Latest news with #TeManaTātaiHokohoko
Scoop
01-07-2025
- Business
- Scoop
FMA Publishes Statement Of Performance Expectations For 2025/26
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – today published its Statement of Performance Expectations (SPE) for 2025/26. The SPE sets out how the FMA will measure and report on progress against its performance measures and targets, and includes forecast financial statements for the 2025/26 year. The SPE is a yearly document and complements the FMA's Statement of Intent 2024-2028, which explains the FMA's medium-term strategic objectives. The two reports should be read together to understand the FMA's performance measures and reporting framework.
Scoop
27-06-2025
- Business
- Scoop
Statement By The FMA On Senior Trust Retirement Village Income Generator Limited
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko is aware of several news articles over the last few days which refer to its recent engagement with Senior Trust. Margot Gatland, Head of Enforcement at the FMA says, 'In November 2024 the FMA – Te Mana Tātai Hokohoko opened an investigation into Senior Trust Retirement Village Income Generator Limited (STIG), which is ongoing. The scope of the investigation includes considering disclosures made by STIG in its previous product disclosure statement (PDS) and associated advertising material and whether those disclosures complied with Parts 2 and 3 of the Financial Markets Conduct Act 2013.' Concurrently with the investigation, the FMA has consulted STIG about aspects of its business. As part of the FMA's discussions with STIG, STIG has agreed to register an amended PDS. The FMA did not object to the PDS being lodged in its current form. STIG has issued an investor communication with more detail about the changes, which can be found here: 'We want to ensure that existing and prospective investors in STIG are aware that it lodged a new PDS on 16 June 2025 and that it differs substantially from earlier iterations,' says Ms. Gatland. 'Investors should also take particular note of the contents of STIG's June 2025 investor communication accompanying the PDS and accessible on its website alongside the new PDS at 'Any investors who may have queries about the above or their investment in general should seek advice from a legal or financial adviser.'
Scoop
26-06-2025
- Business
- Scoop
New Report Sets Out Key Areas Of FMA Focus For Year Ahead
The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) has today released a key report designed to provide clarity to the financial sector on what to expect from the regulator. The Financial Conduct Report will be an annual publication for the financial industry, including banks, insurers, investment managers, capital markets and financial advisers. FMA chief executive Samantha Barrass said: 'We are responding to the clear desire for transparency, certainty and improved engagement with the sector, by setting out our priorities and the drivers behind what we're doing. 'Importantly, our report provides context and reasoning for these priorities by outlining key conduct risks and opportunities on the FMA's radar over the next 12 months and how we plan to address them. 'We are publishing this FCR in the context of an uncertain economic outlook, geopolitical changes, financial pressure on households and businesses, and an expanding regulatory remit for the FMA. This underscores the importance of engaging with the industry and stakeholders, to identify and respond to emerging risks. 'We encourage boards, executives and leaders to use the FCR to understand the FMA's regulatory priorities for the coming year and consider how these insights can help their business ensure better outcomes for consumers and markets. 'We have a number of priorities across the sectors we regulate. 'Examples of our priorities as a regulator, providing licensing, monitoring and guidance to the industry and enforcing current laws to bolster confidence in our financial sector include: We want to ensure consumers know how to complain and we'd like industry to take swift action to stop further harm and provide timely remediation when issues arise. We are actively working with other agencies and business to disrupt scam activity that originates within New Zealand to protect consumers from investment scams, which are increasingly affecting New Zealand consumers, and are growing in complexity and volume. We will continue to issue public warnings that highlight the high incidence of these misconduct cases. In addition, safekeeping of client money and property is fundamental for confidence in financial markets. So we'll be working with the Ministry of Business, Innovation and Employment (MBIE) to improve protections for assets held in custody. Strong custody is not just important to protect against fraud. Robust client asset protection provides confidence in our regulatory environment. 'Examples of our aim to support innovation and growth in financial markets – include: Implementing a single conduct licence Supporting market access through our regulatory sandbox pilot for a small group of fintech companies. By supporting firms to test new products and services in a controlled environment, we can improve our understanding of where our laws may impede innovation or drive firms to find ways to operate outside the regulatory perimeter. 'The report also demonstrates how we are readying ourselves for emerging risks and opportunities such as virtual assets, tokenisation, and industry readiness for operational resilience. 'We anticipate the FCR will become an annual go-to reference point for the FMA, stakeholders and media to understand where it is focused, and what it aims to achieve for the year ahead.' 'Overall, this report is a roadmap that sets out over the next 12 months why and how we are working towards achieving our statutory objective: to promote and facilitate the development of fair, efficient and transparent financial markets, and to promote the confident and informed participation of businesses, investors and consumer in financial markets.'
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
