ANZ Bank New Zealand Ltd challenged the FMA's decision to disclose to third parties, documents the FMA has obtained from ANZ through the exercise of its statutory powers.
The High Court decision was overturned by the Court of Appeal. The Court of Appeal held that there was a “good deal of evidence indicating that the first purpose was a genuine purpose”.
ANZ sought leave to appeal the High court decision to the Supreme Court and to maintain confidentiality over the judgment.
The High Court held for ANZ that the proposed disclosure was outside the powers of the FMA. It did not consider that there were legitimate reasons for disclosure.
The High Court heard a judicial review application and breach of confidence claim by ANZ against the FMA, concerning the interpretation of our powers under s59 of the Financial Markets Act 2011.