18 Dec 2015
EXCELSIOR MARKETS LTD v FINANCIAL MARKETS AUTHORITY [2015] NZHC 3334
- Citation
- [2015] NZHC 3334
- Court
- High Court
The High Court dismissed the appeal: the FMA had a sufficient evidential basis to conclude that Excelsior's substantive financial services were provided predominantly outside New Zealand while only administrative/support activities occurred in New Zealand, registration was likely to create a false or misleading appearance that services were provided from or regulated by New Zealand and risked damaging the reputation and integrity of New Zealand's financial markets, the FMA properly took into account s 18A in exercising its discretion under s 18B, followed required procedure, and there was no…