12 April 2019

ANZ v FMA (breach of confidence) judgment

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.

12 April 2019- Supreme Court

The applications for leave to appeal are dismissed. Costs of $3,500 are awarded to the respondent(FMA). 

See the SC judgment.

See the COA unredacted version of the judgment

5 March 2019- Court of Appeal

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”. 

See the COA judgement

ANZ sought leave to appeal the High court decision to the Supreme Court and to maintain confidentiality over the judgment. 

17 April 2018- High court

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.

See the judgment

November 2017

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.