Monday 2nd May 2011 |
Text too small? |
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.
NZPA
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report
July 1st Morning Report
June 27th Morning Report
SDL - FY2026 Earnings Guidance
PaySauce Director resigns for US-based role with NZTE
General Capital Releases 2025 Annual Report