A number of fund managers, other than BT Funds Management and Edinburgh have breached the exemption notice regulations, the Securities Commission says.The commission wrote to all managers who have used exemption notices to promote foreign funds in New Zealand to see whether they have complied.
Commission associate counsel Kathryn Rogers says that a number of managers have told the commission they have failed to comply with the notices.
Rogers won’t disclose who, or how many managers fall into the non-compliance category.
Although the commission asked for responses by July 18, some managers haven’t replied and some have asked for extensions.
She says the commission has granted extensions and is chasing up firms it hasn’t heard from.
Rogers also said the letter was merely a request for information, although it asked for a sworn affadavit. She says it wasn’t a summons, nor was it compulsory for managers to respond.
The commission had not yet decided what it planned to do with the information gathered.
“It was an information gathering exercise,” she says. “It’s really too early to take anything from this.”
Earlier story
Fund Managers forced to come clean
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