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Media releases

Keep up to date with announcements, statements and media releases on the latest news.

For media enquiries please contact:

Andrew Park
Media Relations Manager
Phone: 09 967 1215
Mobile: 021 220 6770
Email: Andrew.Park@fma.govt.nz
Edwin Mitson
Senior Adviser, Media Relations
Phone: 04 471 7655
Mobile: 021 702 036
Email: Edwin.Mitson@fma.govt.nz

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Found 433 results. Displaying page 21 of 22

    24 March 2011

    Whimp Partnerships Injuncted at Securities Commission's Request

    (Media releases from the Securities Commission)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 w...

    http://www.fma.govt.nz/news-and-resources/media-releases/whimp-partnerships-injuncted-at-securities-commissions-request/

    18 March 2011

    Securities Commission Orders Whimp Partnerships to Correct 'Low Ball' Offers

    (Media releases from the Securities Commission)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...

    http://www.fma.govt.nz/news-and-resources/media-releases/securities-commission-orders-whimp-partnerships-to-correct-low-ball-offers/

    14 March 2011

    First QFEs Granted

    (Media releases from the Securities Commission)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. Appl...

    http://www.fma.govt.nz/news-and-resources/media-releases/first-qfes-granted/

    4 March 2011

    Nathans' Director Pleads Guilty to Securities Commission Charges

    (Media releases from 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' lendi...

    http://www.fma.govt.nz/news-and-resources/media-releases/nathans-director-pleads-guilty-to-securities-commission-charges/

    23 February 2011

    Securities Commission and Nuplex Reach Settlement

    (Media releases from the Securities Commission)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 o...

    http://www.fma.govt.nz/news-and-resources/media-releases/securities-commission-and-nuplex-reach-settlement/

    1 February 2011

    Commission Takes Action Against Insured Group

    (Media releases from the Securities Commission)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 p...

    http://www.fma.govt.nz/news-and-resources/media-releases/commission-takes-action-against-insured-group/

    22 December 2010

    New Conditions for Qualifying Financial Entities

    (Media releases from the Securities Commission)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 re...

    http://www.fma.govt.nz/news-and-resources/media-releases/new-conditions-for-qualifying-financial-entities/

    21 December 2010

    Review Highlights Need for Better Valuation Disclosure (Dec-2010)

    (Media releases from the Securities Commission)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 disclosu...

    http://www.fma.govt.nz/news-and-resources/media-releases/review-highlights-need-for-better-valuation-disclosure-dec-2010/

    15 December 2010

    Hotchin's Assets Frozen on Commission Request

    (Media releases from the Securities Commission)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 a...

    http://www.fma.govt.nz/news-and-resources/media-releases/hotchins-assets-frozen-on-commission-request/

    3 December 2010

    Commission Releases Information on Finance Company Investigations

    (Media releases from the Securities Commission)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 Nationa...

    http://www.fma.govt.nz/news-and-resources/media-releases/commission-releases-information-on-finance-company-investigations/

    1 December 2010

    Financial Advisers Regulatory Regime Comes Into Force

    (Media releases from the Securities Commission)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 commit...

    http://www.fma.govt.nz/news-and-resources/media-releases/financial-advisers-regulatory-regime-comes-into-force/

    18 November 2010

    Commission Lays Criminal Charges Against Huljich

    (Media releases from the Securities Commission)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 in...

    http://www.fma.govt.nz/news-and-resources/media-releases/commission-lays-criminal-charges-against-huljich/

    16 November 2010

    Commission's Review Highlights Continuing Need for Greater Transparency

    (Media releases from the Securities Commission)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...

    http://www.fma.govt.nz/news-and-resources/media-releases/commissions-review-highlights-continuing-need-for-greater-transparency/

    28 October 2010

    Adviser Regulation Ready To 'Go-Live' On 1 December

    (Media releases from the Securities Commission)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, know...

    http://www.fma.govt.nz/news-and-resources/media-releases/adviser-regulation-ready-to-go-live-on-1-december/

    21 October 2010

    Review Highlights Need for Better Valuation Disclosure (Oct-2010)

    (Media releases from the Securities Commission)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 QFE...

    http://www.fma.govt.nz/news-and-resources/media-releases/review-highlights-need-for-better-valuation-disclosure-oct-2010/

    28 September 2010

    Commission Consults on Standard Conditions for QFEs

    (Media releases from the Securities Commission)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 r...

    http://www.fma.govt.nz/news-and-resources/media-releases/commission-consults-on-standard-conditions-for-qfes/

    9 September 2010

    Commission Consults on Standard Conditions for Advisers

    (Media releases from the Securities Commission)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 conditio...

    http://www.fma.govt.nz/news-and-resources/media-releases/commission-consults-on-standard-conditions-for-advisers/

    6 September 2010

    Updated Guide for Financial Entities

    (Media releases from the Securities Commission)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...

    http://www.fma.govt.nz/news-and-resources/media-releases/updated-guide-for-financial-entities/

    3 September 2010

    New Designated Settlement System

    (Media releases from the Securities Commission)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 Cleari...

    http://www.fma.govt.nz/news-and-resources/media-releases/new-designated-settlement-system-2/

    2 September 2010

    Draft Code to Minister for Approval

    (Media releases from the Securities Commission)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 p...

    http://www.fma.govt.nz/news-and-resources/media-releases/draft-code-to-minister-for-approval/