Craigs fined $30,000 by NZX watchdog
Markets Disciplinary Tribunal censures sharebroker.
Sharebroker Craigs Investment Partners has been fined $30,000 and censured by the stock exchange’s Markets Disciplinary Tribunal for failing to identify retail client trading orders properly to the market.
The tribunal said the breaches were a serious matter.
“The provisions relating to the reporting of trading data are of critical importance for the integrity of the market because they allow NZX to carry out its statutory obligations, including the monitoring obligations in respect of potential market misconduct such as insider dealing and market manipulation. A breach of these rules can bring NZX and the market into disrepute.”
The tribunal said it was particularly concerned about Craigs’ conduct because it had been warned about its non-compliance two years earlier.
Between April 2013 and September 2014 Craigs entered retail client orders flagged as wholesale, as multiple orders or with custody shareholder numbers rather than with the correct common shareholder number.
Tim Hunter
Tue, 02 Jun 2015
Tue, 02 Jun 2015
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Craigs fined $30,000 by NZX watchdog
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