

Therefore it is important to look at the "net present value" of the amounts that are expected to be recovered under each option, as well as the expected total return. A net present value calculation converts expected future benefits into their value today, because money received today is worth more than money received later.

Because payment to investors is deferred, this means they are being asked to take a further risk on the future performance of the company's assets and management. The longer the moratorium period, the longer this risk will exist. Assets may decline, rather than rise over time. Either decision involves risks.

In deciding to recommend a moratorium the company's directors must have made some assumptions about the future value of the company's assets. Investors should be told what these assumptions are and the basis for them. Investors also need to know how the same assumptions would stack up if applied in the shorter term under a receivership.

If investors have any doubts about any of these matters they should seek independent advice before voting.

Review Highlights Need for Better Valuation Disclosure (Oct-2010)

2013-03-27T18:50:45+13:00

The Securities Commission invites submissions on proposed disclosure obligations to be included in standard conditions for businesses granted QFE status.

21 October 2010

The Securities Commission invites submissions on proposed disclosure obligations to be included in standard conditions for businesses granted Qualifying Financial Entity (QFE) status under the Financial Advisers Act.

The Act requires disclosure so that retail customers can make informed decisions about whether to use an adviser or follow the advice received. Disclosure requirements for QFEs will be set out in the Act, Regulations and terms and conditions. The consultation paper sets out the proposed conditions and includes some examples of disclosure information. The Commission expects QFEs to consider the needs of customers when designing their disclosures, to meet their consumer protection obligations.

The paper supplements an earlier consultation document on standard conditions for QFEs published by the Commission in September.

QFE status is available to entities that satisfy the Commission that they have the capacity to take responsibility for their financial advisers. The QFE is permitted to engage financial advisers who are not individually regulated, and must comply with the terms and conditions issued by the Commission.

Entities that wish to apply for QFE status are reminded that they must first submit an Adviser Business Statement to the Commission for consideration by 1 December. The Commission has received 30 statements to date.

See: Consultation paper at seccom.govt.nz (http://www.seccom.govt.nz/publications/documents/qfe-disclosureconditions-consult/)

Submissions close at 5pm on Friday 12 November 2010.

Ends

Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 7659

Securities Commission Welcomes Commerce Commission Settlement with ANZ and ING

2013-03-27T18:50:45+13:00

The Securities Commission welcomes the settlement achieved between the Commerce Commission and ANZ National Bank Limited and ING (NZ) Limited.

22 June 2010

The Securities Commission welcomes the settlement achieved between the Commerce Commission and ANZ National Bank Limited (ANZN) and ING (NZ) Limited (ING). The settlement relates to the Commerce Commission's investigation into alleged breaches of the Fair Trading Act 1986 by ANZN and ING and other entities in relation to the marketing, promotion and sale of the ING Diversified Yield Fund and ING Regular Income Fund ("Funds").

The Securities Commission considers the settlement achieves an appropriate outcome for investors in the Funds. It has therefore accepted enforceable undertakings, as part of a settlement deed, from ANZN and ING in respect of the conduct investigated by the Commerce Commission and has agreed to take no further action on this matter.

The undertakings and deed specify that:

ING acknowledges the Securities Commission's concerns that some of its alleged breaches of the Fair Trading Act, if prosecuted and proven, may constitute breaches of the securities laws.
ING and ANZN acknowledge the Securities Commission's concerns about the Funds and will ensure ongoing compliance with the securities laws.
ING will arrange an external audit and review of its processes and procedures for product development, preparation of offer documents and marketing material and advertising securities offerings. ING will report to the Securities Commission on, and implement, the recommendations coming out of the review. ANZN will facilitate and assist with the ING audit, review and implementation.

The acceptance of the enforceable undertakings does not affect the Securities Commission's powers to take any future action against ANZN, ING and/or their related parties in respect of their future conduct.

The settlement deed (incorporating the enforceable undertakings) is attached to the bottom of this page.

The undertakings are entered into under section 69J of the Securities Act 1978.

The Commerce Commission settlement and background on the Commerce Commission investigation be found on their website: www.comcom.govt.nz/

Ends

See Deed of Settlement: ANZ and ING

Contact: Roger Marwick 04 471 7659

Status of Hanover Investigation

2013-03-27T18:50:45+13:00

Clarification of the status of the Securities Commission's investigation into Hanover Finance.

19 November 2010

There has been increased public and media speculation as to the status of the Securities Commission's investigation into Hanover Finance.

The Commission considers it is in the public interest to clarify the status of that investigation.

Commission staff are near completion of their investigation into Hanover Finance Limited, United Finance Limited and Hanover Capital Limited. The investigation has been complex and involves a team including investigators, forensic accountants, financial analysts and lawyers.

Commission Members, who have been kept informed of progress of the investigation, will meet before Christmas to decide whether criminal charges will be laid against directors of the companies. Although no decision has yet been made, it is likely any charges will be laid in the new year.

Ends

Contact: Roger Marwick 04 471 7659

No Conflict of Interest

2013-03-27T18:50:44+13:00

An article this morning wrongly reports that Simon Botherway has declared a "potential conflict of interest" in relation to Mr Allan Hubbard.

25 June 2010

An article in Fairfax Media publications this morning wrongly reports that Simon Botherway has declared a "potential conflict of interest" in relation to Mr Allan Hubbard.

Mr Botherway has declared to the Commission that he may have a potential interest in matters relating directly to South Canterbury Finance Limited because of previous business dealings between his brother and that company. The statutory management order does not apply to South Canterbury Finance Limited.

On this basis, the Commission is satisfied that Mr Botherway does not have a conflict of interest in relation to Aorangi Securities Limited, Mr or Mrs Hubbard, or the charitable trusts that were the subject of the Commission's recommendation for statutory management.

Ends

Contact: Roger Marwick 04 471 7659

Review Highlights Need for Better Valuation Disclosure (Dec-2010)

2013-03-27T18:50:44+13:00

Securities issuers need to include more information on how their financial assets and liabilities have been valued, says Securities Commission Chairman Jane Diplock.

21 December 2010

Securities issuers need to include more information on how their financial assets and liabilities have been valued, says Securities Commission Chairman Jane Diplock.

Ms Diplock was commenting on findings from the latest review in the Commission's ongoing financial reporting surveillance programme, which aims to improve the credibility of financial reports and which looked closely at disclosure about valuations.

Recent amendments to reporting standards require disclosure about re-valued financial assets and liabilities. Issuers must include a breakdown showing the extent to which valuations are linked to market prices and the underlying assumptions for valuations which are not directly based on market prices.

The review also found that issuers need to ensure alternative performance measures, where disclosed, are better explained.

"Any disclosure of alternative performance measures needs to be properly communicated and not detract from statutory financial information," Ms Diplock said.

The Cycle 14 report, which will be published in the New Year, looked at 25 issuers' financial statements with balance dates between 31 March and 31 July 2010. The Commission is writing to 17 issuers on 32 matters.

Ends

Contact: Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 7659

Issuers Could Improve Corporate Governance Reporting

2013-03-27T18:50:43+13:00

The Securities Commission's latest review of corporate governance reporting shows that while most issuers are doing well, many need to improve their disclosures.

28 July 2010

The Securities Commission's latest review of corporate governance reporting shows that while most issuers are doing well, many need to improve their disclosures when it comes to ethical standards, directors and executive's remuneration, risk management, and shareholder and stakeholder relations.

"It is important that investors are given high-level assurances that companies have robust corporate governance policies in place. This gives them confidence not only in the company but in the wider New Zealand market as well," Securities Commission Chairman Jane Diplock said.

The Commission's review of 68 issuers found many disclosed relevant information on:

board members' independence, expertise and experience
the use of board committees, such as remuneration and audit committees
remuneration policies for directors and executives
risk management policies and processes
processes for ensuring external auditors' quality and independence.

However, issuers could improve their reporting by disclosing:

how directors observe and foster high ethical standards, such as by complying with a code of ethics
how remuneration incentives align with the issuer's objectives and risk management policies
how risk management policies are applied to material risks faced by the issuer
how the board builds constructive relationships with shareholders that encourage them to engage with the entity
who the board considers its key stakeholders are and how it respects their interests.

"Good corporate governance is critically important to the integrity and stability of any company. Correct and thorough disclosure of corporate governance policies and procedures should be the first thing a company does to demonstrate the strength of its corporate governance, but it is, of course, no guarantee of good governance in practice," Ms Diplock said.

The review assessed the annual reports and website disclosures of selected issuers against the Commission's nine principles of good corporate governance. The principles are set out in a corporate governance handbook for directors, executives and advisers published by the Commission in 2004.

See: Review findings on seccom.govt.nz (http://www.seccom.govt.nz/publications/documents/corporate-governance-disclosures/)

Ends

Contact: Rebecca Barclay 04 471 7666

New Conditions for Qualifying Financial Entities

2013-03-27T18:50:43+13:00

The Securities Commission has published the standard conditions QFEs will need to abide by when their employees and representatives give financial advice.

22 December 2010

The Securities Commission has published the standard conditions Qualifying Financial Entities (QFEs) will need to abide by when their employees and representatives give financial advice.

As the new regulatory regime for financial advisers takes effect over the next six months many entities will become QFEs, including large institutions such as banks and insurance companies.

"Under the new regime, some consumers may get advice from Authorised Financial Advisers (AFAs) while others may choose advisers at larger institutions," said Commissioner for Financial Advisers, David Mayhew

"AFAs are governed by a formal code of conduct. We've put in place these conditions for QFEs in line with the legislative intent that consumers should receive equivalent protection whether they choose an AFA or a QFE adviser. The fundamental principle is that the QFE takes responsibility for the QFE adviser.

"The QFE conditions were developed in consultation with industry and I acknowledge their input.

"This is one of the last building blocks for the new regime and is fundamental to promoting public confidence in advisers' professionalism and integrity."

In addition to conditions about the QFE maintaining procedures to ensure retail clients receive adequate consumer protection, they specify a range of requirements including regulatory notifications, record-keeping and disclosure.

"In particular, the disclosure obligations are critical," Mr Mayhew stressed. "We want consumers to receive meaningful information that helps them choose an adviser and decide whether to follow the advice given. Disclosure conditions take effect from 1 July 2011."

The gazetting of standard conditions for QFEs tomorrow (Thursday 23 December) opens up the way for the first entities to be granted QFE status. An entity must comply with the conditions from the date it becomes a QFE.

The standard conditions are published on the Commission's website www.seccom.govt.nz.

Licensing update

The Commission is currently reviewing Adviser Business Statements (ABS) from 80 prospective QFEs. The ABS is a prerequisite for obtaining a QFE licence.
The first QFE licences are expected to be granted in late January when these standard conditions come into effect and the entities have finalised their registration and licence application processes.
There are now 24 licensed Authorised Financial Advisers (AFAs).
202 AFA applications have been received by the Commission.

Ends

Contact Rebecca Barclay 04 471 7666

New Designated Settlement System

2013-03-27T18:50:43+13:00

Today the RBNZ and the Commission announced that the newly established NZCDC Settlement System has been declared a designated settlement system.

3 September 2010

The Reserve Bank of New Zealand and the Securities Commission today announced that the newly established NZCDC Settlement System has been declared a designated settlement system under Part 5C of the Reserve Bank of New Zealand Act.

