Proposal for a new customer-focussed financial advice regime

It appears that new legislation will grant the wishes of the Financial Markets Authority (FMA) in relation to financial advice. Currently, the FMA does not oversee licensing for all financial advisers. Earlier this year, the FMA’s Strategic Risk Outlook 2017 identified problems in the current regulation and licensing framework. For example, some businesses were using [...]

August 4th, 2017|Categories: Legal Developments|Tags: |

Guilty plea following FMA insider trading charges

In March 2017, the Financial Markets Authority (FMA) filed charges over share trading in Eroad Limited. A current and a former Eroad employee were alleged to have breached the Financial Markets Conduct Act 2013 (FMCA) prohibitions on disclosing or trading inside information. The FMA alleged that the former employee had traded 15,000 Eroad shares after [...]

May 5th, 2017|Categories: Legal Developments|Tags: , |

NZ’s first case on market manipulation

Financial Markets Authority v Warminger [2017] NZHC 327 was NZ’s first court decision on market manipulation.  The Financial Markets Authority (FMA) had brought charges alleging breaches of section 11B of the Securities Markets Act 1988, now effectively replicated in section 265 of the Financial Markets Conduct Act 2013. The High Court found that Mark Warminger [...]

May 5th, 2017|Categories: Legal Developments|Tags: , |