Exemption from FMC Act Licensing Requirements

On 25 August 2015, the Minister of Commerce and Consumer Affairs, Paul Goldsmith, announced that the share trading platform “Unlisted” will be granted an exemption from the licensing requirements of the Financial Markets Conduct Act 2013 (the FMC Act).  Unlisted provides a facility for trading previously allotted securities, through unlisted stockbrokers and has been operating [...]

October 19th, 2015|Categories: Legal Developments|Tags: |

FMA Breaches requirements of Natural Justice

In the recent case Vivier and Company v Financial Markets Authority [2015] NZHC 2337, the High Court overturned the Financial Markets Authority’s (the FMA) exercise of its power to deregister a Financial Service Provider (FSP) (Vivier), on the basis that the FMA breached its obligations of natural justice.  This case illustrates the first appeal of [...]

October 19th, 2015|Categories: Legal Developments|Tags: |

“Substantial and identifiable” test shoots down Lochinver Investors

The relevant Ministers under the Overseas Investment Act 2005 (the Act) recently declined consent to the NZ$88 million deal by Chinese owned Pure 100 Farm Ltd, to purchase Lochinver Station, near Taupo.  The decision was reached on the grounds that the purchase of Lochinver Station would not meet a “substantial and identifiable” benefit to New [...]

October 19th, 2015|Categories: Legal Developments|Tags: |