Page last updated: 11 August 2023

Enforcement Activity

In the event of a breach of financial markets legislation, we may intervene on an informal basis or at a low level where such action is proportionate to the misconduct and will achieve an appropriate market outcome. However, where appropriate, we will take strong action and hold individuals and entities accountable when they break the law and fail to meet the standards that are expected of them. If harm has been identified, we may also take regulatory action of some sort even though no ‘rules’ appear to have been broken.

Our enforcement activity can be viewed on this page.

Western Union Business Solutions (Australia) Pty Ltd

FMA censures Western Union Business Solutions Australia for material breaches of derivatives issuer licence net tangible asset requirements.

One Management

The FMA issued stop orders against The One Management GP Limited for misleading risk claims and returns in promotional materials for a property fund

Simplicity

FMA directed Simplicity NZ Limited to remove misleading All Greys advertising and ensure future KiwiSaver promotions comply with fair dealing laws

Jarden Securities Limited

Jarden Securities Limited was formally censured by the FMA for contraventions by OM Financial Limited as a licensed derivatives issuer.

Squirrel P2P Trustee Limited

FMA warned Squirrel P2P Trustee Limited for failing to obtain required assurance engagements and breaching custodian obligations over multiple years

Medical Kiwi Limited

Medical Kiwi Limited, a medicinal cannabis company, was admitted to breaching the fair dealing provisions of the Financial Markets Conduct Act.

Firma Foreign Exchange Corporation (NZ) Limited

FMA censure of Firma Foreign Exchange Corporation (NZ) Limited for licensed derivatives issuer breaches affecting retail clients.

Sharesies Limited and Sharesies Nominee Limited

The FMA warned Sharesies for inadequate AML CFT procedures including missing customer due diligence and identity verification obligations

PTT Limited, Steven Robertson and related parties

Steven Robertson of PTT Limited was jailed for major deception offences after defrauding victims and losing multiple appeals over several years

Pegasus Markets Limited and Director Michael Reps

Pegasus Markets and director Michael Reps were convicted for falsely claiming FSPR registration and breaching the Financial Service Providers Act

Rodney McCall and Morgan Cooper Limited

Rodney McCall and Morgan Cooper Limited were charged for deception false documents and obstructing the FMAs investigation into fake investments

Fund Managers Otago (FMO)

The FMA cancelled the FMO’s MIS licence after finding its inadequate compliance and governance arrangements had resulted in continued material breaches of its licence obligations.

CLSA Premium New Zealand Limited (CLSAP NZ)

FMA case involving CLSA Premium NZ for AML/CFT Act breaches and licence conditions restricting derivatives offers to retail investors.

Circle Markets Limited

FMA warning to Circle Markets Limited for AML/CFT compliance failures in customer due diligence, PEP checks and account monitoring.

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