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FMA pings 10 entities for late financial statements

FMA pings 10 entities for late financial statements

By Jonathan Underhill

Jul. 3 (BusinessDesk) - New Zealand's financial markets regulator has charged eight companies and two contributory mortgage brokers for failing to file their annual reports by due date.

The Finance Markets Authority released a review of non-filing of financial statements today. It found 305 limited liability companies with March balance dates, 73 percent of the total, filed their 2013 statements by the cut-off on Sept. 27 last year. Of those that were late, the FMA initiated proceedings against seven directors, related to eight entities.

Charges have been laid against the directors of the limited liability companies Applefields, the 2006 and 2008 incarnations of a company called Prosper Hills, NZFIL 3, Heritage Park Taupo, Prudential Real Estate Investments and SPI Capital and SPI Property.

Of 20 registered contributory mortgage brokers, 11 were late and two are being prosecuted, the review said. The two being taken before the courts were those "we considered posed the greatest likelihood of harm to investors."

"The FMA hopes these cases will help encourage better conduct and increase confidence in the fair and transparent operation of our financial markets," Belinda Moffat, the regulator's director of enforcement, said in a statement.

(BusinessDesk)

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