The Reserve Bank and Securities Commission are joint regulators of designated settlement systems. The NZCDC Settlement System is operated by New Zealand Clearing and Depository Corporation, a wholly-owned subsidiary of NZX Limited.

Reserve Bank Head of Prudential Supervision Toby Fiennes, and Securities Commission Chairman Jane Diplock said the designation gives statutory backing to the finality of settlement and netting of transactions through the system so that in the event of failure by a participant, transactions cannot be unwound. Designated settlement systems are subject to ongoing oversight by the Securities Commission and the Reserve Bank. However, it is not compulsory for settlement systems operating in New Zealand to be designated.

New Zealand has two existing designated settlement systems: the Reserve Bank's Exchange Settlement Account System and the Continuous Linked Settlement System operated by CLS Bank International.

A settlement system will only be recommended for designation after a thorough assessment by the regulators, they said. The regulators assess, amongst other things, the clarity and legal certainty of the rules of a system, its financial soundness and risk management policies, and the capability and capacity of the operator.

Questions and answers on the new settlement system are available on the Reserve Bank website.

Media contacts:
Anthea Black, External Communications Adviser, Reserve Bank
Ph 04 471 3767, 021 222 5225, anthea.black@rbnz.govt.nz

Roger Marwick, Communications Manager, Securities Commission
Ph 04 471 7659

Ends

Hotchin's Assets Frozen on Commission Request

2013-03-27T18:50:42+13:00

The High Court has granted a freezing order with respect to New Zealand assets believed to be associated with former Hanover director Mark Hotchin.

15 December 2010

The High Court, on application from the Securities Commission, has granted a freezing order with respect to New Zealand assets believed to be associated with former Hanover director Mark Hotchin.

The application was granted without notice to Mr Hotchin on Friday 10 December 2010. Mr Hotchin intends to apply to revoke these orders. A hearing in that respect is expected in February 2011.

The action was taken under sections 60G and 60H of the Securities Act with a view to ultimately freezing sufficient property and assets of Mark Hotchin to meet any civil claims that may be brought by investors. Any such claims would relate to those who invested in Hanover Finance, Hanover Capital and United Finance on the basis of any disclosure documents that are proved to have included untrue statements.

"The Commission decided to take this action against Mr Hotchin after deciding it was in the public interest to do so, enabling us to preserve assets from being sold or transferred" said Securities Commission Chairman Jane Diplock.

This is a purely preventive measure that is in no way indicative of civil or criminal liability or of the Commission's views in that regard. The Commission's investigation has not concluded.

Ends

Contact: Roger Marwick 04 471 7659 or Rebecca Barclay 04 471 7666

Investment Adviser and Broker Banned

2013-03-27T18:50:42+13:00

Former Timaru-based investment adviser Neville Ian Cant, found guilty of forgery and theft, is banned from operating as an adviser or investment broker for five years.

14 June 2010

Former Timaru-based investment adviser Neville Ian Cant, found guilty of forgery and theft, is banned from operating as an adviser or investment broker for five years.

The Securities Commission had received a number of complaints regarding investment schemes established by Mr Cant.

He is also banned from acting as an employee or agent of an investment adviser or broker in any way that would allow him to give investment advice, or receive investment money or investment property from a member of the public. Neither is he allowed to direct, promote or manage for five years any investment adviser or broker companies.

The ban applies for five years and is made under section 43N of the Securities Markets Act 1988.

The ban is an automatic result of Mr Cant's conviction under the Crimes Act of crimes involving forgery and theft by a person in a special relationship. The Charges were pursued by the Police.

Mr Cant and his companies, Investment Management Limited and Combined Financial Services Limited, were found guilty of offering and allotting securities without a registered prospectus and investment statement for the proportionate ownership scheme known as 'The Gables Proportionate Ownership Scheme', as required by the Securities Act.

The Securities Act charges were pursued by the Ministry of Economic Development on referral from the Securities Commission.

Mr Cant was last week sentenced to 14 months imprisonment and ordered to pay $100,000 reparation on the two Crimes Act charges, and was fined $40,000 on each of the two Securities Act charges. His companies were also each fined $14,000 on each of the two Securities Act charges.

As a consequence of his Crimes Act convictions, Mr Cant is also banned from being a director and manager of any company for a period of five years, under section 382 of the Companies Act 1993.

Ends

Contact: Roger Marwick ph 04 471 7659

Financial Advisers Regulatory Regime Comes Into Force

2013-03-27T18:50:41+13:00

The new regulatory regime for financial advisers begins today, with the first Authorised Financial Advisers receiving their certificates of authorisation.

1 December 2010

The new regulatory regime for financial advisers begins today, with the first Authorised Financial Advisers receiving their certificates of authorisation at a ceremony in Auckland from Commissioner for Financial Advisers, David Mayhew. The regulatory regime will be phased in between today and 1 July 2011.

David Mayhew congratulated the new Authorised Financial Advisers (AFAs) for their commitment to professionalism in being the first to qualify.

"These first AFAs are to be commended for preparing for the new regime so promptly. They've shown the kind of professional responsibility that the new regime is designed to promote among all financial advisers," he said.

David Mayhew notes that from today all financial advisers have a statutory obligation to act with care, diligence and skill.

"That gives the investing public greater legal recourse in the event that things go wrong. But the advisers who have qualified as AFAs have gone further.

"If you're a retail client dealing with an AFA you'll know they're qualified to provide investment advice, they'll be disclosing how they're paid and they are required to put your interests first and to provide plain English investment advice for your personal situation," he said.

Ten advisers have so far qualified as AFAs around the country. Some 4,000 advisers have taken the first step in the process by registering for qualifications, and 2,128 have booked examination dates for the core exam for AFAs. Advisers also need to gather testimonials and develop comprehensive business statements.

David Mayhew urged advisers wishing to qualify as an AFA to keep moving promptly through the assessment processes.

"From early 2011, the Securities Commission will be signalling to the public that if they want personalised investment advice they should be dealing with an AFA.

"Investors have a right to expect their adviser to engage now to obtain the professionalism expected of them under the new regime," he said.

"They shouldn't have to wait until the law takes full effect on 1 July 2011."

The new financial adviser regulatory regime

The main features of the regime, which began its phased implementation today, are as follows:

Financial Service Provider Register (FSPR)

All entities that provide financial services must be registered with the new FSPR from today, except financial advisers who have until 31 March 2011. From 31 March, it will be an offence to offer financial advice commercially without registration on the FSPR. The FSPR will allow consumers to check to see if someone or a company they are considering dealing with is a legitimate provider.
www.fspr.govt.nz

Disputes and complaints

Every Registered Adviser is required to belong to one of four approved dispute resolution schemes. This is designed to be the mechanism for resolving any issues a client might have with the service they have received from their adviser. The FSPR will list the dispute resolution scheme the adviser belongs to. In addition, complaints about adviser conduct can be made directly to the Securities Commission from 1 December 2010.

Adviser categories

The main types of advisers are:

AFAs - registered and authorised
RFAs - registered
QFE advisers - entity is registered not the individual

Authorised Financial Advisers (AFA)

From today Authorised Financial Advisers begin receiving their AFA certificates and can start marketing themselves as an AFA. An AFA has qualified via a combination of exams, existing qualifications, and documentation to show good character. Advisers wishing to qualify as an AFA have until 1 July to complete the process. From 1 July it will be an offence to provide retail clients with investment planning services, or personalised advice on complex products, without authorisation.

Investment planning and personalised advice
AFAs are able to provide retail clients with investment planning services and personalised advice on Category 1 products. Category 1 products are more complex investment products such as shares, certain unit trusts, KiwiSaver products and insurance products with an investment component.
Code of Professional Conduct
AFAs are subject to a new Code of Conduct that sets out the standards of professionalism that will be expected of an AFA.
"Independent" advisers
From 1 December AFAs may not describe themselves as "independent" if they receive commissions or any other sales incentives to sell any financial product.
Disciplinary committee
A statutory disciplinary committee has been set up to consider possible breaches of the Code of Conduct. This comes into being on 1 December. The Commissioner of Financial Advisers chairs this committee which may, for example, impose fines of up to $10,000 or recommend the withdrawal of authorisation.

Registered Advisers

Registered Advisers are only able to sell category 2 products, which are simpler off the shelf products such as mortgages and bank term deposits. Financial advisers have until 31 March to register on the Financial Service Providers Register.

Qualifying Financial Entity (QFE) Advisers

A QFE is a company that offers financial services and sells financial products. QFEs undertake to take responsibility to provide a prescribed level of training and supervision for their employees that offer financial advice to the public. A QFE adviser may sell category 2 products and any category 1 (AFA level) products that are produced by the QFE.

ENDS

Note for Editors:

KEY AFA STATISTICS AS AT 1 DECEMBER 2010

Number of AFAs	10
AFAs in the Securities Commission system awaiting authorisation	112
Financial advisers who have registered on the FSPR	685
Number of advisers booked in for Set B exams*	2,128
Number of advisers registered on the The Skills Organisation training system	4,196

*Set B is an essential pre-requisite to become an AFA so this statistic gives a good indication of AFAs in the pipeline.

Ends

Contact Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 765

Financial Advisers Urged to Get Ready for Regulation

2013-03-27T18:50:41+13:00

The Commissioner for Financial Advisers, David Mayhew, today urged advisers to get ready for the new regulatory regime.

25 June 2010

The Commissioner for Financial Advisers, David Mayhew, today urged advisers to get ready for the new regulatory regime. He also updated the Securities Commission's financial adviser implementation timetable.

The announcement follows changes made by Parliament to the Financial Advisers Act this week. The Act will be implemented over the next twelve months, coming fully into force after 30 June 2011.

Authorised Financial Advisers

"Now financial advisers have certainty about the regulatory framework, it's up to them to meet the new standards in time to be authorised by 30 June 2011," Mr Mayhew says. "From then on, an adviser must be an Authorised Financial Adviser (AFA) to give advice to the investing public, unless they're exempted by the law."

The top priority for advisers seeking authorisation is to enrol to be assessed against the adviser competence standards. These are set out in the draft Code of Professional Conduct currently being finalised by the Code Committee.

"I am confident that the proposed competence standards are unlikely to change materially and certainly will not be reduced. I'd encourage all would-be AFAs not to wait until the last minute before applying," Mr Mayhew stresses.

"My message to all prospective AFAs is: book your competence assessment now. It's a critical pre-requisite for gaining authorisation."

Mr Mayhew noted that the regulations had yet to be made by the Ministry of Economic Development to confirm that the Commission could authorise an adviser to provide advice only on mortgage or insurance products.

"The Code Committee has indicated that they are continuing to include competence standards for these advisers in the draft Code. That approach is sensible and pragmatic, based on the assumption that the regulations will be published by the time the draft Code comes to be approved and made by the time the Code is implemented."

The AFA timetable has been modified to allow time for late applications and is available at www.seccom.govt.nz/afa

Advisers can book their competence assessment at http://www.afacompetence.org.nz/

Qualifying Financial Entities

Mr Mayhew welcomed Parliament's decision to use the Code as a benchmark for firms and corporate groups seeking to become Qualifying Financial Entities (QFEs). Changes to the legislation confirm that QFEs must provide consumers and investors with a similar standard of protection to that provided by advisers who are subject to the Code. The QFE provisions are aimed at organisations that employ large numbers of financial advisers.

"The Code benchmark is a powerful consumer protection tool in the regulation of all advisers dealing with the investing public, including QFE advisers."

