Monday 2nd May 2011 |
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The Financial Markets Authority (FMA) used its powers for the first time today against businessman Bernard Whimp, who was subject to action from the former Securities Commission.
The FMA, which opened for business today, has given notice to Whimp, and limited partnerships associated with him, that it will require unsolicited offers to contain a copy of a warning in a prominent position. Mr Whimp has three days to make submissions, which FMA will consider before making its decision on May 6.
Whimp has been sending shareholders of NZX listed companies unsolicited offers to buy shares at prices below the NZX market price. The offers have been condemned by boards and shareholder representative groups because they do not include a comparison with market or have important terms in fine print.
This is the first use of powers under the Financial Markets Authority Act, which set up the authority. The authority has taken over the functions of the Securities Commission and consolidates other regulatory functions of government.
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