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The Financial Markets Authority (FMA) published today guidance on conduct and expected controls in relation to trading that sets the Bank Bill Benchmark Rate (BKBM) and closing rates. Alongside this, the FMA is also publishing an overview of BKBM and benchmarks, their purpose and how they are regulated.
The FMA has filed criminal charges against an individual in the Auckland District Court alleging insider trading in contravention of the Securities Markets Act 1988. Read more.
The FMA’s annual KiwiSaver report based on returns as at 31 March 2017 shows total assets were up $7 billion from $33.8 billion in 2016. Investment returns of $2.7 billion were more than double those of 2016, and are close to the previous record $3 billion, reported in 2015.
The FMA is urging investors to become familiar with some home truths about the risks of investing with offshore, unlicensed providers as part of the first ever World Investor Week (2-8 October).
The Financial Markets Authority (FMA) published its annual report today for the financial year ending June 30 2017. This highlights two key developments for the FMA; a Government review confirming increased funding and the IMF’s Financial System Stability Assessment.
The Financial Markets Authority’s report on the Financial Service Providers Register (FSPR) sets out its work to prevent the misuse of the FSPR between 2014 and 2017.
Prince and Partners Trustee Company has admitted a series of failings in its role as trustee of Viaduct, a finance company that went into receivership in 2010. The civil proceedings brought by the FMA against Prince have been settled for $4.5 million. Read more.
The Financial Markets Authority is publishing its annual corporate plan for the first time, setting out its planned regulatory activities and key areas of focus to June 2018.
Over 1 million New Zealanders have more than $15 billion invested in conservative or default KiwiSaver funds, mostly invested in fixed-interest assets, including bonds. However, only four in ten KiwiSaver members surveyed by the FMA knew that most funds invest in bonds.
The Overseas Investment Office has recently published the sale price received by Forestlands as $23,500,000. Read more.
Mr Mark Warminger has withdrawn his appeal against the High Court judgment in the Financial Markets Authority v Warminger and as a result the FMA has withdrawn its cross-appeal.
The FMA has completed its first survey of consumers’ experience of conduct. It follows the publication of the FMA’s guide to its view of conduct earlier this year. This focused on the ‘five Cs for good conduct’: capability, conflict, culture, controls and communication.
The FMA has confirmed the methodology KiwiSaver scheme providers must use when calculating the dollar amount of fees paid by KiwiSaver investors for annual statements. The FMA wants to ensure providers are calculating fees accurately without burdening them with unnecessary costs and ensuring they have time to comply.
A former registered financial adviser, Anthony Wilson, who forged clients’ initials and falsely amended insurance applications has been sentenced to 150 hours of community work, 6 months community detention and ordered to pay reparations of $16,461.24.
The High Court imposed a total penalty of $400,000 on Mark Warminger for two contraventions of the Securities Markets Act 1978. Read more.