"QFEs must submit an Adviser Business Statement (ABS) to the Commission before getting their licence to explain the policies and procedures they have in place to ensure their advisers operate professionally. We will scrutinise every ABS to ensure that the Code benchmark is appropriately applied," Mr Mayhew says.

In view of the new legislative rules, the Commission has relaxed the QFE application timetable. "I encourage QFEs to submit their ABS by October, although we will accept them up to a final deadline of 1 December 2010."

A QFE "Get Ready" Checklist has been issued and is available at www.seccom.govt.nz/qfe

Superceded guidance withdrawn

The Commission has withdrawn its guidance on financial planning services following the removal of the definition from the legislation.

Ends

Contact: Roger Marwick 04 471 7659

Guide for Authorised Financial Advisers Released

2013-03-27T18:50:41+13:00

The Securities Commission today released the AFA Adviser Business Statement Guide to help financial advisers prepare for the new regulatory regime.

2 June 2010

The Securities Commission today released the AFA Adviser Business Statement Guide to help financial advisers prepare for the new regulatory regime. The guide explains the document to be prepared by an adviser applying to become an Authorised Financial Adviser (AFA).

Under the Financial Advisers Act a person who provides a financial planning service or gives advice on investment products is required to be licensed as an AFA.

"The reforms aim to build public confidence in the professionalism and integrity of financial advisers by making them more accountable for the advice they give," Commissioner for Financial Advisers David Mayhew says.

As a requirement of the terms and conditions of authorisation AFAs must have an Adviser Business Statement which is kept up to date and available for the Commission to view on request.

"The Adviser Business Statement provides a snapshot of how an adviser operates by explaining the systems and procedures in place to ensure their business is conducted in a professional manner," Mr Mayhew says.

"The Adviser Business Statement will not only help the Commission understand an adviser's business, but will also be a helpful tool for advisers, focusing them on what they need to do to run their business in accordance with the requirements of the Act."

The AFA Adviser Business Statement Guide provides information to help advisers decide whether they need to be authorised. It also outlines the content to be developed in an Adviser Business Statement.

"The guide has been published now, in advance of release of the final Code of Professional Conduct and the amendments to the Act contained in the Financial Service Providers (Pre-Implementation Adjustments) Bill, to enable advisers to start work on their Adviser Business Statements in preparation for the new regime," Mr Mayhew says. "A second edition of the guide will be issued later in the year."

To become an AFA an adviser will have to register online and apply for authorisation in a single process at the Financial Service Providers Register. Applications for registration and authorisation open in July 2010 at http://www.fspr.govt.nz/

See: AFA Adviser Business Statement Guide at seccom.govt.nz (http://www.seccom.govt.nz/publications/documents/afa-guide/)

Ends

Contact: Roger Marwick, ph 04 471 7659

Draft Code to Minister for Approval

2013-03-27T18:50:40+13:00

The Commissioner for Financial Advisers has approved the draft Code of Professional Conduct for Authorised Financial Advisers, and sent it for approval.

2 September 2010

The Commissioner for Financial Advisers, David Mayhew has approved the draft Code of Professional Conduct for Authorised Financial Advisers, and sent it to the Minister of Commerce, Hon Simon Power for his approval.

Mr Mayhew says approving the draft Code is a significant milestone towards implementing the new regulatory regime.

"It is clear that the Code Committee consulted widely when preparing the draft Code and has included minimum standards on all the required matters. I am satisfied that the Committee has discharged its obligations and produced a draft Code which is consistent with the legislation. I'm now pleased to be able to forward the draft Code to the Minister of Commerce for his approval. This is a very important step towards the new era of regulation for the industry."

Under the Financial Advisers Act 2008, the draft Code must include provisions for with minimum standards for professional conduct covering ethical behaviour, client care, competence, knowledge and skills and continuing professional development. Mr Mayhew also wanted to be satisfied that the draft Code is consistent with the purpose of the legislation and will be sufficiently clear so that financial advisers understand their obligations and the disciplinary committee will be able to enforce the Code.

Mr Mayhew says the draft Code should go a long way towards restoring investor confidence.

"The Code will be the tool for imprinting professionalism on those financial advisers in New Zealand who provide personalised advisory services to retail investment clients. It also forms the benchmark for adequate consumer protection standards for such services provided through corporate entities such as retail banks."

The Act allows the Minister to review the Code for up to 90 days.

The draft Code of Conduct for Financial Adviser can be found on the Code Committee's website: www.financialadvisercode.govt.nz/

Ends

Contact: Rebecca Barclay 04 471 7666

Finance & Investments Partners Enforceable Undertaking

2013-03-27T18:50:40+13:00

The Securities Commission has accepted enforceable undertakings from the partners of Finance & Investments, Mr Andrew Harding and Mr Murray Scholfield.

16 July 2010

The Securities Commission has accepted enforceable undertakings from the partners of Finance & Investments, Mr Andrew Harding and Mr Murray Scholfield.

The partners offered securities to the public without an investment statement or registered prospectus. The partnership went into receivership in September 2007.

Under the terms of the undertaking, Mr Harding and Mr Scholfield agree not to take part in the management of any company at any time in the future. They also agree not to offer or promote an offer of securities at any time in the future.

See full texts of the signed undertakings.

Ends

Contact: Roger Marwick, ph 04 471 7659

Criminal Charges Laid Against Lombard Directors

2013-03-27T18:50:39+13:00

The Securities Commission today confirmed that it has laid criminal charges against Lombard Finance & Investments directors

15 April 2010

The Securities Commission today confirmed that it has laid criminal charges against Lombard Finance & Investments directors Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

These charges relate to the same allegations as the civil proceedings announced earlier this week.

The criminal charges are laid under section 58 of the Securities Act and carry a maximum penalty of five years imprisonment or fines of up to $300,000. They were laid in the District Court at Wellington on 14 April 2010.

The Commission acknowledges the assistance of PricewaterhouseCoopers, the Lombard Finance & Investments receivers, with the investigation.

As these proceedings are now before the Court it would not be appropriate for the Commission to comment further.

Ends

Contact: Roger Marwick ph 04 471 7659

Dominion and North South Finance Directors Charged

2013-03-27T18:50:39+13:00

The Securities Commission has laid criminal charges and issued civil proceedings against Dominion Finance Group Limited and North South Finance Limited directors.

7 July 2010

The Securities Commission has laid criminal charges and issued civil proceedings against Dominion Finance Group Limited and North South Finance Limited directors Vance Arkinstall, Richard Bettle, Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale.

These proceedings follow extensive investigations by the Commission since Dominion Finance Group went into receivership on 9 September 2008 owing approximately $176.9 million to some 5,900 investors. According to the receivers it is likely that secured debenture holders will receive less than 25% of their investment back. Unsecured creditors are likely to receive no return.

"The Commission alleges that Dominion Finance Group's offer documents and advertisements misled investors by misrepresenting the investment risks, especially in relation to related party transactions, lending standards, loan quality and impairment, liquidity and the company's overall financial position," Commission Chairman Jane Diplock says.

"The Commission also alleges that North South Finance's offer documents and advertisements misled investors in relation to related party transactions, liquidity and the company's overall financial position."

The Commission alleges that the directors made false statements in the Dominion Finance Group registered prospectus dated 13 September 2007, as amended by an extension certificate 20 December 2007 and the North South Finance registered prospectus dated 11 September 2007, as amended by an extension certificate 20 December 2007.

Each extension certificate stated that the relevant company's financial position had not materially and adversely changed since the company's last balance date and that the prospectus was not misleading by failing to properly refer to adverse circumstances. However the Commission alleges this was false and that the directors' statements misled investors.

In addition, the Commission alleges that a quarterly newsletter of Dominion Finance Group and a letter to the investors of both Dominion Finance Group and North South Finance distributed during 2008 contained similar untrue statements about the financial position of the companies.

Criminal charges

The Commission has laid criminal charges under section 58 of the Securities Act which carry a maximum penalty of five years imprisonment or fines of up to $300,000. They were laid in the District Court at Auckland on 4 June 2010.

Civil proceedings

The Commission has applied for declarations of civil liability and civil pecuniary penalty orders of up to $500,000 against each of the directors. Under the Securities Act these applications must be made together.

The Commission's main purpose in making these applications is to take the first step towards compensation for investors who invested under the September 2007 prospectuses, as amended by the extension certificates on 20 December 2007. A declaration of civil liability is conclusive evidence that can be relied upon by either the Commission or investors themselves in any subsequent claims against the directors for compensation. The Commission will consider pursuing compensation claims in due course should it be in the public interest to do so.

Investors can take their own civil compensation proceedings whether or not the Commission also does.

The civil proceedings are issued under section 55C and related sections of the Securities Act. They were filed on 3 June 2010 in the High Court at Auckland.

Ongoing investigations

The Commission is continuing its investigations in relation to Dominion Finance Group Limited, North South Finance Limited and their parent company Dominion Finance Holdings Limited (and their respective directors) and is considering further proceedings.

As these proceedings are now before the Court it would not be appropriate for the Commission to comment further.

Ends

Contact: Rebecca Barclay ph 04 471 7666

Commissioner for Financial Advisers Receives Draft Code of Professional Conduct

2013-03-27T18:50:38+13:00

The Commissioner for Financial Advisers, today received the draft code of professional conduct for authorised financial advisers for his approval.

30 July 2010

The Commissioner for Financial Advisers, David Mayhew, today received from the Code Committee the draft code of professional conduct for authorised financial advisers for his approval under the Financial Advisers Act 2008.

Mr Mayhew said receiving the draft code was a significant milestone in the implementation of the new regulatory regime governing financial advice to the investing public.

"The code will play an important role in establishing the professionalism and integrity of financial advisers. The next step is for me to review the draft code to consider whether to approve it or not. If I do approve it, then I must forward the draft code to the Minister of Commerce for his approval."

The Act requires the Commissioner to assess the draft code against the specific matters in the Act. Mr Mayhew observed that, "In substance, I have to satisfy myself that the Committee has complied with its consultation obligations and that the draft code it has prepared is consistent with the Act. This will involve a high level review of the content of the draft code with reference to both the minimum standards stipulated by the Act and the purpose of the Act."

The Act does not provide a role for the Commissioner to carry out further or separate consultation.

"If the Code Committee has determined minimum standards of professional conduct which cover the specified matters and which are consistent with the purposes of the Act, and if it has complied with its consultation obligations, then there is likely to be little scope for me, as Commissioner, to take issue with the precise point at which those standards are set. In these circumstances, this is not an opportunity for interested parties to seek to re-argue matters they have already put before the Code Committee", Mr Mayhew said.

Although the Act allows up to 90 days for the task, Mr Mayhew expects to complete his review by the middle of August.

Ends

Contact: Rebecca Barclay 04 471 7666

Commission's Review Highlights Continuing Need for Greater Transparency

2013-03-27T18:50:38+13:00

The Securities Commission's latest review of financial reporting standards continues to highlight the need for a greater focus on transparency.

16 November 2010

The Securities Commission's latest review of financial reporting standards continues to highlight the need for a greater focus on transparency.

"Ensuring stakeholders and investors are fully informed about all areas of their investment is vital, and issuers must ensure they provide clear, concise and transparent financial statements which are easily understood," says Securities Commission Chairman Jane Diplock.

