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The regulator and the fake rules

David Chaplin
Wed, 13 Oct 2021

Wholesale products were excluded from most of the Financial Market Conduct Act provisions that govern retail managed investment schemes. (Image: Deposit Photos))
David Chaplin
Wed, 13 Oct 2021
The Financial Markets Authority (FMA) has principles.And if you don’t like them, well, it has rules ... stacks of them with more to come.Over the last few months, the FMA worked the rulebook hard, issuing multiple warnings over anti-money laundering breaches, slapping several derivatives firms for various misdemeanours and fee-shaming fund managers.In March this year, the regulator was handed extra responsibilities for oversight of the financial advisory industry, triggering a budget upgrade that will see its annual government allocation...

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