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 stop order against The One Management GP Limited over The One Property LP offer to wholesale investors due to misleading promotion concerns.

Simplicity

FMA directed Simplicity to remove All Greys KiwiSaver ads over an unsubstantiated up to 20% more claim and weak disclosure of assumptions.

Jarden Securities Limited

FMA censured Jarden Securities after inheriting OM Financial derivatives issuer obligations for co mingling investor money with business funds.

Squirrel P2P Trustee Limited

FMA formal warning to Squirrel P2P Trustee for custodian assurance engagement failures over five years, later remediated in 2021.

Medical Kiwi Limited

FMA enforceable undertaking with Medical Kiwi over misleading crowdfunding offer statements on cannabis licensing and Hektares arrangements with refunds.

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

FMA formal warning to Sharesies for AML CFT control failures in due diligence and identity verification, with remediation and limits on withdrawals.

PTT Limited, Steven Robertson and related parties

FMA case against PTT Limited director Steven Robertson over misused investor funds ended with convictions, prison sentence and appeal dismissals.

Pegasus Markets Limited and Director Michael Reps

FMA criminal case against Pegasus Markets and director Michael Reps for false FSPR registration claims, resulting in convictions, a fine and sentencing.

Rodney McCall and Morgan Cooper Limited

FMA prosecution of Rodney McCall and Morgan Cooper for a non existent forex investment service and obstruction, ending in home detention and repayments.

Fund Managers Otago (FMO)

FMA action against Fund Managers Otago over MIS governance and compliance failures including returns disclosure, related parties and SIPO limits.

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.

Eoin Malcolm Miller Johnson

FMA enforceable undertaking with Eoin Malcolm Miller Johnson for insider trading and director disclosure breaches with five year ban.

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