1 Jun 2017
INNOVATIVE SECURITIES LIMITED v FINANCIAL MARKETS AUTHORITY [2017] NZHC 1187
- Citation
- [2017] NZHC 1187
- Court
- High Court
The High Court held the FMA lawfully directed deregistration: ISL did not provide financial services in or from New Zealand but only administrative and compliance support from its NZ office; continued registration was likely to create a false and misleading appearance that ISL's services were provided from and regulated by New Zealand and thus risked damaging NZ's financial markets' reputation; the FMA complied with s18B(3) and natural justice and properly exercised its specialist regulatory discretion; ISL failed to discharge the onus to show the FMA was wrong.