17 Apr 2018
ANZ Bank New Zealand Limited v Financial Markets Authority [2018] NZHC 691
- Citation
- [2018] 3 NZLR377
- Court
- High Court
The Court held the proposed disclosure was not authorised by s59(3)(c) because the disclosure was not reasonably necessary nor sufficiently connected to the FMA's decision‑making under s34, and was not authorised by s59(3)(f) because the investors' interest in receiving the material was a private interest insufficiently connected to the FMA's public functions; accordingly the FMA's decision to disclose was unlawful, was quashed and the FMA was prohibited from making the proposed disclosure.