Scoop has an Ethical Paywall
First use of FMA power to exercise investor's right to sue
FINANCIAL SERVICES REGULATION | 20 AUGUST 2014
First use of FMA power to exercise an investor's right to sue
The Financial Markets Authority (FMA) today filed civil proceedings under its new power to 'stand in the shoes' of another and exercise that person's right to take action against a financial markets participant.
The power is conferred under section 34 of the Financial Markets Authority Act which was passed in 2011 but the FMA has until now been preoccupied by legacy cases from the finance company collapses.
Section 34 is important to the new emphasis on civil enforcement in the Financial Markets Conduct Act.
Chapman Tripp commentaries on section 34 are:
Taking up arms for the investor - FMA's
power to litigate
New super-regulator will pack a powerful
punch
A regulator with teeth: the enforcement
capabilities of the FMA
Roger Wallis interviewed on Radio New
Zealand about the FMA's powers
The FMA's press
statement is available here.
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
