4 Jul 2023
VALIDUS FZCO v FINANCIAL MARKETS AUTHORITY [2023] NZHC 1701
- Citation
- [2023] NZHC 1701
- Court
- High Court
The FMA satisfied statutory procedural requirements by giving written notice of its intention and reasons under s 475; s 462(1)(f) lawfully authorises stop orders directed at false or misleading restricted communications about offers or intended offers even if the financial product does not yet exist; and s 462(1)(f) does not require the FMA to be satisfied that, but for the stop order, statutory contraventions or future harm would occur. Therefore the stop order was lawful and the appeal is dismissed.