The Commission's Cycle 13 review focused on segment reporting (NZ IFRS 8 Operating Segments). The standard was introduced at the beginning of last year to ensure investors have a clear insight into an entity's operations and the information management uses to make operating decisions. The Commission is concerned some disclosures do not meet the core principle of the standard. The Commission reminds issuers that the financial reporting standard requires a greater level of transparency than the previous standard.

This cycle looked at the financial statements of 20 companies with 31 March 2010 balance dates. The Commission wrote to 16 of the assessed companies to raise 30 issues.

The latest results show an improvement in the level and type of disclosures relating to investment property revaluations. However there are still some areas needing better disclosure, particularly about:

operating segments
key judgements and significant assumptions
impairment relating to goodwill.

The Commission's ongoing Financial Reporting Surveillance Programme (FRSP), is designed to encourage high-quality financial reporting to enhance the credibility of financial information provided by issuers.

The Cycle 13 report will be published in due course.

Ends

Contact: Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 7659

Commission Releases Information on Finance Company Investigations

2013-03-27T18:50:37+13:00

The Securities Commission today released information about the status of its investigations into 50 failed finance companies.

3 December 2010

The Securities Commission today released information about the status of its investigations into 50 failed finance companies.

It has completed 26 finance company investigations and is continuing with 24.

Criminal charges have been laid against 35 directors or officers of 14 finance companies. The charges have been laid by the Commission or, following referral by the Commission, by the National Enforcement Unit of the Companies Office. Three directors have been convicted. The other cases are still before the courts.

In most of the cases, civil proceedings have also been commenced by the Commission.

In carrying out its investigations the Commission works closely with the National Enforcement Unit of the Companies Office and the Serious Fraud Office and has referred 10 finance company cases to them. In one other case the Commission accepted an enforceable undertaking from company directors.

"The Commission has worked extremely hard to ensure all failed finance companies are being thoroughly investigated. The collapse of almost the entire finance company sector over a very short time period has meant that the Commission has had to deploy its limited resources effectively in deciding which cases to investigate first," said Commission Chairman Jane Diplock.

"Like other regulators in New Zealand and around the world, we generally don't comment on the progress of our investigations. This is because of the risk of causing unjustified damage to the reputation of the businesses and people we are investigating before we are sure that the grounds for our concern were justified by the evidence we have established. We must also take care that we don't prejudice the fair and effective trial of a person who is eventually charged by releasing too much information.

"On the other hand, we want to keep the public - and particularly investors - informed about our finance company work. From time to time we release additional information when we believe it is in the public interest to do so.

"Investigations take time, and it's important the public understands what is involved in our investigations, including how and when the Commission decides to investigate, the enforcement powers we have, and why, in most cases, we don't comment publicly about investigations underway or complaints received."

The information released highlights the Commission's work to date, the companies being investigated, the status investigations and the behaviour or act that triggered the Commission's involvement.

Ends

Contact Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 765

Updated information on finance company investigations

Commission to Sue Nuplex Industries Limited and Directors

2013-03-27T18:50:37+13:00

The Securities Commission has decided to file civil proceedings against Nuplex Industries Limited (Nuplex) and certain current and former directors.

13 April 2010

The Securities Commission has decided to file civil proceedings against Nuplex Industries Limited (Nuplex) and certain current and former directors.

The directors involved are John Hirst (Managing Director, Sydney), Robert Aitken (Chairman and non-executive director, Sydney), Barbara Gibson (non-executive director, Melbourne), David Jackson (non-executive director, Auckland), Bryan Kensington (former non-executive director, Auckland) and Michael Wynter (non-executive director, Sydney).

The Commission is seeking declarations of contravention, pecuniary penalties (maximum penalty of up to $1 million per defendant) and compensatory orders.

"The Commission alleges that from 22 December 2008 until 19 February 2009 Nuplex breached its continuous disclosure obligations under the NZX Listing Rules and the Securities Markets Act 1988 by failing to disclose to the market a breach of a banking covenant, and that both Nuplex and the directors are responsible for this failure," Commission Chairman Jane Diplock says.

This is the first continuous disclosure case brought by the Commission.

The Commission will lodge a statement of claim with the High Court in Wellington on Wednesday morning (14 April 2010).

Nuplex is listed on both the NZX and the ASX.

This matter came to the Commission's attention through its own market surveillance. The Commission acknowledges NZX provided information regarding an initial price enquiry.

The Commission will not comment further on this matter at this time.

Ends

Contact: Roger Marwick 04 471 7659

Commission Consults on Standard Conditions for QFEs

2013-03-27T18:50:36+13:00

The Securities Commission invites submissions on proposed standard conditions for financial adviser businesses that apply for QFE status.

28 September 2010

The Securities Commission invites submissions on proposed standard conditions for financial adviser businesses that apply for Qualifying Financial Entity (QFE) status. This follows the Commission's consultation early this month on the licence conditions for Authorised Financial Advisers.

QFE status is available to entities that satisfy the Commission that they have the capacity to take responsibility for their financial advisers. The QFE is permitted to employ or engage financial advisers who are not individually regulated, and must comply with the terms and conditions issued by the Commission.

The consultation paper sets out the content of the proposed standard conditions for QFEs. It is relevant for all QFE applicants.

A separate consultation paper on disclosure requirements for QFEs will be issued shortly.

Entities that wish to apply for QFE status must first submit an Adviser Business Statement to the Commission for consideration by 1 December. The Commission has received just over 20 statements to date.

The link to consultation paper (http://www.seccom.govt.nz/publications/documents/qfe-conditions/) is published at www.seccom.govt.nz.

Submissions close at 5pm on Friday 22 October 2010.

Ends

Contact: Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 7659

Commission Finds Instances Where Investors Entitled to Refunds

2013-03-27T18:50:36+13:00

Securities Commission investigations into finance companies have found that many investors are entitled to refunds on their investments.

28 May 2010

Securities Commission investigations into finance companies have found that many investors are entitled to refunds on their investments.

Where individuals and companies have broken the law by offering securities to the public without a registered prospectus, investors are entitled to a refund of their principal plus interest.

Investors who did not receive an investment statement before investing may also be able to seek a refund.

Investors can take action against both the issuers and the directors personally for recovery of their investment. The amount available may exceed the amounts returned on receivership or liquidation. The viability of any such action will of course depend upon the financial ability of the issuer or the directors to meet that liability.

However, investors must take action themselves. The Commission is not able to take action for them. The Commission strongly recommends that investors seek legal advice as to their entitlements, and the prospects of enforcing those entitlements.

The Securities Act requires an issuer to have registered a prospectus before securities are allotted to a member of the public in New Zealand. The issuer must also make sure that the investor has received the related investment statement before that investor subscribes to the offer. If the issuer is offering debt securities, such as debenture stock, the Securities Act also requires there to be a trustee for the investors. There are, however some instances in which the issuer may be excused from the requirements.

Following investigation by the Commission a referral to the National Enforcement Unit resulted in a successful prosecution of Ms Sharon Day and QED Limited in relation to investment offers to the public by QED without a registered prospectus or investment statement. The National Enforcement Unit has also filed similar charges against the directors of Five Star Debenture Nominees Limited.

Investigations are continuing into other issuers that may have breached the Act in this way. The Commission will comment on these matters as appropriate.

Ends

Contact: Roger Marwick 04 471 7659

Commission Lays Criminal Charges Against Huljich

2013-03-27T18:50:36+13:00

The Securities Commission confirms that it has laid criminal charges against Huljich Wealth Management (New Zealand) Limited and director Peter Huljich.

18 November 2010

The Securities Commission confirms that it has laid criminal charges against Huljich Wealth Management (New Zealand) Limited and director Peter Huljich.

The charges relate to the Huljich KiwiSaver Scheme for which Huljich Wealth Management and Peter Huljich are promoters.

The Commission alleges Peter Huljich and Huljich Wealth Management misled prospective investors by misrepresenting the investment performance of the scheme's funds in offer documents. The offer documents contained graphs comparing the Huljich KiwiSaver Funds' investment performance to other competitor KiwiSaver funds but failed to disclose that the Huljich performance figures included related party payments made at the direction of Peter Huljich. Those payments had a significant impact on the Huljich KiwiSaver Funds' investment performance figures.

The Commission also alleges Peter Huljich made untrue statements in the scheme's registered prospectuses which included summary financial performance information but failed to disclose the related party payments. The registered prospectuses also stated that the financial statements were prepared in accordance with New Zealand Generally Accepted Accounting Practice, and complied with NZ equivalents to International Financial Reporting Standards and other applicable New Zealand Financial Reporting Standards although the financial statements did not comply with NZ IAS 24 Related Party Disclosures.

The Commission alleges that the misleading and false statements were made in the scheme's registered prospectus dated 22 August 2008 as amended on 13 February 2009, the registered prospectus dated 18 September 2009 and investment statements distributed during the period 1 May 2008 to 25 January 2010.

The criminal charges have been laid summarily under section 58(3) of the Securities Act 1978 which carries a maximum penalty of three months imprisonment or a $300,000 fine and under section 59(1)(c) of the Securities Act 1978 which carries a maximum penalty of a fine of $300,000.

The first call of the charges will be in the District Court in Auckland on Friday 14 January 2011.

Prosecution decisions by the Commission are made after consideration of the Solicitor General's Prosecution Guidelines and advice from the Crown Solicitor.

As the proceedings are now before the Court the Commission will not comment further.

Ends

Contact: Roger Marwick 04 471 7659

Code Committee Members Reappointed

2013-03-27T18:50:35+13:00

Commissioner for Financial Advisers David Mayhew has announced the reappointment of three members of the Code Committee.

29 July 2010

Commissioner for Financial Advisers David Mayhew has announced the reappointment of three members of the Code Committee. The Committee was established in July 2009 to draft a Code of Professional Conduct for Authorised Financial Advisers (AFAs).

Ross Butler, David Ireland and Gary Young have each agreed to extend their one-year terms for another 12 months. All other Committee members were appointed for three years.

"I'm keen for continuity on the Committee up to full implementation of the new regime in July 2011," said Mr Mayhew. "It will also have an ongoing role, periodically consulting advisers and consumers on Code updates, and informing the Commission on evolving standards for financial adviser conduct and competency."

The Committee was concluding its consultation process and would submit the draft Code to him by the end of this week. The next step would be approval of the Code by himself and the Minister of Commerce.

Mr Mayhew says he expects the approval process to finish in September, ahead of the Code coming into force on 1 December 2010.

"The Code will apply progressively as advisers become authorised. The final deadline for authorisation applications is 31 March 2011. All AFAs must pass an examination on the content of the Code and satisfy other licensing requirements before being authorised."

The legislation sets Committee membership at between seven and 11.

"Currently it has eight members. However Committee member Sue Brown, having taken up the position of Director Primary Markets with the Securities Commission, has indicated that she will step down once the Code has been approved," Mr Mayhew said.

Mr Mayhew says that later this year, following approval of the Code and agreement on the Committee's work plan for the next period, he intends seeking additional Committee members to ensure an appropriate mix of skills.

Code Committee members details can be found on the Committee's website at: http://www.financialadvisercode.govt.nz/

Ends

Contact: Rebecca Barclay 04 471 7666

Commission Consults on Standard Conditions for Advisers

2013-03-27T18:50:35+13:00

The Securities Commission invites submissions on proposed standard conditions for Authorised Financial Advisers.

