FMA Archives - Page 3 of 5 - The Industry Spread

Kiwis Take Longer to Choose a Movie Than Check KiwiSaver

June 19, 2019

Many New Zealanders spend longer choosing a movie to watch than reading and acting on their annual KiwiSaver statement.
A recent survey of 1100 New Zealanders for the Financial Markets Authority (FMA) found four out of five people took up to 10 minutes to choose a movie, but just over half of those questioned spent the same time reading their KiwiSaver annual statement.

FMA Research Highlights Gap Between What Investors Expect and What Auditors Deliver

May 26, 2019

An FMA research project with investors, directors, managers and auditors has identified reasonable levels of confidence in audit quality, but also a serious gap in the expectations of investors and what auditors deliver. The FMA commissioned the research to better understand public and industry perceptions of audit quality in New Zealand.

10 Formal AML/CFT Warnings Issued by FMA

May 20, 2019

The FMA carried out a risk-based assessment of independent audit reports for reporting entities it supervises in February this year, targeting 69 reporting entities. The FMA supervises around 800 reporting entities, of whom roughly two-thirds define themselves as financial advisers.

Morgan DeVere has been Convicted for Abuse of the FSPR

May 12, 2019

Morgan DeVere Corporate Finance Limited (Morgan DeVere) has been convicted at the Wellington District Court on two counts of breaching the Financial Services Providers Act 2008 (FSP Act) for falsely claiming it was registered on the Financial Services Providers Register ( FSPR ). A copy of the judgment can be found here.

Director Sentenced to Community Service for Abuse of FSPR

April 19, 2019

A New Zealand-based director of Morgan DeVere Corporate Finance Limited has been sentenced to 75 hours of community service for breaching the Financial Service Providers (Registration and Dispute Resolution) Act 2008. (FSP Act). The FMA alleges that the company stated it was registered on the Financial Services Providers Register (FSPR) after it had deregistered.

FMA Files Civil Proceedings Over Trading in Oceania Natural

April 19, 2019

The Financial Markets Authority (FMA) has issued civil proceedings in the High Court against four individuals in relation to trading in Oceania Natural Limited. (ONL)The proceedings relate to alleged breaches of market manipulation prohibitions and the disclosure obligations in the Financial Markets Conduct Act 2013. The FMA is seeking financial penalties.

AML/CFT Monitoring Report Highlights Concerns, Sets Out Future Focus

April 4, 2019

The Financial Markets Authority (FMA) has published an Anti-Money Laundering and Countering the financing of terrorism (AML/CFT) monitoring report setting out the areas requiring further attention by the management and boards of the reporting entities it supervises. 

FMA Publishes Guide To Investors Shares

April 1, 2019

The FMA has published a guide for investors shares on the nuts and bolts of choosing, buying, owning and selling.The guide, Share this! deals with the steps involved in investing in shares as well as the potential risks, to help people decide whether shares are the right investment for them.