New Zealand Securities Litigation & Enforcement Update June 2024

The past year has been a relatively busy and interesting period for securities litigation and enforcement in New Zealand. December 2023 saw the handing down of the largest ever pecuniary penalties under the Financial Markets Conduct Act in the FMA’s continuous disclosure proceedings in CBL Corporation. In a rare insider trading prosecution, a jury convicted an insider of ‘tipping’ in relation to shares in tech darling Pushpay, whilst two defendants were found liable for market manipulation in relation to NXT listed Oceania Natural Limited. The NZ Markets Disciplinary Tribunal has issued eight determinations since the start of 2023.