9 September 2010

The Securities Commission invites submissions on proposed standard conditions for Authorised Financial Advisers (http://www.seccom.govt.nz/publications/documents/afa-conditions-consult/) (AFAs).

The Financial Adviser's Act allows the Securities Commission to authorise financial advisers for a specific range of services for a specified period. All AFAs will be subject to terms and conditions issued by the Securities Commission.

The consultation paper sets out the content of the proposed standard conditions for AFAs. It is relevant for all financial advisers applying for authorisation, including those advisers working within Qualifying Financial Entities (QFEs) who need to be individually authorised.

Applications for authorisation can be processed now for authorisations to commence from 1 December 2010. Financial advisers will need to be authorised by 1 July 2011.

A separate consultation paper in relation to terms and conditions for QFEs will be issued at a later date.

Submissions (http://www.seccom.govt.nz/publications/documents/current-discussion-doc.shtml) close at 5pm on Friday 1 October 2010.

Ends

Contact: Rebecca Barclay 04 471 7666 or Roger Marwick 04 471 7659

Adviser Regulation Ready To 'Go-Live' On 1 December

2013-03-27T18:50:34+13:00

The Commissioner for Financial Advisers has taken the last formal step required for the introduction of the new financial advisers regulatory regime.

28 October 2010

The Commissioner for Financial Advisers has taken the last formal step required for the introduction of the new financial advisers regulatory regime, with publication in the Gazette that 1 December 2010 will be the date on which the Code of Professional Conduct for Authorised Financial Advisers (AFAs) comes into effect.

The Code of Conduct contains the minimum standards of competence, knowledge and skills, ethical behaviour and client care that AFAs will be expected to uphold.

Commissioner for Financial Advisers David Mayhew said it was an important milestone for the implementation of the new regime.

"This confirms that Authorised Financial Advisers will be a reality from 1 December 2010. From that date advisers giving personalised investment advice to retail clients will be able to operate within the new regime designed to promote the sound and efficient delivery of financial advice and to encourage public confidence in the professionalism and integrity of advisers," he said.

He also noted that from 1 December all financial advisers will be subject to the statutory duties to exercise care, diligence and skill and not to engage in misleading or deceptive conduct.

At the same time, the Securities Commission has approved the standard conditions for incorporation in the authorisation of AFAs. Those conditions provide the framework for the regulatory relationship between the individual AFA and the Securities Commission, for example, in relation to reporting obligations.

Mr Mayhew said the Commission was grateful for the efforts of all those who made submissions on the proposed standard conditions and that responses to the consultation would be published on the Commission's website shortly.

However, Mr Mayhew sounded a note of caution about the readiness of the majority of financial advisers to engage with the new regime. "While the Securities Commission will have in place a licensing process for advisers who want to be AFAs by 1 December, too few are currently getting on with the registration and assessment steps necessary for authorisation. There is a real risk that delay now will create a log jam next year," he said.

The Commission has previously said that, provided advisers applied for authorisation by 31 March 2011, the Commission should be able to complete the process by the critical date of 1 July 2011.

"But that assumes significant numbers have already been processed before 31 March", said Mr Mayhew. "The experience to date has been disappointing and, unless there is more engagement now, there may be insufficient capacity in the system to cope with the volume of applications to be processed in the last three months before the regime is fully in force."

See: Standard Conditions for AFAs at seccom.govt.nz.

See: Code of Conduct at legislation.govt.nz

Ends

Contact: Roger Marwick 04 471 7659

Note for editors

All financial advisers have to be registered by 31 March 2011. To give advice after that date without being registered will be an offence. Advisers wanting to give personalised investment advice to retail clients have to be authorised to do so by 1 July 2011. After that date it will be an offence to provide such advice without being authorised. See the Securities Commission AFA 'Get Ready' Checklist at http://www.seccom.govt.nz/far/afa/checklist.shtml. There are exceptions to both these requirements if the adviser works for a qualified financial entity (QFE), see http://www.seccom.govt.nz/far/qfe/products.

Civil Proceedings Served on Lombard Finance & Investments Directors

2013-03-27T18:50:34+13:00

The Securities Commission has issued civil proceedings under the Securities Act against Lombard Finance & Investments directors.

13 April 2010

The Securities Commission has issued civil proceedings under the Securities Act against Lombard Finance & Investments directors Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

These proceedings follow extensive investigations by the Commission since Lombard Finance & Investments went into receivership on 10 April 2008 owing approximately $127 million to some 4,400 investors. According to the receivers it is likely that secured debenture holders will receive less than 30% of their investment back. Unsecured creditors are likely to receive no return.

"The Commission alleges that Lombard Finance & Investments' offer documents and advertisements misled investors by misrepresenting the investment risks, especially in relation to liquidity, the quality of the loan book, adherence to credit policies and the company's overall financial position," Commission Chairman Jane Diplock says.

The Commission alleges that the directors made false statements in the registered prospectus dated 7 September 2007, as amended by a memorandum of amendments dated 24 December 2007, and investment statements dated 28 December 2007. The documents stated the company's financial position had not materially and adversely changed since the company's last balance date and that the prospectus was not misleading by failing to properly refer to adverse circumstances. However the Commission alleges this was false and the directors' statements misled investors.

In addition, the Commission alleges that a DVD advertisement distributed during 2007 and 2008 contained similar untrue statements about the financial position of the company.

The Commission has applied for declarations of civil liability and civil pecuniary penalties of up to $500,000 against each of the current four directors. Under the Securities Act these applications must be made together.

The Commission's main purpose in making them is to take the first step towards compensation for investors who invested under the 7 September 2007 prospectus, as amended by a memorandum of amendments on 24 December 2007. A declaration of civil liability is conclusive evidence that can be relied upon by either the Commission or investors themselves in any subsequent claims against the directors for compensation. The Commission will consider pursuing compensation claims in due course should it be in the public interest to do so.

Investors can take their own civil compensation proceedings whether or not the Commission also has power to do so.

The civil proceedings are issued under section 55C and related sections of the Securities Act. They were filed on 1 April 2010 at the High Court at Wellington.

The Commission acknowledges the assistance of PriceWaterhouseCoopers, the Lombard Finance & Investments receivers, with this investigation.

As these proceedings are now before the Court it would not be appropriate for the Commission to comment further.

Ongoing investigations

The Commission is continuing its investigations in relation to Lombard Finance & Investments Limited and its parent company Lombard Group Limited (and their respective directors) and is considering further proceedings.

Ends

Contact: Roger Marwick ph 04 471 7659

Warning: Unsolicited Offer for Sky City Entertainment Group Limited Shares and Further Expected Unsolicited Offers

2013-03-27T18:50:28+13:00

Shareholders in Sky City Entertainment Group Limited should be wary of an offer dated 18 April 2011 from NZ Investment Securities LP (NZIS)

20 April 2011

Shareholders in Sky City Entertainment Group Limited should be wary of an offer dated 18 April 2011 from NZ Investment Securities LP (NZIS) to buy their shares for $2.30 per share.

If a shareholder instead sold their shares through a broker, they would receive the full market price (less any fees payable).

That means that any shareholder who sold their shares to NZIS today would lose around $1 per share - or around a third of their shares' value.

For further guidance, see "Low ball" offers - Guidance for Investors

Contact: Rebecca Barclay 04 471 7666

Disciplinary Committee Ready to Conduct Financial Adviser Disciplinary Proceedings

2013-03-27T18:50:28+13:00

Departing Commissioner for Financial Advisers, David Mayhew, has completed his final statutory role as Chair of the Financial Advisers

21 April 2011

Departing Commissioner for Financial Advisers, David Mayhew, has completed his final statutory role as Chair of the Financial Advisers Disciplinary Committee chairing its first meeting, where the committee approved its rules and procedures for operation.

The Committee was appointed by the Minister of Commerce to conduct disciplinary proceedings arising from complaints about alleged breaches of the Code of Professional Conduct by Authorised Financial Advisers. Penalties for breaches include a fine of up to $10,000, cancellation of authorisation, suspension, and censure.

"Advisers who have been authorised are now subject to obligations under the Financial Advisers Act and the Code of Professional Conduct. It is important the Disciplinary Committee is ready to receive any complaints referred by the Securities Commission", says David Mayhew.

Investors who have concerns about the behaviour of their financial adviser have been able to complain to the Commission since 1 December 2010.

Where the Commission, following investigation, believes there is a breach of the Code, it will refer the complaint to the Disciplinary Committee. The Commission has investigated seven complaints to date, but none has yet been referred.

The Rules of Procedure will be available on the Disciplinary Committee's website which will be established after the Financial Markets Authority commences operating on 1 May 2011.

The Disciplinary Committee also agreed at its meeting that Hon Sir Bruce Robertson, would act as interim Chair of the Committee pending the appointment of a new Chair by the Minister of Commerce. The Committee also comprises Tracey Berry, Simon Hassan and Peter Houghton.

David Mayhew finishes his role as Commissioner for Financial Advisers and Member of the Securities Commission on 30 April.

Contact: Rebecca Barclay 04 471 7666

Securities Commission Orders Whimp Partnerships to Correct 'Low Ball' Offers

2013-03-27T18:50:27+13:00

The Securities Commission has today made orders against limited partnerships associated with Mr Bernard Whimp.

18 March 2011

The Securities Commission has today made orders against limited partnerships associated with Mr Bernard Whimp. The orders follow misleading offers made by the limited partnerships to buy shares in a number of listed companies.

They require the limited partnerships, through their General Partner Mr Bernard Whimp, to send corrective statements to the shareholders to whom the offers were made.

The statements set out that the Securities Commission has ordered the partnerships to write to the shareholders because the original offer was misleading; that the offer appeared at first sight to be made at above the market value of the shares, but under the fine print the full payment would not be made for 10 years; and that the net present value of the offer is therefore much less than the nominal offer price.

The orders have been made in respect of the following offers, all dated on or around 15 - 18 March 2011:

Carrington Securities LP - offer to buy shares in TrustPower Limited
NZ Investment Securities LP - offer to buy shares in Vector Limited
Chase Securities LP - offer to buy shares in Guinness Peat Group plc
Carlyle Securities LP - offer to buy shares in Contact Energy Limited
Energy Securities LP - offer to buy shares in DNZ Property Group Limited
Fairfield Securities LP - offer to buy shares in Fletcher Building Limited

The Commission has also prohibited those limited partnerships, and other limited partnerships also associated with Mr Whimp, from making unsolicited offers to buy securities in a way that is the same or substantially the same as the March 2011 offers.

The other limited partnerships subject to the prohibition are as follows:

Cargill Securities LP
Fairfield Securities LP
Pearson Securities LP
Powershares LP.

Copies of the orders and of the corrective statement can be found attached at the bottom of this page.

The Commission is also considering taking further action arising out of the misleading offers.

Ends

Contact: Roger Marwick 04 471 7659 or 021 0204 7775

Note to editors:

It is not illegal to offer to buy securities at less than their market value. However, under section 13 of the Securities Markets Act 1988, a person must not engage in conduct, in relation to any dealings in securities, that is misleading or deceptive or likely to mislead or deceive.

The Commission has formed the view that the offers made on 15 March 2011 are misleading or deceptive or likely to mislead or deceive.

It has therefore made prohibition and corrective orders under section 42A of the Securities Markets Act 1988.

