ISL's ownership or control was overseas with no apparent connection to New Zealand other than its incorporation and registration and certain administrative services being performed out of its office in Auckland. Thus, FMA determined that the FSPR registration of Innovative Securities is or is likely to create a false or misleading appearance that it is an FSP in New Zealand and directed companies office to deregister it.
8 June 2017 - The High Court has dismissed an appeal by Innovative Securities Limited against the FMA’s decision to direct Companies Office, as the registrar of the FSPR, to de-register the company from the FSPR.
15 August 2016 - ISL gave notice it was appealing the 3 August 2016 decision of the FMA directing the Registrar to de-register ISL from the FSPR. That notice of appeal was amended on 25 November 2016.
30 June 2015 - ISL filed its substantive submission and obtained from the FMA an undertiaking that it would give ISL five days notice of any decision to deregister.
29 May 2015 - Notice was given to the directors of ISL of the FMA's intention to direct the Registrar to deregister ISL with an invitation for ISL to make written submissions by 30 June 2015.
Not one of its three New Zealand-based staff provided financial advisory services, and its 21,000 clients were all based overseas. The FMA directed deregistration based on these facts.