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FMA publishes 2017 Conduct Outcomes Report

20/02/2018

FMA publishes 2017 Conduct Outcomes Report

The Financial Markets Authority (FMA) today published its Conduct Outcomes Report for the calendar year 2017, setting out some of the key issues and actions taken by the conduct regulator’s enforcement and supervision teams.

The report not only explains how the FMA responded to particular cases of misconduct, it explains why the FMA took these steps.

Where the FMA identifies risks or threats to fair, efficient and transparent markets, it will take proportionate action to reduce potential harm to investors and maintain market integrity.

Key actions in the FMA Conduct Outcomes Report:

· Engaging and educating market participants following the successful civil judgment against Milford Asset Management trader Mark Warminger and investigation into Goldman Sachs’ trading activity.

· Two insider trading cases underway in relation to trading in Eroad and VMob.

· Successful first use of section 34 powers (exercising the rights of investors) through a settlement with Prince and Partners.

· 47 charges filed against Steven Robertson/PTT Limited.

· Sell My Good Initial Coin Offering prevented after engagement with directors.

· Assessing how licensed participants are meeting the conditions of their licence.

· Engaging with industry regarding trading conduct relating to New Zealand’s Bank Bill Benchmark Rate and closing rates.

Nick Kynoch, FMA General Counsel said, “The FMA is fully prepared to use its enforcement powers to deal with misconduct by bringing cases to both civil and criminal courts where necessary. We also look to use our full range of regulatory tools to achieve the right outcome and a proportionate use of our resources. We strive, through all of our interactions, to guide and influence providers to improve their focus on delivering good outcomes for investors.

This includes engagement with the industry by our frontline supervisory teams, for example through licensing and monitoring activities, as well as publishing reports to communicate our expectations to the market.”

The FMA remains focused on monitoring activity and conduct on the regulatory perimeter, in particular those that undertake activities without appropriate registration. The FMA urges investors to remain sceptical about ‘get-rich-quick’ offers and cold-calling investment schemes.

Alongside regulators around the world, the FMA is concerned at the high number of investment scams that are driven increasingly through online and digital operations. Investors should only deal with a New Zealand licensed provider wherever possible.

Other work on the perimeter included taking action where businesses and individuals misused Companies Office’s Financial Services Providers Register (FSPR). The report sets out information on some of the cases where the FMA has either prevented registration on the FSPR or directed the registrar to deregister a company from the FSPR.

ends

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