The text of the required statements is set out at as part of the corrective order, attached to this page. The statements must be mailed by fastpost by 5pm on Tuesday 22 March 2011 and confirm that to the Commission in writing by mid-day on Wednesday 23 March.

A person who contravenes the Commission's orders commits an offence and is subject to a fine of up to $30,000 for each offence.

See Orders Relating to Whimp Partnerships

Warning: Unsolicited Offer for The Warehouse Group Limited Shares

2013-03-27T18:50:27+13:00

Shareholders in The Warehouse Group Limited should be wary of an offer dated 18 April 2011 from Cargill Securities LP (Cargill) to buy their shares for $2.34 per share.

26 April 2011

Shareholders in The Warehouse Group Limited should be wary of an offer dated 18 April 2011 from Cargill Securities LP (Cargill) to buy their shares for $2.34 per share.

The Commission is currently taking legal proceedings against Cargill and other limited partnerships associated with Mr Whimp.

The offers suggest that there is an urgent need for investors to act on the offers. The Commission is not aware of any such urgency.

Ends

Contact: Roger Marwick 04 471 7659

First QFEs Granted

2013-03-27T18:50:26+13:00

The first Qualifying Financial Entities licences have been granted today signalling the next step in the implementation of the new financial advisers regulatory regime.

14 March 2011

The first Qualifying Financial Entities (QFEs) licences have been granted today signalling the next step in the implementation of the new financial advisers regulatory regime.

Securities Commission Director of Financial Adviser Regulation, Mel Hewitson, says the Commission has been processing applications from around 80 organisations and the majority of licences will be granted by 1 April. Applicants range from small insurance brokers to major banks and insurance companies.

"QFE status gives organisations an efficient way to meet their new regulatory responsibilities", says Ms Hewitson.

"It means they will take responsibility for ensuring their advisers deliver professional adviser services to retail consumers. In return, they don't need to individually register each person."

"Many New Zealanders get their advice on investments, insurance and mortgages from these organisations. We want them to be confident they're dealing with an organisation committed to ensuring their advisers follow the new rules."

Some 20,000 employee advisers and nominated representatives will come under QFE umbrellas. The vast majority will deal only with simple debt and insurance products but some QFE advisers will advise on more complex investment products, such as KiwiSaver, produced by their QFE. Advisers who wish to offer investments from a range of organisations have to be individually licensed by the Commission before 1 July.

"Grant of status is the first step in our regulatory relationship with QFEs," says Ms Hewitson.

"We'll now be working closely with those organisations to monitor how they are complying with their responsibilities."

Ends

Contact: Rebecca Barclay 04 471 7666

Note to editors:

Qualifying Financial Entities as at 14 March 2011

ACM Insurance Limited
AMP Services (NZ) Limited
Farmers Mutual Group
Fisher Funds Management Limited
Instant Finance NZ Limited
Spicers Portfolio Management Limited

Other names will be published on the Commission website as licensed.

Key steps in the introduction of the new financial adviser regulatory regime

DATE	REGULATORY REGIME REQUIREMENT
1 December 2010	All financial advisers must comply with the conduct obligations of the Financial Advisers Act 2008 All people and organisations providing financial services must be registered (except financial advisers who have until 31 March 2011)
1 April 2011	Financial Service Providers Act 2008 fully in force. Advisers providing financial services must be individually registered unless they are acting on behalf of a Qualifying Financial Entity (QFE)
1 July 2011	Financial Advisers Act fully in force. Only Authorised Financial Advisers can offer retail clients investment planning services, personalised financial advice or discretionary investment management services on complex products (unless they are acting on behalf of a QFE)

DATE

REGULATORY REGIME REQUIREMENT

1 December 2010

All financial advisers must comply with the conduct obligations of the Financial Advisers Act 2008

All people and organisations providing financial services must be registered (except financial advisers who have until 31 March 2011)

1 April 2011

Financial Service Providers Act 2008 fully in force. Advisers providing financial services must be individually registered unless they are acting on behalf of a Qualifying Financial Entity (QFE)

1 July 2011

Financial Advisers Act fully in force. Only Authorised Financial Advisers can offer retail clients investment planning services, personalised financial advice or discretionary investment management services on complex products (unless they are acting on behalf of a QFE)

Joint News Release: Guide for Trans-Tasman Mutual Recognition of Securities Offerings Updated

2013-03-27T18:50:26+13:00

The Australian Securities and Investments Commission (ASIC) and New Zealand Securities Commission have jointly published updated guidance.

17 March 2011

The Australian Securities and Investments Commission (ASIC) and New Zealand Securities Commission have jointly published updated guidance for Australian and New Zealand issuers offering shares, debentures or interests in managed or collective investment schemes in both countries. The guide explains the requirements under the mutual recognition of securities offerings scheme (MRSO) and the role the regulators play in relation to an offer..

The guide also alerts issuers to the specific sections of Australian and New Zealand law that will continue to apply when offers are made under the MRSO, such as the prohibition of door-to-door selling in New Zealand and the securities hawking laws in Australia.

Many of the updates are based on feedback received from the market and are aimed at assisting issuers using the scheme. Key updates provide:

more detailed guidance by inserting references to underlying statutory requirements;
information relating to relevant forms and lodgement processes;
comment on the applicability of dispute resolution schemes;
reference to certain relief powers that enable each regulator to declare a recognised offer where certain requirements are not met by issuers; and
more guidance on the offers that can be recognised under the scheme where the issuer or offer has obtained relief in its home jurisdiction.

The guide is available on the Securities Commission's website (http://www.seccom.govt.nz/publications/documents/nz-aus/index.shtml) and on ASIC's website at www.asic.gov.au.

Background

The MRSO enables issuers of securities to use one disclosure document to offer shares, debentures, or managed or collective investment schemes to investors on both sides of the Tasman, subject to meeting certain requirements. The scheme has proven to bring significant cost savings for issuers offering securities and also benefits investors by providing them with a wider range of investments. The scheme was first introduced in June 2008 as a significant step towards achieving a single economic market..

Ends

Contacts:

New Zealand
Roger Marwick
Securities Commission
Ph +64 4 471 7659 or +64 21 0204 7775

Australia
ASIC Media Unit
media.unit@asic.gov.au
Ph: 1300 208 215 or +61 3 9280 4455

Commission Takes Action Against Insured Group

2013-03-27T18:50:25+13:00

The Securities Commission has commenced civil proceedings against Insured Group Limited, formerly known as Lombard Group Limited.

1 February 2011

The Securities Commission has commenced civil proceedings against Insured Group Limited, formerly known as Lombard Group Limited, in relation to alleged breaches in 2007 and 2008 of the continuous disclosure provisions of the Securities Markets Act 1988.

The breaches relate to the company's failure to disclose information to the market, such as loan book quality and liquidity, regarding the performance of its finance company subsidiary Lombard Finance and Investments Limited (LFIL).

The information the company failed to disclose was material as LFIL constituted a major part of Lombard Group's business, and Lombard Group was financially dependent on its subsidiary.

"Charges arising out of this lengthy and complex investigation have already been laid against four directors of LFIL," said Sue Brown, Director - Investigations and Litigation.

"Compliance by listed companies with their continuous disclosure obligations is vital to the integrity of the capital markets. The Commission therefore considered this case warranted the current proceedings."

Ends

Contact: Roger Marwick 04 471 7659

Securities Commission and Nuplex Reach Settlement

2013-03-27T18:50:25+13:00

In April 2010, the Securities Commission commenced civil proceedings against Nuplex Industries Limited and six of its present or past directors.

23 February 2011

In April 2010, the Securities Commission commenced civil proceedings against Nuplex Industries Limited and six of its present or past directors, John Hirst, Robert Aitken, Barbara Gibson, David Jackson, Bryan Kensington and Michael Wynter.

The Commission alleged in those civil proceedings that Nuplex should have announced to the market a forecast and (subsequent) confirmed breach by Nuplex of the Senior Debt Cover Ratio covenant in its banking facility agreement as at 31 December 2008. The Commission alleged that this was Material Information and therefore that the failure to announce it to the market was a breach of the continuous disclosure rules in the NZSX Listing Rules and thereby a breach of section 19B of the Securities Markets Act 1988. The Commission also alleged that the defendant-directors were a party to that breach by Nuplex.

The parties have reached a full and final settlement of the matters raised in the Commission's proceedings. As part of that settlement, Nuplex will make available a sum of NZ$3,054,980.57 as compensation for all shareholders who purchased and retained shares in Nuplex over the period from 22 December 2008 to 18 February 2009. Nuplex will shortly write to all shareholders who purchased and retained shares over that period setting out the terms of the offer of compensation. This offer is to be made on equal terms to all Nuplex shareholders who purchased and retained shares over that period whether they purchased those shares by trades conducted on NZX or ASX.

Nuplex acknowledges that, once it was apparent to the company that the SDCR covenant would be breached as at 31 December 2008, this was Material Information which should have been disclosed to the market and that Nuplex was therefore in breach of the continuous disclosure rules in NZSX Listing Rules 10.1.1(a) and 10.1.1(c) and thereby in breach of s 19B of the Securities Markets Act 1988.

Nuplex has also agreed to pay NZ$148,127.53 as a contribution to the Commission's investigation and court costs.

The Commission's court proceedings against Nuplex and the directors will now be discontinued.

Ends

Contact Rebecca Barclay 04 471 7666

See Nuplex Settlement Agreement

In April 2010, the Securities Commission commenced civil proceedings against Nuplex Industries Limited and six of its present or past directors

Nathans' Director Pleads Guilty to Securities Commission Charges

2013-03-27T18:50:25+13:00

John Hotchin, a former director of Nathans Finance NZ Limited (in receivership) ('Nathans') has pleaded guilty to three charges laid by the Securities Commission.

4 March 2011

John Hotchin, a former director of Nathans Finance NZ Limited (in receivership) ('Nathans') has pleaded guilty to three charges laid by the Securities Commission under section 58 of the Securities Act 1978.

The charges relate to statements made by Nathans in its registered prospectus and investment statement dated 13 December 2006. The Commission alleged that statements concerning Nathans' lending to related parties, the quality of its loan book, its loan management practices and its management of liquidity were untrue. It is also alleged that the directors made untrue statements in a prospectus extension certificate in March 2007 to the effect that the company's financial position had not materially and adversely changed since its last balance date and had not become false or misleading.

Mr Hotchin was sentenced in the High Court today by Justice Lang to 11 months home detention, 200 hours community service and payment of reparation of $200,000.

The Judge had indicated that the starting point sentence for these breaches of the securities laws was one of 3-4 years imprisonment. In Mr Hotchin's case, the Judge ruled the starting point was 3 years. His guilty plea, his genuine remorse, his offer of reparation of $200,000 (and the fact this will lead to his bankruptcy) and his agreement to assist the Crown in its prosecution of the matters remaining before the Court in relation to Nathans entitled him to a reduced sentence.

Commenting on the sentencing of Mr Hotchin, Commission Chairman, Jane Diplock, said, "The starting point of the sentencing in these cases - a significant term of imprisonment - delivers a clear message to all issuers as to the importance of the Securities Act's requirements for full and truthful disclosure and the resulting impact on investors' confidence in the securities market."

"By setting that point at 3-4 years for these breaches, the High Court has effectively endorsed the sentencing approach taken by the District Court in relation to Five Star directors Marcus Macdonald and Nicholas Kirk in December 2010.

