High Court upholds deregistration of Pakistani-owned FX firm Excelsior Markets

Fri, 18 Dec 2015

By Paul McBeth Dec. 18 (BusinessDesk) - The High Court in Auckland has upheld the deregistration of Pakistani-owned foreign exchange firm Excelsior Markets, agreeing that the company didn't operate in New Zealand, and if it kept its registration, that could mislead people into thinking it was regulated by local law. Justice Gerald Nation today dismissed Excelsior's appeal to overturn its removal from the Financial Services Provider Register. The judge accepted the Financial Markets Authority's decision to remove Excelsior was justified b...

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