Second NZX adviser fined over rule breach related to Trade Me IPO

Fri, 14 Dec 2012

Dec. 14 (BusinessDesk) – A second unnamed NZX adviser has been fined over a rule breach related to auction site Trade Me’s $363.5 million initial public offering last December. The adviser must pay $16,000 to the NZX Discipline Fund plus costs, the regulator said in a statement. The breaches relate to both the Trade Me and Summerset IPOs last year. NZX regulation said the adviser had developed a personal relationship with a client which under the rules makes the client a prescribed person, meaning they’d need written authority from the firm...

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