Friday 22nd July 2011
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NZF Money (NZF) has withdrawn its 2010 debt prospectus from the market following an investigation by the Financial Markets Authority (FMA).
FMA CEO Sean Hughes said that an inspection of the documents and records of NZF, a subsidiary of NZX-listed NZF Group Limited, revealed matters of concern regarding NZF's disclosures of asset quality and liquidity. After discussions between NZF and FMA, NZF agreed on 18 July to withdraw its prospectus and cease issuing secured deposits under its current offer documents.
Hughes said FMA's investigation was enabled by new powers of notification and inspection conferred by the Securities and FMA Acts.
"Ensuring investors are fully informed is of paramount concern for us, and in this case we took swift action to ensure that NZF's offer documents accurately reflected its financial position," Hughes said.
FMA's investigation is ongoing and FMA will take further action where necessary.
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