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FMA’s first year – oversight of market conduct report

News release
30 August 2012

FMA’s first year – oversight of market conduct report
The Financial Markets Authority has today published its first report on the key issues and themes to emerge from market oversight activities in the first 12 months since it was established.

Details are contained in FMA’s inaugural Inquiries, Investigations and Enforcement Report, which is being published ahead of its Annual Report.

FMA also revealed it received over 4000 complaints and enquires about the financial markets during the 2011- 2012 financial year. The majority of those complaints related to people or entities providing financial advice, the new financial advisers’ regime, securities issuers and failed finance companies.

FMA has responded by using the full range of its regulatory tools – not just enforcement action. Where it has taken action against market participants, this included issuing warnings to investors, seeking compliance from those who step out of line, as well as initiating and continuing the court action and investigations into failed finance companies.

FMA’s enforcement activities have been undertaken consistently with its Enforcement Policy, which was published in September 2011.

The report also highlights FMA’s engagement with and oversight of the market on a wide range of matters including:

• Failed finance company investigations and litigation
• Asset preservation orders
• Perimeter surveillance
• Financial advisers
• Offer of securities without prospectus
• Unsolicited offers
• Secondary markets issues
• Third party claims

The Inquiries, Investigations and Enforcement Report can be found here.


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