FMA (NZ) juggles its leadership team as it awaits new Chief Executive

Karthik Subramanian

The Financial Markets Authority of New Zealand, Te Mana Tātai Hokohoko, has announced the appointment of its current Head of Enforcement, Karen Chang, as its action General Counsel.

NZX publishes regulatory agenda

This change is one among a set of changes that have been made as the regulatory body awaits the joining of its new Chief Executive Samantha Barrass in January 2022 subject to Covid-19 regulations. She will be replacing the outgoing CE Rob Everrett who will be leaving the FMA effective November 1 after having spent the last 7.5 years as the CE of FMA.

The current General Counsel, Liam Mason, has been appointed as the acting Chief Executive effective from November 1 and since the post of General Counsel would then fall vacant, Ms. Chang has been appointed in his place. As Acting General Counsel, Ms. Chang will lead the policy and governance, corporate legal, investigations, and enforcement functions for the FMA and joins the executive team.

Ms. Chang was previously a Senior Crown prosecutor at Meredith Connell, and she joined the FMA as Head of Enforcement in 2017. She has wide experience in commercial litigation, regulatory litigation, and criminal prosecution, in New Zealand, Australia, and New York and this would stand her in good stead as she executes her job as General Counsel for the body.

Ms. Chang has been responsible for executing the FMA enforcement strategy, leading cases ranging from fair dealing breaches and insider trading to AML/CFT contraventions and several fraud cases. These are challenging cases for any regulatory body, especially to make the proofs valid in court and take the cases through to prosecution and completion.

Margot Gatland, a manager in the Enforcement team, will be appointed as Acting Head of Enforcement while Ms. Chang carries out her new role. Ms. Gatland joined the FMA in 2017 from the Serious Fraud Office and has a background in regulatory, criminal, and civil litigation predominantly acting for the Crown. The regulatory body is likely to have its hands full in the coming months with a lot of changes happening in the trading world. Till a few years back, getting a license in NZ was one of the easiest things that an FX broker could do as a result of which a lot of scams and fake brokers came into the market with licenses from NZ. This led to a very bad name for the regulatory body in the country after which the FMA decided to clean up its act and nowadays, it is regarded highly within the FX industry.

Read this next

Retail FX

Stephen Kalayjian launches educational and community platform TradeEZ

TradeEZ has partnered with online broker TradeZero to provide chart overlays that can be accessed on the TradeZero platform. In the future, the firm will be looking to partner with some of the largest firms around the world.

Retail FX

LiteFinance launches new mobile app on Google Play

The mobile app allows users to trade and copy professional traders’ positions and gain access to trading chat rooms.

Technology

ECXX taps OneTick for data management and analytics

OneTick is asset class-agnostic and currently has customers across FX, equities, futures, CFDs, FI, and options.

Industry News

$1.5 million: SEC fines BNY Mellon Investment Advisor for misstatements and omissions about ESG

Investors are increasingly focused on ESG considerations when making investment decisions.

Digital Assets

Mercuryo reaches 3 million users amid crypto payments’ US and Asia expansion

“The opportunities for linking crypto and fiat currencies are abundant. From crypto projects that require fiat solutions (like fiat on and off ramps and IBANs), through to crypto for traditional fiat systems, and solutions for fintech companies that enable clients to buy or sell crypto within their own infrastructure.”

Retail FX

Maltese watchdog warns of bogus broker Perfect Choice Trade

The Malta Financial Services Authority (MFSA), the regulator responsible for the oversight of the forex  sector in the Mediterranean island, today issued a warning against a forex broker that offers its services without having the authorization to do so.

Digital Assets

Dukascopy warns of fake website impersonating its cryptocurrency

Switzerland’s forex bank and broker, Dukascopy, today warned against a fraudulent website that have been falsely claiming affiliation with its ‎authorized brand.‎

Uncategorized

Freetrade raises £30 million to fund business expansion

Freetrade, which calls itself a challenger stockbroker, has raised £30 million in debt financing led by a clutch of existing investors.

Digital Assets

Crypto assets under management at lowest point since July 2021

Crypto investment products registered outflows for a second consecutive week, the bulk of which came from bitcoin funds, according to data from digital asset manager CoinShares.

<