Court counts out FMA in wholesale investor test case

The High Court decision is a black eye for the FMA. (Image: NZME)

Tue, 23 Sep 2025

The New Zealand wholesale investment industry chalked up a legal knockout win last week despite barely throwing a punch.In a ruling handed down in the Auckland High Court, Justice Sally Fitzgerald confirmed wholesale product issuers can onboard certain investors without any obligation to check their bona fides.The finding upheld the status quo where investors can self-certify as wholesale-eligible and pay an accountant/lawyer/adviser, etc, to sign off in a move that voids any of the protections offered under the retail regime – disclosure...

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