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    13 April 2016

    FMA Update - 13 April 2016

    IMF 2016 review of NZ In 2016 the International Monetary Fund (IMF) will be visiting New Zealand to conduct a Financial Sector Assessment Programme (FSAP) of this country’s financial system. New Zealand’s last assessment by the IMF was completed over a decade ago in 2003. This is a great opportunity for us to be benchmarked against international principles to show how much progress we have made since the last mission, and to receive some recommendati...


    14 November 2014

    Three new members for Financial Advisers Code Committee

    Media ReleaseMR No. 2014 – 04014 November 2014 The Financial Markets Authority (FMA) today confirmed the appointment of three new members to the Code Committee for Authorised Financial Advisers (AFAs). Professional financial advisers Martin Hawes and Stephen O’Connor join legal and financial services governance expert, Melanie Biss, as new members of the Code Committee. The existing members are Ross Butler, Shane Edmond, Professor Dimity Kingsford-Sm...


    8 July 2014

    FMA issues New Zealand’s first licence for peer-to-peer lending services

    News releaseMR No. 2014 – 0238 July 2014 The Financial Markets Authority (FMA) today issued its first peer-to-peer lending service licence. Auckland-based Harmoney is the first provider of this new financial service, under the provisions of the Financial Markets Conduct Act 2013. “This is a new service for New Zealand that brings new opportunities for lenders and borrowers. Peer-to-peer lending has already proved popular in Europe and US, and we’ve...


    15 November 2013

    David Ross sentenced for New Zealand’s largest ever Ponzi

    Media Release15 November 2013 David Robert Gilmour Ross (63) has been sentenced in the Wellington District Court to 10 years and 10 months of imprisonment following a joint agency investigation by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA). The Wellington based financial adviser pleaded guilty in August this year to four Crimes Act charges of false accounting and one charge of theft by person in special relationship laid by...


    28 June 2013

    Capital + Merchant Finance directors receive increased prison sentences

    Media Release28 June 2013 Two former directors of Capital + Merchant Finance have today had their prison sentences increased following a prosecution taken by the Financial Markets Authority.Wayne Douglas and Neal Nicholls, who pleaded guilty to Securities Act charges of making untrue statements in a registered prospectus, were today sentenced in the Auckland High Court.Mr Douglas was sentenced to eight months’ imprisonment and Mr Nicholls was sentenced...


    30 January 2013

    Guilty plea in Capital + Merchant Finance case

    Media Release30 January 2013 Capital + Merchant Finance director, Owen Francis Tallentire, has today pleaded guilty to three charges laid by the Financial Markets Authority under the Securities Act 1978. Mr Tallentire pleaded guilty to two charges of making an untrue statement in a registered prospectus and one charge of distributing advertisements which included an untrue statement. He will be sentenced on 15 March 2013. FMA Head of Enforcement, Belinda...


    14 July 2016

    FMCA licensing hits the home straight

    Media ReleaseMR No.2016 - 2014 July 2016 The deadline is looming for fund managers to get licensed under the Financial Markets Conduct Act (FMCA) and the Financial Markets Authority is putting out the final call to those that want to stay in the game. Under the FMCA, fund managers, discretionary investment management service providers and derivatives issuers must meet new governance and capability standards before 1 December 2016. Most firms have now com...


    17 August 2012

    FMA welcomes ruling on asset preservation orders

    Media Release17 August 2012 The Court of Appeal has dismissed an appeal by the trustees of the KA3 and KA4 trusts on interim asset preservation orders obtained by FMA. The trustees were appealing the High Court's earlier decision to uphold interim asset preservation orders in respect of assets of the trusts of former Hanover director Mark Hotchin. FMA was opposing the appeal. FMA CEO Sean Hughes said, "These orders are important for enabling FMA to prese...


    • Monitoring and compliance reports
    • Corporate governance

    4 August 2016

    A review of corporate governance disclosure in New Zealand

    Our review of a sample of New Zealand listed and unlisted companies shows that although many companies provide clear and relevant information, they could improve corporate governance policies, practices and disclosures. We encourage companies to learn from the examples of good reporting that we have highlighted, paying particular attention to disclosures on shareholder relations and stakeholder interests.
    160804 Review of corporate governance disclosure


    29 February 2012

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

    Media Release29 February 2012 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 N...


    13 September 2011

    New Council to support close regulatory cooperation

    Media Release13 September 2011 A new Council of Financial Regulators has been established to foster cooperation between financial and prudential regulators in New Zealand. On 9 September, the Council held its first meeting, chaired on this occasion by Reserve Bank Governor Alan Bollard. The permanent members of the Council are the Bank and the Financial Markets Authority (FMA). Associate members are The Treasury and Ministry of Economic Development. Seni...


    10 June 2011

    FMA welcomes discussion document on funding

    Media Release10 June 2011 The Financial Markets Authority has welcomed the Government's release of a discussion document on third party funding options for financial regulation.Chief Executive Sean Hughes says with budgets now established, the discussion document provides an important opportunity for all market participants to contribute their views on the best options for collection of levies to fund FMA's broadened scope and responsibilities."FMA has a...


    30 August 2016

    European recognition of FMA oversight of auditors

    Media ReleaseMR 2016 - 2530 August 2016 The European Commission has announced its recognition of the New Zealand audit oversight regime as equivalent to EU standards, permitting NZ-regulated auditors to operate in the European Union.  With this announcement, the Commission has concluded that the New Zealand systems of public oversight, quality assurance, investigation and penalties for auditors and audit firms are equivalent of that of the Member States...


    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...


    16 July 2010

    Finance & Investments Partners Enforceable Undertaking

    (Media releases from the Securities Commission)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...