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FMA pings mortgage brokers over late annual reports

FMA pings mortgage brokers over late annual reports

Feb. 19 (BusinessDesk) - The Financial Markets Authority has charged two contributory mortgage brokers for failing to file their annual reports on time.

Christchurch-based Prudential Mortgage and Auckland-based First Mortgage Investments have each been charged for failing to deliver an annual report to the Companies Registrar for the year ended March 31, 2013 by the end of last June, the FMA said in a statement.

“Non-filing of annual reports and financial statements is an issue which FMA takes seriously and we are considering a number of cases where these key documents have not been filed,” head of enforcement Belinda Moffat said. “Ensuring accurate and timely disclosure to investors and promoting compliance with reporting obligations is a key priority for FMA.”

Prudential is set to appear in the Christchurch District Court on March 5, while First Mortgage Investments appeared in the Auckland District Court on Jan. 30 and will reappear on March 20.

The charges have been laid under the Securities Act (Contributory Mortgage) Regulations and carry a maximum fine of $5,000.

(BusinessDesk)


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