"In common with regulators around the world, the Commission welcomes an early plea and co-operation in cases of this nature."

For further information about the charges laid by the Commission in relation to Nathans see the file attached to this page.

Trial of the other directors is now scheduled to commence on 21 March 2011. The prosecution on behalf of the Crown will be led by Mr Colin Carruthers QC.

Ends

Contact: Roger Marwick 04 471 7659

See High Court decision on the Courts website

Note that the summary of facts referred to in the Judge's sentencing comments was agreed between Mr Hotchin and the Crown for purposes of his sentencing. Many of the facts contained in the summary remain in dispute as far as the remaining defendants are concerned.

Commission Releases Risk Assessment for Sector

2013-03-27T18:50:24+13:00

Release of a risk assessment to help those it is responsible for supervising prepare to meet upcoming requirements of the Anti-Money Laundering Act.

29 March 2011

The Securities Commission today released a risk assessment to help those it is responsible for supervising prepare to meet upcoming requirements of the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009.

Under the legislation, due to come fully into force in 2013, the Commission will supervise issuers of securities, sharebrokers, financial advisers, trustee corporations, collective investment schemes and futures dealers.

The Sector Risk Assessment (SRA) focuses on the risk of money laundering that these types of entity may face.

"Protecting our market from any kind of illegal behaviour such as money laundering should be the focus of every entity supervised by the Commission," Chairman Jane Diplock said. "Our own assessment provides guidance and highlights the risks of money laundering and the action each entity needs to take, including producing their own risk assessment."

The assessment highlights the possible risk of money laundering in each sector, for example, low risk for issuers of securities, medium risk for sharebrokers and medium to high risk for financial advisers.

See the Sector Risk Assessment.

The Reserve Bank of New Zealand and the Department of Internal Affairs have also published sector risk assessments for the entities they will be responsible for, and these can be found at www.rbnz.govt.nz and www.dia.govt.nz.

Ends

Contact: Rebecca Barclay 04 471 7666

Whimp Partnerships Injuncted at Securities Commission's Request

2013-03-27T18:50:24+13:00

The High Court has granted interim injunctions to stop shares being transferred to limited partnerships associated with Mr Bernard Whimp.

24 March 2011

The High Court, on application from the Securities Commission, has today granted interim injunctions to stop shares being transferred to limited partnerships associated with Mr Bernard Whimp.

The Commission is concerned that the offers were misleading or deceptive in that they appeared at first sight to be made at above the market value of the shares, but under the fine print the full payment would not be made for 10 years. The net present value of the offer was therefore much less than the nominal offer price.

The injunctions relate to the following offers, all dated on or around 15 - 18 March 2011:

Carrington Securities LP - offer to buy shares in TrustPower Limited
NZ Investment Securities LP - offer to buy shares in Vector Limited
Chase Securities LP - offer to buy shares in Guinness Peat Group plc
Carlyle Securities LP - offer to buy shares in Contact Energy Limited
Energy Securities LP - offer to buy shares in DNZ Property Fund Limited
Fairfield Securities LP - offer to buy shares in Fletcher Building Limited

Each of the partnerships, and their general partner Mr Bernard Whimp, are prohibited from acting on any acceptances they have received to those offers until further order of the Court.

A hearing will take place on 9 May 2011 when the Court will determine whether or not the offer was misleading.

If the Court does determine that the offer was misleading the Commission will seek to have the offers cancelled and any shares that have already been transferred returned. If the Court determines that the offer was not misleading the shares will be able to be transferred in accordance with the terms of the offer.

All shareholders who have accepted the offer will receive a letter from the Securities Commission explaining the orders made and giving them the opportunity to write to the Commission to say that they wish to go ahead with their acceptance regardless of whether the Court decides that the offers are misleading or not.

The interim injunctions also prohibit any substantially similar offers being made.

The orders also require the partnerships and Mr Whimp to provide the Commission with information about these offers, and other unsolicited offers made in December 2010.

Ends

Contact: Roger Marwick 04 471 7659

See Interim Orders

D-day for Financial Advisers

2013-03-27T18:50:23+13:00

From 1 April 2011, all financial advisers, or the companies they work for, have to be registered on the online Financial Service Providers Register.

31 March 2011

From 1 April, all financial advisers, or the companies they work for, have to be registered on the online Financial Service Providers Register, www.fspr.govt.nz. Advisers who should be on the register, but aren't risk hefty penalties.

Securities Commission Director of Financial Adviser Regulation, Mel Hewitson says that from tomorrow [1 April] investors should deal only with registered advisers.

"It's easy to check whether a financial adviser is registered at the online register. Investors can also use the register to see whether an adviser has taken the additional step of becoming licensed as an authorised financial adviser (AFA)."

AFAs can advise on more complex financial products and services and have to meet additional competence and conduct standards under the companion Financial Advisers Act which comes fully into force on 1 July.

Ms Hewitson says it's important people receive adequate protection whichever type of adviser they choose.

"Restoring investor confidence is at the heart of the financial adviser regulation."

At as 31 March there were 5,487 registered financial advisers throughout the country. So far, 1441 have applied to become AFAs, of which nearly 300 have been licensed.

Sixty-three financial entities have been granted a Qualifying Financial Entity (QFE) licence. QFEs will be responsible for some 20,000 advisers. Advisers in a QFE don't need to be individually registered but their QFE will be on the register.

Ends

Contact: Rebecca Barclay 04 471 7666

Note to Editors:

On Tuesday 29 March, Commerce Minister, Simon Power, announced a three month extension for Canterbury advisers affected by the 22 February earthquake. Affected advisers have until 1 July to ensure they are on the register of financial service providers, and until 1 October to finalise their authorisation and meet their other obligations under the Financial Advisers Act.

Background information

The Financial Service Providers Register was introduced under the Financial Service Providers Act.

Under the Act, financial advisers can register individually as an Authorised Financial Adviser (AFA) or Registered Financial Adviser (RFA). Entities can apply to become a Qualifying Financial Entity (QFE) and will take on responsibility for the advisers who work for them. AFAs and QFE advisers can advise on a wider range of financial products and services than an RFA can, but have to meet additional licensing requirements under the companion Financial Advisers Act which comes fully into force on 1 July.

Government releases draft bill on securities law

2013-03-27T18:50:22+13:00

Commerce Minister Simon Power today released the draft version of a bill that stems from the comprehensive review of securities law.

9 August 2011

Commerce Minister Simon Power today released the draft version of a bill that stems from the comprehensive review of securities law.

"I'm releasing this bill in draft form to ensure that decisions from this once-in-a-generation opportunity to re-write our securities law are enduring for years to come," Mr Power said.

"The new legislation will play a crucial role in restoring confidence in our financial markets by providing better protections for mum and dad investors, and clearer rules for companies looking to raise capital.

"The draft bill takes into account the work of the Capital Market Development Taskforce, the effects of the global financial crisis, and the failure of finance companies, and aims to be a one-stop shop for securities law."

The Financial Markets (Conduct) Bill reflects Cabinet decisions announced in March and June of this year, which include:

Replacing the requirement for issuers to prepare a prospectus and investment statement with a requirement to prepare a single product disclosure statement tailored to retail investors.
Licensing regimes for specific financial sector participants: fund managers, independent trustees of workplace superannuation schemes, derivatives dealers, and peer-to-peer lenders.
A modified liability framework for breaches of securities law, with reckless and intentional breaches resulting in criminal liability and penalties of up to 10 years' imprisonment, and fines of up to $1 million for individuals and $5 million for companies.
Civil pecuniary penalties of up to $1 million for individuals and $5 million for companies if they make misleading statements in a product disclosure statement and advertisements. This would include celebrities if they are a party to the contravention. Celebrities will not, however, face any liability if a product fails and they have not made a misleading statement about it.
Increasing the maximum period for prohibition by the FMA or Registrar of Companies of a person from managing a company from five years to 10 years, and allowing the High Court to impose orders for an indefinite period.
A new system to regulate securities exchanges.

Other wide-ranging reforms included in the bill cover: defining types of financial products, disclosure requirements, exemptions from the regime, managed investment schemes, and providing the Financial Markets Authority with additional powers.

The development of a new securities law regime largely completes the major regulatory reform programme in the financial sector.

That programme has included the establishment of the Financial Markets Authority, the financial adviser regime, auditor regulation, the licensing of trustees and statutory supervisors, and the prudential regulation of non-bank deposit takers.

Copies of the draft bill can be downloaded here. Submissions are due by 6 September.

Mr Power intends to introduce the bill to Parliament before the election.

Background:

The draft exposure bill rewrites a number of pieces of legislation, including the Securities Act, the Securities Markets Act, the Unit Trusts Act, the Superannuation Schemes Act, and the non-tax parts of the KiwiSaver Act.

New Zealand's securities law has been amended many times since the Securities Act was enacted in 1978. The current review provides an opportunity to rewrite the legislation in an integrated and coherent manner. Officials will continue to work with industry during the drafting process.

Previous Government announcements on securities law can be found here.

Worrying research highlights issues facing Financial Summit

2013-03-27T18:50:22+13:00

Consumer Affairs Minister Simon Power today released research into third-tier lending ahead of the Government’s Financial Summit to be held in Auckland on Thursday

9 august 2011

Consumer Affairs Minister Simon Power today released research into third-tier lending ahead of the Government's Financial Summit to be held in Auckland on Thursday.

The main piece of research, undertaken by the Ministry of Consumer Affairs, identified 218 third-tier lenders (lenders who provide personal, non-mortgage loans, excluding banks, building societies, and credit unions) operating in New Zealand, and examined the advertising methods they used.

Key findings include that:

The total number of lenders has not changed significantly since 2006. In 2006 there were 185 third-tier lenders compared with 218 in 2011, an increase of 18 per cent.
Although the total number of third-tier lenders has not changed significantly, there has been a 60 per cent growth rate in the number of outlets in the past 5 years, from 210 in 2006 to 336 this year.
There has been significant turnover in third-tier lenders in the past 5 years, with about half (95) of the lenders who were in business in 2006 exiting the market, while 127 new lenders have entered the market.
Advertising tends to target those without an adequate credit history (such as low income earners, beneficiaries, and young people), emphasises the ease, speed, flexibility, and normality of third-tier loans, often does not disclose borrowing costs, and sometimes includes incentives to refer friends and families to the lender.
Third-tier lenders tend to focus their business in lower income areas: for example, there are 47 outlets in South Auckland alone.
Some 35% to 40% of third-tier lenders appear to have not registered as Financial Service Providers, as required by law. The Registrar of Financial Service Providers is investigating and will refer non-compliance to his enforcement unit as appropriate.

"I'm disturbed that so many third-tier lenders don't appear to have fulfilled the most basic requirement to register as a Financial Service Provider," Mr Power said.

"Given this, it's also unlikely that they've joined an approved disputes resolution scheme, meaning consumers are being deprived of consumer protection and access to redress when things go wrong.

"The turnover in the third-tier lending market reflects the ease of market entry in an environment where just about anyone can become a credit provider because they don't have to meet any competency or conduct standards.

"The growth in this industry, coupled with advertising targeting the most vulnerable members of our community, highlights the importance of the Financial Summit to tackle the issue of irresponsible lending."

Around 250 people, representing community groups, budgeting services, banks and credit companies, are expected to attend the summit in Mt Wellington which will look at ways to help vulnerable people trapped in a debt spiral, promote responsible lending and debt management, and improve the financial literacy of New Zealanders.

