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Media releases – 101

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FMA suspends EncoreFX licence following voluntary administration

FMA has suspended the derivatives issuer licence of EncoreFX (NZ) Limited (EncoreFX) after the business was put into voluntary administration by its Canadian parent.

FMA issues warning to Tiger Brokers and six firms for anti-money laundering breaches

The FMA has issued a formal warning to NZX-accredited broker Tiger Brokers (NZ) Limited for failing to have several adequate anti-money laundering protections in place.

FMA update on COVID-19

The Financial Markets Authority (FMA) is closely monitoring the impact of the coronavirus situation on New Zealand’s financial markets and considering all available options to ensure markets continue to function well and to support participants, customers and investors.

FMA Debate discusses whether passive or active management is best

Leaders from New Zealand’s investment industry gathered in Auckland last night (19 Feb 2020) to debate whether investors benefit more from passive or active fund management, a topic that is dividing the sector.

FMA files civil proceedings against CBL Corporation, its directors and chief financial officer

The FMA has issued two sets of civil proceedings in the Auckland High Court against CBL Corporation Limited (In liquidation) (CBLC), the six directors and the chief financial officer alleging multiple breaches of the Financial Markets Conduct Act 2013 (“FMC Act”). The FMA is seeking declarations of contravention¹ and civil pecuniary penalties in both proceedings.

FMA clarifies green bond disclosure requirements

The Financial Markets Authority (FMA) has published an information sheet outlining when issuers of securities described as “green bonds” can apply the “same class exclusion” to disclosure requirements.

FMA releases findings of managed investment scheme (MIS) custody review

The Financial Markets Authority has published a summary report on a review of custody arrangements in managed investment schemes (MIS) in response to questions raised by the International Monetary Fund (IMF).

Peer-to-peer lending and crowdfunding 2019 data published

The Financial Markets Authority (FMA) published the 3rd statistical report on peer-to-peer lending (P2P) and crowdfunding services in New Zealand. The annual snapshot for the year to 30 June 2019 shows increasing participation in P2P lending services and decreasing participation in crowdfunding services.

Council of Financial Regulators sets work priorities for 2020

The Council of Financial Regulators (CoFR) has announced its work priorities for the coming year. The work programme includes seven separate work streams, each led by one of the CoFR agencies, but involving all the members (alongside other government agencies as necessary) in a coordinated effort to tackle issues that reach across the financial system.

Audit quality improves but inconsistencies persist - FMA report

Audit quality has broadly improved again but auditors continue to apply standards inconsistently, the FMA’s annual Audit Quality Report 2019 has found.

FMA apologises for privacy breach

The FMA today apologised for a privacy breach that meant complaints documents sent to the regulator between 2015 and 2017 were potentially accessible via internet searches.

FMA successfully defends FSPR appeal by FXBTG Financial Limited

The Financial Markets Authority (FMA) has welcomed a High Court ruling upholding a direction by the FMA to de-register foreign exchange firm FXBTG Financial Limited.

FMA publishes 2019 annual report

The annual report detail the results we have achieved against our stated intentions. These results then feedback into our next cycle of direction-setting, planning, implementation and review. The annual report is a great way to review our operational highlights for the financial year.

PTT’s Steven Robertson jailed for six years, eight months

Steven Robertson has today been sentenced to six years, eight months’ imprisonment at the Auckland High Court as a result of an investigation by the Financial Markets Authority (FMA).

FMA issues AML/CFT warning to Circle Markets Limited

The Financial Markets Authority (FMA) has issued a formal warning to a non-licensed derivatives issuer and forex provider, Circle Markets Limited, under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).

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Media releases – 101