During our investigation into Mark Warminger, we saw trading activity by Goldman Sachs that gave cause for concern and warranted further investigation. This activity may have presented a false or misleading appearance of the price and supply of securities, which is why it came to our attention.
After assessing the trading activities and assessing our regulatory objectives and the options available to us, we decided not to pursue enforcement action. Instead, we released a report that highlighted our concerns and the action we want to take in the future.
Publishing the results of the GS investigation enables us to demonstrate the lessons for industry in our findings. We’ll continue to engage with industry to ensure they are clear about the standards of conduct, governance, systems and controls we expect, and use this report as the basis of discussions with brokers.
The report is intended to educate market participants about the behaviour and standards we expect from those we regulate. It is also intended to provide further insight into how we use the full range of tools available to us to ensure the most appropriate regulatory response to achieve desired regulatory outcomes. This aligns with our strategic mandate of promoting confident and informed participation in New Zealand financial markets. Download the report PDF
Related
Case: Mark Warminger
Case: Milford Asset Management Limited - Settlement Agreement
