Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


FMA files first market manipulation case in New Zealand

Scoop Duty Editor: Brian Phillip Henry of Auckland, Barrister, and Managing Director of US50 Fund Limited, Goldman Henry Capital Management Limited and AmanahNZ wishes it to be recorded that he is not the Brian Peter Henry named in the FMA's press release today confirming that it has filed and served civil proceedings against said Brian Peter Henry.

24 July 2013

FMA files first market manipulation case in New Zealand

The Financial Markets Authority (FMA) today confirmed that it has filed and served civil proceedings against Brian Peter Henry alleging market manipulation of shares in the NZX-listed Diligent Board Member Services.

The proceedings contain six claims alleging certain orders and trades made by Mr Henry in 2010 breached the market manipulation provisions of the Securities Markets Act. FMA’s investigation followed a referral from NZX.

FMA Head of Enforcement, Belinda Moffat, said this is the first market manipulation case to be taken in New Zealand.

“Market manipulation interferes with the integrity of New Zealand’s financial markets and harms the function of open, transparent and efficient capital markets,” said Ms Moffat.

Brian Henry was a founding member of Diligent. He left the company in March 2009.

The maximum fine for breaching the market manipulation provisions of the Securities Markets Act is $1,000,000 for each contravention.

The next step will be for Mr Henry to file his statement of defence.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Half Empty: Dairy Product Prices Drop To Lowest Since December 2012

Dairy product prices fell to the lowest level since December 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and anhydrous milk fat. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news