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:
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 statement | Who buys gold bullion? » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved
http://www.commissionstatement.com/commission-statement.html
commission-statement