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    4 December 2014

    FMA releases Audit Quality Review Report

    Media ReleaseMR No. 2014 – 444 December 2014 The Financial Markets Authority (FMA) says its latest Audit Quality Review Report confirms the majority of the profession is meeting minimum compliance standards. However, the findings in 2014 are similar to last year’s report, with significant room for improvement identified among the firms that were monitored. The 2014 Audit Quality Review Report assessed the individual audit files and internal systems,...


    12 August 2014

    Strategic Finance settlement proceeds to first distribution

    In June this year PwC Partners John Fisk and Colin McCloy, as Receivers of Strategic, together with the Financial Markets Authority, announced they had finalised a $22 million settlement agreement with the former directors and auditors of Strategic. On 8 August 2014 the settlement agreement became unconditional and the first payment of $10 million has now been received. This will enable a distribution to secured investors to be made within the next two w...


    5 December 2013

    FMA releases audit quality report

    News release5 December 2013 The Financial Markets Authority (FMA) says its first audit quality review shows there is work to be done to meet the required standards. The Audit Quality Review Report assessed the internal quality control systems and individual audit files of nine audit firms, under the Auditor Regulation Act, which came into force on 1 July 2012. The key areas of focus for firms that need to improve are: auditor independence and ethical is...


    28 February 2013

    FMA signals its compliance focus for 2013

    Media Release28 February 2013 The Financial Markets Authority (FMA) today released its compliance focus for 2013 which outlines FMA's priority areas for monitoring and surveillance over the next year. The document details four major themes which will influence priorities: building customer trust; raising standards in existing regimes; embedding new regimes; and KiwiSaver. FMA CEO Sean Hughes said "Signalling our focus for 2013 makes sense. It provides an...


    3 September 2012

    FMA releases final guidance on non-GAAP financial information

    Media Release3 September 2012 The Financial Markets Authority (FMA) has today released its final guidance note on the disclosure of non-GAAP financial information. The guidance note will assist issuers in their communication of financial information to investors and other stakeholders to minimise the potential for it to be misleading. FMA Head of Compliance Elaine Campbell said non-GAAP reporting has become common practice and it is necessary for FMA to...


    12 April 2012

    FMA calls for submissions on exemption reviews

    Media Release12 April 2012 The Financial Markets Authority is seeking submissions from market participants, investors, representatives and advisers on review of 44 class exemption notices due to expire later this year. FMA is able to grant exemptions from provisions of various securities laws. Exemptions remove rigidities in the law and ensure standards set for market participants are reasonable and cost-effective. They provide relief where the costs of...


    30 September 2011

    Canterbury advisers rise to the challenge

    Media Release30 September 2011 76 Canterbury financial advisers have met an extended regulatory deadline to become Authorised Financial Advisers (AFAs). Due to the disruption caused by earthquakes, Canterbury advisers were given until 1 October to be authorised to advise on investment products and offer services such as financial planning. Elsewhere in New Zealand, advisers had a 1 July deadline. 97 Canterbury advisers met the July deadline. FMA Head of...


    21 June 2011

    Warning: FMA warns SuperLife in relation to KiwiSaver sales practices

    Media Release21 June 2011 The Financial Markets Authority has issued a warning to SuperLife Limited and SuperLife Trustees Limited (together 'SuperLife') to overhaul its KiwiSaver sales practices. FMA Chief Executive Sean Hughes said FMA was seriously concerned about a number of matters regarding SuperLife's sales practices, potential non-compliance with the law and apparent poor monitoring of the activities of its sales force. "From 1 July, FMA will m...


    14 March 2011

    First QFEs Granted

    (Media releases from the Securities Commission)14 March 2011 The first Qualifying Financial Entities (QFEs) licences have been granted today signalling the next step in the implementation of the new financial advisers regulatory regime. Securities Commission Director of Financial Adviser Regulation, Mel Hewitson, says the Commission has been processing applications from around 80 organisations and the majority of licences will be granted by 1 April. Appl...


    2 September 2010

    Draft Code to Minister for Approval

    (Media releases from the Securities Commission)2 September 2010 The Commissioner for Financial Advisers, David Mayhew has approved the draft Code of Professional Conduct for Authorised Financial Advisers, and sent it to the Minister of Commerce, Hon Simon Power for his approval. Mr Mayhew says approving the draft Code is a significant milestone towards implementing the new regulatory regime. "It is clear that the Code Committee consulted widely when p...


    18 December 2012

    Financial Markets Authority AFA Update: Issue # 9

    AFA Survey Findings We had an unprecedented response to our survey and wish to thank all of those who participated. We have attached our report setting out key themes and outlining our responses to the issues. FMA has already started talking to industry about these issues and we will continue this dialogue in 2013. AFA Survey 2012 - Summary of Findings and FMA response. AFA Monitoring Report Our second monitoring report has now been published and you can access a copy of it here. We will be...