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05 July 2023

Validus and its associated persons

5 July 2023

FMA makes permanent stop order against Validus after appeal is dismissed in the High Court. 

The Order follows an interim stop order the FMA issued to Validus and associated persons in February 2023.  The Order prohibits Validus and Validus-FZCO and associated persons from taking steps that will result in repeat unlawful behaviour that may cause material financial harm, in particular:

  • making offers of Validus Financial Products; and

  • distributing any restricted communication that relates to the offer of Validus Financial Products; and

  • accepting further applications, contributions, investments, or deposits in respect of Validus Financial Products.

View the related media release and stop order.

15 February 2023

FMA issues interim stop order ordering Validus and its associated persons to stop:

  • making offers, issues, sales or other acquisitions or disposals of financial products promoted under the brand or name Validus; and
  • accepting applications for financial products promoted under the brand or name Validus; and
  • distributing any restricted communication that relates to:
    • the offer, or intended offer, of financial products promoted under the brand or name Validus; and/or
    • the supply, or possible supply, of a financial advice service to any person; and
  • accepting further contributions, investments, or deposits in respect of financial products promoted under the brand or name Validus; and
  • supplying a financial advice service to any person; and
  • supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons. 

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