tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, December 9th, 11:15AM

Investments

rss
Investment News

CDO Settlement: Securities Commission statement

The Securities Commission welcomes the settlement achieved between the Commerce Commission and ANZ National Bank Limited (ANZN) and ING (NZ) Limited (ING).

Tuesday, June 22nd 2010, 4:27PM 1 Comment

 The settlement relates to the Commerce Commission's investigation into alleged breaches of the Fair Trading Act 1986 by ANZN and ING and other entities in relation to the marketing, promotion and sale of the ING Diversified Yield Fund and ING Regular Income Fund ("Funds").

The Securities Commission considers the settlement achieves an appropriate outcome for investors in the Funds. It has therefore accepted enforceable undertakings, as part of a settlement deed, from ANZN and ING in respect of the conduct investigated by the Commerce Commission and has agreed to take no further action on this matter. 

The undertakings and deed specify that:

  • ING acknowledges the Securities Commission's concerns that some of its alleged breaches of the Fair Trading Act, if prosecuted and proven, may constitute breaches of the securities laws.
  • ING and ANZN acknowledge the Securities Commission's concerns about the Funds and will ensure ongoing compliance with the securities laws.
  • ING will arrange an external audit and review of its processes and procedures for product development, preparation of offer documents and marketing material and advertising securities offerings.  ING will to report to the Securities Commission on, and implement, the recommendations coming out of the review. ANZN will facilitate and assist with the ING audit, review and implementation.

The acceptance of the enforceable undertakings does not affect the Securities Commission's powers to take any future action against ANZN, ING and/or their related parties in respect of their future conduct. 

The settlement deed (incorporating the enforceable undertakings) can be found on the Commission's website (yet to be uploaded).

The undertakings are entered into under section 69J of the Securities Act 1978.

The Commerce Commission settlement and background on the Commerce Commission investigation be found on their website: www.comcom.govt.nz/

« CDO Settlement: ANZ and ING's statementWho buys gold bullion? »

Special Offers

Comments from our readers

On 5 February 2011 at 7:45 am Anonymousa said:
Security concerns are very valid and it is great that AMZN ackowledges the concerns

http://www.commissionstatement.com/commission-statement.html
commission-statement
Commenting is closed

 

print

Printable version  

print

Email to a friend

Good Returns Investment Centre is brought to you by:

Subscribe Now

Keep up to date with the latest investment news
Subscribe to our newsletter today

Edison Investment Research
  • SDCL Energy Efficiency Income Trust
    5 December 2024
    Robust performance in H125
    SDCL Energy Efficiency Income Trust (SEEIT) reported robust H125 results. Its net asset value (NAV) increased marginally to 90.6p (90.5p at 31 March 2024),...
  • Georgia Capital
    4 December 2024
    Successful disposal from the portfolio
    Georgia Capital’s (GCAP’s) net asset value (NAV) per share increased by 6.2% q-o-q in Q324 in Georgian lari terms (3.3% in sterling). The private...
  • Gresham House Energy Storage Fund
    4 December 2024
    Improving prospects suggest discount is overdone
    At the recent capital markets day, Gresham House Energy Storage Fund (GRID) detailed positive developments in H224, including growing capacity and rising...
© 2024 Edison Investment Research.

View more research papers »

Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com