After consultation in 2016, Cabinet has approved a proposal for the Financial Markets Authority (FMA) to alter the tiered frameworks for several of the FMA’s levies. The changes are substantial and alter the tiers for licensed insurers, and for managers and trustees in respect of securities. A larger body of total managed assets now attracts [...]
The Financial Markets Authority (FMA) recently released a consultation paper which proposes Financial Markets Conduct Act 2013 (FMCA) relief for overseas issuers and overseas reporting entities. Under the Securities Act 1978 and the Financial Reporting Act 1993 overseas issuers are able to rely on exemptions to disclosure, governance, and financial reporting requirements. These exemptions have [...]
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 [...]