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.

One Management

FMA made a stop order against The One Management GP Limited regarding an offer in relation to The One Property LP.

CTRL Investments

FMA censured CTRL Investments Limited for contravening the conditions of its derivatives issuer (DI) licence.

Simplicity

FMA directed Simplicity NZ Limited to remove advertising materials that breached fair dealing provisions, and ensure future advertising is compliant.

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 formally warned Squirrel P2P Trustee Limited for failing to carry out certain obligations as a custodian. The entity provides a custodial service for the peer-to-peer lending service of Squirrel Money Limited.

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

Firma Foreign Exchange Corporation (NZ) Limited was censured after finding it had materially contravened a number of its obligations as a licensed derivatives issuer.

Sharesies Limited and Sharesies Nominee Limited

The FMA has issued a formal warning to Sharesies for purposes of section 80 of Anti-Money Laundering and Countering Financing of Terrorism Act 2009.

PTT Limited, Steven Robertson and related parties

Four companies were placed in liquidation over breach of financial markets legislation and case filed under Crimes act against Steven Robertson with the trial due in May 2019.

Pegasus Markets Limited and Director Michael Reps

The FMA alleges Pegasus Markets Limited continued to hold out on two different websites that it was registered on the FSPR after it had been deregistered and despite subsequent warnings from Companies Office.

Rodney McCall and Morgan Cooper Limited

The FMA alleges Mr McCall contacted people and convinced them to ‘invest’ by transferring money into bank accounts he controlled.

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)

CLSA Premium New Zealand Limited (CLSAP NZ) was ordered to pay a total pecuniary penalty of $770,000 for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act, following proceedings brought by the FMA.

Circle Markets Limited

FMA has issued a formal warning to a non-licensed derivatives issuer and forex provider, Circle Markets Limited, under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).

Eoin Malcolm Miller Johnson

Eoin Malcolm Miller Johnson, a former director and chairman of NZX-listed Promisia Integrative Limited (PIL), admitted to insider trading conduct and breaching a director’s disclosure obligations.

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