Page last updated: 09 September 2024

Media releases – 2022

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FMA opens consultation on proposed standard conditions for Derivatives Issuers

FMA consults on new conditions for Derivatives Issuers, proposing limits on leverage and stricter suitability checks to protect NZ retail investors.

Statement regarding adjournment of FMA’s IPO proceeding against CBLC, Peter Harris, Alistair Hutchison and Carden Mulholland

The FMA acknowledges the High Court’s decision to adjourn the trial for the FMA’s Initial Public Offer (IPO) proceeding against CBLC (in liquidation).

FMA cancels Stockfox Limited’s FAP licence

The FMA has cancelled Stockfox Limited’s (Stockfox) Financial Advice Provider (FAP) licence with effect from 30 May 2024.

FMA publishes first monitoring insights report into Financial Advice Providers

FMA releases first monitoring report on Financial Advice Providers, highlighting progress, good practices, and areas needing improvement under new regime.

Matthew Hill to pay $100,000 penalty for breaching financial markets legislation

Former CEO Matthew Hill fined $100K for misleading posts about New Talisman Gold, breaching FMC Act by concealing his identity on investor forums.

FMA files civil proceeding against individual for making alleged false or misleading representations and other breaches

FMA files civil case against Rangi Savage for unregulated share offers, false statements, and FMC Act breaches involving 160+ investors and NZD$122K.

FMA underlines importance of effective liquidity risk management for fund managers

FMA issues updated guide on liquidity risk management, urging MIS managers to ensure fair, effective fund operations during market volatility.

FMA appoints Louise Unger as Executive Director, Response and Enforcement

FMA appoints Louise Unger as Executive Director of Response and Enforcement, bringing extensive legal, risk, and financial services experience.

FMA cancels crowdfunding services licence for Equitise

The FMA has cancelled the crowdfunding services licence of Equitise Pty Ltd (Equitise). The cancellation took effect on 3 April 2024.

FMA introduces new standard condition on business continuity and technology systems plus new process for reporting operational incidents

FMA sets new standard for business continuity and tech resilience, requiring incident reporting within 72 hours and secure online notification by July 2024.

FMA opens consultation on potential class exemption for certain green, social, sustainability, and sustainability-linked bonds

FMA issues a consultation in response to industry request for a more efficient route to market for green, social and sustainability bonds.

FMA warns Southern Cross Medical Care Society and Southern Cross Pet Insurance for Financial Markets legislation breaches

FMA has issued warnings to Southern Cross Medical Care Society (SCMCS) and Southern Cross Pet Insurance (SPCI) for failing to apply advertised discounts to each entities’ respective insurance products.

CBL managing director Peter Harris admits continuous disclosure and fair dealing contraventions and agrees Enforceable Undertaking

The FMA has reached agreement with former CBL Corporation Limited (In Liquidation) (CBLC) managing director Peter Harris on claims relating to continuous disclosure breaches and misleading conduct (the Continuous Disclosure Proceeding). 

Natalie Carter sentenced to 12 months home detention for forgery and financial markets legislation offences

Natalie Ann Carter, a former Hawke’s Bay-based mortgage broker, has been sentenced to 12 months home detention following a criminal prosecution brought by the Financial Markets Authority (FMA).

FMA files proceedings against Tower Limited for alleged fair dealing breaches

FMA has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million* in overcharges.

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Media releases – 2022