This is the first infringement notice of its type under the Financial Markets Conduct Act. The fee payable for this infringement offence is $7,500.
The FMA has issued an infringement notice to Pacific Eagle Capital (PEC) for failing to file financial statements by its due date. See media release.
PEC was required to file financial statements for the balance date of 31 March 2018 by the 31st July 2018.
PEC was removed from the New Zealand Financial Services Providers Register at the direction of the FMA.
As a result of the investigation and following engagement between the FMA and Pacific Edge, the FMA has issued a public warning to Pacific Edge and the NZX listed company will make a compensation payment of $500,000. This payment will be distributed to shareholders who sold shares during the period of delay between signing the agreements and making the announcement to NZX. The process for payment of compensation is set out in a Settlement Deed which has been agreed between the FMA and Pacific Edge. See media release.
It was previously known as General Equity Building Society and General Equity.
The FMA has issued a warning about General Equity. The warning recommends that the public exercises extreme caution when dealing with General Equity, the full warning is available here.
FMA has ordered General Equity to include the FMA warning prominently on the main page of any website operated by, or on behalf of, General Equity under section 49 Financial Markets Authority Act 2011.
See media release.
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