Latest news with #FinancialMarketsConductAct2013
Scoop
13-06-2025
- Business
- Scoop
FMA Consults On Class Exemption For Buy-Backs Of Quoted Debt Securities
Press Release – Financial Markets Authority If granted, the exemption would allow listed issuers to buy back their own quoted debt securities off-market, without needing to prepare certain information in a disclosure document or adhere to certain timing requirements. The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – is seeking feedback on a proposed class exemption for listed issuers from certain unsolicited offer regulations for buy-backs of their own quoted debt securities. FMA Executive Director, Evaluation and Oversight Liam Mason said: 'One of our key priorities is to support innovation and growth by removing unnecessary regulatory burden. This consultation responds to feedback from the market that this is an area where changes could be made to make it easier for firms while still ensuring appropriate investor protection.' The purpose of the unsolicited offer regulations in the Financial Markets Conduct Act 2013 (FMC Act) is to provide a comprehensive and robust framework to protect against 'low-ball' unsolicited offers, as well as to allow the FMA, as the regulator, to take both a proactive and reactive approach to monitoring and enforcement. However, where an issuer is seeking to buy back its own quoted debt securities, the regulations' prescriptive disclosure and timing requirements may limit the flexibility of issuers to manage their debt efficiently. If granted, the exemption would allow listed issuers to buy back their own quoted debt securities off-market, without needing to prepare certain information in a disclosure document or adhere to certain timing requirements. The exemption would be subject to conditions that the issuer must make available information about the offer to buy back the debt securities. 'Issuers are already subject to ongoing disclosure and governance obligations under the FMC Act, as well as the listing rules of the relevant licensed market, and already have a relationship with their debt security holders. Therefore, the risks may be substantially lower compared to other unsolicited, potentially low-ball, offers.' The consultation is open until 25 July 2025
Scoop
13-06-2025
- Business
- Scoop
FMA Consults On Class Exemption For Buy-Backs Of Quoted Debt Securities
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – is seeking feedback on a proposed class exemption for listed issuers from certain unsolicited offer regulations for buy-backs of their own quoted debt securities. FMA Executive Director, Evaluation and Oversight Liam Mason said: 'One of our key priorities is to support innovation and growth by removing unnecessary regulatory burden. This consultation responds to feedback from the market that this is an area where changes could be made to make it easier for firms while still ensuring appropriate investor protection.' The purpose of the unsolicited offer regulations in the Financial Markets Conduct Act 2013 (FMC Act) is to provide a comprehensive and robust framework to protect against 'low-ball' unsolicited offers, as well as to allow the FMA, as the regulator, to take both a proactive and reactive approach to monitoring and enforcement. However, where an issuer is seeking to buy back its own quoted debt securities, the regulations' prescriptive disclosure and timing requirements may limit the flexibility of issuers to manage their debt efficiently. If granted, the exemption would allow listed issuers to buy back their own quoted debt securities off-market, without needing to prepare certain information in a disclosure document or adhere to certain timing requirements. The exemption would be subject to conditions that the issuer must make available information about the offer to buy back the debt securities. 'Issuers are already subject to ongoing disclosure and governance obligations under the FMC Act, as well as the listing rules of the relevant licensed market, and already have a relationship with their debt security holders. Therefore, the risks may be substantially lower compared to other unsolicited, potentially low-ball, offers.' The consultation is open until 25 July 2025
Scoop
29-05-2025
- Business
- Scoop
FMA Issues Infringement Notice To Pharmazen Limited
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has issued an infringement notice to Pharmazen Limited for failing to file financial statements on time. Pharmazen has not yet filed audited financial statements for the year ended 31 December 2024 that were due by 30 April 2025, as required under section 461H of the Financial Markets Conduct Act 2013 (FMC Act). It was also late to file financial statements in 2024 and 2023. Pharmazen informed the FMA that the delay this year was due to ongoing negotiations with their bank about matters relevant to the entity's going concern assessment. Pharmazen has notified the FMA that it intends to publish its financial statements on 6 June 2025. FMA Director of Markets, Investors and Reporting John Horner says, 'Financial statements provide investors and other stakeholders with important information for decision-making purposes. For many FMC reporting entities, financial statements are the only source of financial information available. It's a fundamental obligation that reliable financial statements are made available to the public in a timely manner'. 'Entities should report within the required timeframes regardless of challenges impacting the going concern assessment. Informing investors in a timely way is essential to enable them to make informed decisions,' says Mr Horner. The FMA's infringement notice requires Pharmazen to pay a $7,500 fee for an infringement offence under s 461H of the FMC Act. It has 28 days to pay the infringement fee or respond to the notice.
Scoop
22-05-2025
- Business
- Scoop
FMA Issues A Warning On Managed Investment Scheme
Press Release – Financial Markets Authority FMA has issued a public warning about a managed investment scheme operated by Jesse Joseph Vaughan and former NZ company Crypto Partners Limited (CPL). The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has issued a public warning about a managed investment scheme operated by Jesse Joseph Vaughan and former NZ company Crypto Partners Limited (CPL). FMA Executive Director of Response and Enforcement Louise Unger said, 'We understand that Mr Vaughan, the sole director and shareholder of formerly registered company CPL, has offered investments in a managed investment scheme (MIS) operated by CPL. He did so without holding a MIS manager licence, and without providing the required disclosure, which are both contraventions of the Financial Markets Conduct Act 2013.' Mr Vaughan also told his investors in a newsletter that he had applied for a MIS manager's licence, and that it was being reviewed by the FMA. 'I can confirm that neither Mr Vaughan nor CPL has ever applied to the FMA for any form of market services licence,' said Ms Unger. 'One of the main purposes of the market services licensing regime is to require licensees to act with integrity, diligence and skill and in the best interests of investors using their services. We consider that CPL and Mr Vaughan's conduct has been contrary to these obligations and investors are likely to have experienced significant detriment as a result. 'The FMA will continue to take actions when we see misconduct damaging the trust and confidence in New Zealand's financial markets and businesses. We do this to both prevent and deter others from doing this and, in this case, to hold Mr Vaughan to account,' concludes Ms Unger.
NZ Herald
22-05-2025
- Business
- NZ Herald
Financial Markets Authority warns against unlicensed investment scheme run by crypto company
'He did so without holding an MIS manager licence, and without providing the required disclosure, which are both contraventions of the Financial Markets Conduct Act 2013.' Vaughan also incorrectly told his investors in a newsletter that he had applied for an MIS manager's licence and that it was under FMA review. 'I can confirm that neither Mr Vaughan nor CPL has ever applied to the FMA for any form of market services licence.' Unger promised that Vaughan would be held to account. 'One of the main purposes of the market services licensing regime is to require licensees to act with integrity, diligence and skill and in the best interests of investors using their services. 'We consider that CPL and Mr Vaughan's conduct has been contrary to these obligations and investors are likely to have experienced significant detriment as a result.' Investors in CPL who have not had their investments returned are encouraged to contact the FMA, as are people who have been invited by Vaughan to invest in his business. Jaime Lyth is a multimedia journalist for the New Zealand Herald, focusing on crime and breaking news. Lyth began working under the NZ Herald masthead in 2021 as a reporter for the Northern Advocate in Whangārei.
