Appeal court judgment in ANZ v FMA

Media release
MR No. 2019 – 07
05 March 2019

Appeal court judgment in ANZ Bank New Zealand v Financial Markets Authority

The court of Appeal has allowed an appeal by the FMA in the matter of ANZ Bank New Zealand (ANZ) v Financial Markets Authority (FMA)

A copy of the judgment can be found here.

ANZ has sought leave to appeal the decision to the Supreme Court and to maintain confidentiality over the judgment. Some details in the judgment are redacted because of this.

The court of appeal judgment clarifies that it is appropriate for the FMA to disclose information to investors to further the FMA’s investigation, and to help assess whether a claim under Section 34 of the FMA Act may be appropriate, provided proper steps are taken to ensure confidentiality.

Section 34 of the FMA Act enables the FMA to exercise the rights of action of investors.

The High Court had previously determined the disclosure would not be for a permitted purpose.

Karen Chang, FMA Head of enforcement said, “The FMA acknowledges this judgment and is pleased the Appeal Court has affirmed the FMA’s exercise of its powers in this case was lawful and appropriate.

“More specifically, that the FMA may disclose information it has obtained under its compulsory powers to investors in appropriate circumstances. We cannot comment further as the case remains under appeal before the Supreme Court.”

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Notes to editors: The court process began in April 2017 when ANZ sought judicial review of the FMA’s decision to disclose certain information to third parties – unnamed investors.

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