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FMA wins deregistration fight

The Financial Markets Authority has successfully appealed a High Court ruling that it breached a company's right to natural justice when it did not give detailed evidence for its decision to remove it from the FSPR.

Friday, May 13th 2016, 4:09PM

As part of a crackdown on foreign companies listing on the FSPR, FMA removed Vivier & Co, because it did not think it was providing services in New Zealand.

Vivier appealed that in September and won - a decision the FMA fought to overturn.

The Court of Appeal today said the FMA could rely on its own knowledge of financial markets in assessing whether Vivier's registration was misleading or damaging.

It said the regulator did not rely on a media report about accusations of tax fraud and money laundering, linking the firm to sub-prime Irish mortgages and so did not need to disclose that to the company.

 

Tags: FMA

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