Craigs Investment Partners has been fined $30,000 and censured by the NZ Markets Disciplinary Tribunal for not recording retail client orders correctly in the NZX trading system for two years.
The tribunal released a statement saying a settlement had been reached.
The breach was of rule 15.5, which requires all orders to be entered into NZX's system with a CSN.
Craigs accepted it had breached the rules, but no clients had been adversely affected.
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They still refer the the Securities Markets Act ( now repealed) and in no way are they complaint with the Disclosure regulations despite this being pointed out to their compliance manager on at least two occasions.
Maybe it's about time FMA took another look at them from a full compliance viewpoint. As long as these basics keep being ignored there will be some who will continue to thumb their noses at regulations.