Mr Power also released research by Colmar Brunton which looks at New Zealanders' use of third-tier lenders, their experiences, and how the third-tier lenders operate, as well as background statistics for considering credit issues produced by the Ministry of Consumer Affairs.

The research reports can be found here.

Regulations to improve supervision regime for trustees

2013-03-27T18:50:22+13:00

The Act gives the Financial Markets Authority (FMA) the power to grant licences

30 August 2011

Hon Simon Power, Minister of Commerce

Cabinet has approved regulations to support the licensing regime for trustees and statutory supervisors, Commerce Minister Simon Power announced today.

The Securities Trustees and Statutory Supervisors Act 2011 creates a licensing regime for all corporate trustees, including trustees of non-restricted KiwiSaver schemes and supervisors of retirement villages.

The Act gives the Financial Markets Authority (FMA) the power to grant licences, provided applicants satisfy certain conditions, such as having satisfactory monitoring systems, processes, experience, infrastructure, financial strength, and 'good character' requirements.

"The regime addresses failures highlighted in the finance company collapses, and will help to protect investors' interests, and enhance market confidence," Mr Power said.

The Securities Trustees and Statutory Supervisors Regulations 2011 prescribe:

The matters that the FMA must consider when processing applications for licences under the Act, including assessing whether an applicant meets the mandatory 'good character' requirements.

The content of regular reports that licence holders must provide to the FMA under the Act.

The Financial Markets Authority (Fees) Regulations 2011 prescribe the licence application fee and the fee to vary a licence under the Act.

The Securities Amendment Regulations (No 2) 2011 prescribe the matters and terms to be included in trust deeds of KiwiSaver schemes, unit trusts, and debt issuers.

"These regulations will help strengthen the quality of supervision provided by trustees and statutory supervisors."

The Securities Trustees and Statutory Supervisors Act 2011 and associated regulations come into force on 1 October.

The regulations are available here: www.med.govt.nz/trustees

Media contact: Rachael Bruce 04 817 9304 or 021 998 475

Cabinet updates securities regulations

2013-03-27T18:50:21+13:00

Cabinet has agreed to update the Securities Regulations 2009, Commerce Minister Simon Power announced today.

28 June 2011

Hon Simon Power, Minister of Commerce

Cabinet has agreed to update the Securities Regulations 2009, Commerce Minister Simon Power announced today.

The updated regulations, which come into force on Friday, replace the current text about financial advice required to be included in investment statements. This will align it with the Financial Advisers Act 2008, which comes fully into force on the same day.

"The regulations do not require immediate revision of investment statements already in use or those currently being prepared," Mr Power said.

"The old requirements will continue to apply to investment statements dated earlier than 1 August 2011. Issuers can, however, choose to comply with the new requirements from 1 July."

The regulations also align with changes made under the Financial Markets (Regulators and KiwiSaver) Bill, including new prospectus requirements for retail KiwiSaver schemes and the new governance model.

"These changes are another important step in several important work streams designed to improve investor confidence in New Zealand's financial markets. "

The regulations can be accessed here.

Regulations released for anti-money laundering

2013-03-27T18:50:21+13:00

Entities subject to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 have two years to be compliant.

30 June 2011

Hon Simon Power, Minister of Commerce

Entities subject to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 have two years to be compliant, following today's publication of the regulations and commencement order.

Justice Minister Simon Power said the two-year period is needed to ensure reporting entities such as financial institutions and casinos have time to prepare for the new system.

The regulations provide exemptions for a range of entities and services, but also prescribe some additional requirements in certain circumstances and extend coverage of the Act to certain types of financial advisers, and trust and company service providers.

"The regime is a vital part of the global fight against organised crime and will enhance our ability to detect and trace illegal money through the financial system, and allow the Police to use the Criminal Proceeds legislation to attack those profits," Mr Power said.

"The Act aims to ensure that New Zealand is not a safe haven for criminals and tax evaders and that our financial sector continues to be attractive to investors."

The regime also brings New Zealand more closely in line with Australia by improving compliance with the recommendations of the Financial Action Task Force (FATF) - the inter-governmental body responsible for international standards that combat money laundering and terrorist financing.

"This regime is designed to be proportionate and based on risk, recognising that effective control of money laundering requires a collaborative approach between industry and government."

The Ministry of Justice will continue to work with the supervisory agencies and reporting entities to ensure the objectives of the Act are achieved.

The supervisory agencies - the Reserve Bank, the Financial Markets Authority, and the Department of Internal Affairs - will support industry to implement the regime, and guidance materials are being prepared to assist reporting entities.

Information on the Act and regulations and ministerial exemptions are available here.

The regime comes fully into force on 30 June 2013.

New Financial Markets Watchdog Opens for Business

2013-03-27T18:50:20+13:00

The Financial Markets Authority officially opened for business today, almost a year to the day after Commerce Minister Simon Power announced its formation.

1 May 2011

Hon Simon Power, Minister of Commerce

The Financial Markets Authority officially opened for business today, almost a year to the day after Commerce Minister Simon Power announced its formation.

The FMA takes over the functions of the Securities Commission and Government Actuary which are being disestablished, and consolidates other regulatory functions from the Ministry of Economic Development.

"I'm confident that the FMA will lift the bar in terms of market behaviour and will have the tools it needs to help restore mum and dad investor confidence in our financial markets, which has taken a battering in recent years," Mr Power said today.

"It's clear that if we are to broaden and deepen our financial markets to benefit companies looking to raise capital, our financial sector must be subject to clear rules, and visible, proactive, and timely enforcement."

The FMA has powers, functions, and duties that its predecessors did not, including:

The power to exercise an investor's right to take civil action against a financial market participant when it's considered to be in the public interest to do so. Individuals can opt out of proceedings if they choose.
The ability to prevent products from being structured to avoid being supervised by the FMA.
Enhanced warning powers to deal with low-ball unsolicited offers. Anyone with a history of making unsolicited offers will be made to display a prominent warning to that effect when they send documents to investors. The FMA can also require unsolicited offers to include minimum-offer periods, and disclosure of market price and other relevant information.
A new oversight regime for registered exchanges, including the ability to undertake real-time surveillance of market activity.

The FMA is headed by chief executive Sean Hughes, while Simon Allen chairs the board of Shelley Cave, Colin Giffney, Mary Holm, Murray Jack, James Miller, Justine Smyth, Michael Webb, and Mark Verbiest, and associate members Bruce Sheppard, Rebecca Eele, and Arthur Grimes.

"This group of people, with its blend of skills and experience, is exactly what the FMA needs to make its presence felt in our markets.

"I'm also aware that the FMA has inherited a number of outstanding legal cases that are still before the courts. These cases are important for both the investors and directors involved, and I'll be watching the outcomes closely."

Cabinet Makes Further Decisions on Securities Law

2013-03-27T18:50:20+13:00

Commerce Minister Simon Power today announced further Cabinet decisions on the review of securities law.

2 June 2011

Hon Simon Power, Minister of Commerce

Commerce Minister Simon Power today announced further Cabinet decisions on the review of securities law.

They include:

A system to regulate securities exchanges.

Licensing regimes for specific financial sector participants: fund managers, independent trustees of workplace superannuation schemes, derivatives dealers, and peer-to-peer lenders.

More details about penalties under the liability framework in the event of a breach of financial markets laws.

Penalties range from an infringement notice of up to $20,000 for failure to keep registers of security holders, to up to 10 years' imprisonment and/or a fine of up to $1 million for individuals and $5 million for companies for known or reckless inclusion of a false statement in a disclosure document.

Mr Power said that under the liability regime, anyone who makes misleading statements in a product disclosure statement or advertisement will be liable for a civil pecuniary penalty of up to $1 million, and $5 million for companies, plus compensation orders.

"This means celebrities who make false or misleading statements on behalf of providers of regulated financial products or services will be subject to significant liability.

"They will not, however, be prohibited from endorsing a financial product or face liability if the product fails and they have not made a misleading statement about it.

"Cabinet considered whether or not to introduce specific regulation for celebrity endorsements, but decided that the proposed liability regime will sufficiently penalise celebrities for any misrepresentations they make.

"This is an extremely difficult area to address, and I would welcome submitters' comments on the proposals once the bill is released for public consultation, and look forward to seeing what the select committee makes of it.

Earlier Cabinet decisions on securities law include: regulating financial products, disclosure requirements, exemptions, collective investment schemes, and providing the Financial Markets Authority with additional powers.

"This ongoing review is a once-in-a-generation opportunity to modernise our securities laws," Mr Power said.

"The new legislation will be better for mum and dad investors as well as for New Zealand companies looking to raise capital. It will provide clearer, more consistent information for investors, and clarify obligations that issuers have to meet.

"The modernisation of securities legislation will provide New Zealand with the robust legislative framework that our financial markets need. The Financial Markets Authority, which began work on 1 May, will be able to enforce a modern securities regime that provides clear rules for all participants."

A working draft of the new securities legislation will be released in August for public consultation and a bill will be introduced to the House before the election.

The Cabinet paper is available here.

Background:

Regulation of securities exchanges:

All securities exchanges above a certain size or volume threshold will either be licensed, or explicitly exempted, and subject to regulatory requirements that are proportionate to the risks posed by that market and its participants.

This is intended to enable more exchanges to develop, allowing small growth companies to use lightly regulated markets as stepping stones to larger, more tightly regulated markets.

Penalties for breaching securities law:

There will be six tiers of liability, ranging from infringement notices for minor contraventions, through to terms of imprisonment of up to 10 years for reckless and intentional breaches of the law. Most contraventions will be subject to civil pecuniary penalties.

All Simon Power's media statements and speeches are at www.beehive.govt.nz/minister/simon+power

Further financial adviser regulations announced

2013-03-27T18:50:20+13:00

Commerce Minister Simon Power today announced the final steps in implementing the financial adviser regime, which comes fully into force on Friday of next week.

23 June 2011

Hon Simon Power, Minister of Commerce

Commerce Minister Simon Power today announced the final steps in implementing the financial adviser regime, which comes fully into force on Friday of next week.

They are in the form of minor technical regulations under the Financial Advisers Act, and were approved by Cabinet this week.

They reclassify a number of products that are considered less complex and less risky.

The following are now categorised as Category 2 products under the Act:

Public Trust term deposits.

Bank notice products.

Building society fixed-term redeemable shares, where the building society is also a registered bank.

"Potential risk faced by investors should be matched by the scale of regulation, so the regulatory costs for affected businesses should be lower for less risky products," Mr Power said.

The regulations come into effect next week along with the Act. By that date, advisers seeking authorisation must have completed training and have had their authorisation confirmed by the Financial Markets Authority. The Government has granted an extension to advisers in Canterbury, who have until 1 October to be compliant.

"The financial adviser regime holds our financial advisers accountable for their advice and imposes a high standard of competency and professionalism.

"It's an essential part of building a financial sector in which mum and dad investors can have confidence."

Under the Act, advisers are required to be listed on a public register, and those who provide services to the public must belong to an approved dispute resolution scheme.

Authorised financial advisers are also subject to a Code of Professional Conduct, which ensures they meet minimum standards for ethical behaviour, client care, knowledge, skills and competence, and continuing professional development.

The Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Amendment Regulations are available on the Ministry of Economic Development website.

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