FMA investigates whether banks breached financial markets laws on interest rate swaps to farmers

Wed, 23 Apr 2014

April 24 (BusinessDesk) – The Financial Markets Authority, New Zealand’s markets watchdog, is investigating whether the sales and marketing of interest rate swaps by major banks to rural customers may have breached financial markets laws. The FMA is working with the antitrust regulator, the Commerce Commission, to see if the banks have breached laws including the Securities Act 1978 and the Securities Markets Act 1988, the watchdog said in a statement. It declined to comment further while the investigation is ongoing. The Commerce Commission...

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