Equitise Fined for Failing to File Financial Statements by NZ FMA

The Financial Markets Authority (FMA) today announced that it has issued an infringement notice to equity crowdfunding service provider Equitise Pty Ltd as the company failed to file financial statements by their due date.

As detailed in the official announcement, Equitise was authorised to act as an equity crowdfunding service provider back to 22 December 2014. The company was required to file audited financial statements for the year ended 30 June 2020 by 30 October 2020. Equitise has yet to file its financial statements as of press time, and has paid a $7,500 infringement fee for the offence.

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According to the regulator, financial statements aim to provide investors and other stakeholders with useful information for decision-making purposes. For licensed crowdfunding service providers, this includes information about how the entity is performing under the licence.

It is important that reliable and supportable financial statements are made available to the public in a timely manner. For many reporting entities, financial statements are the only source of financial information available to investors and other stakeholders.

​FMA recently announced the cancellation of the managed investment scheme(MIS) manager licence of Fund Managers Otago(FMO)​, effective 5pm, 7 July 2021. The decision was made because the regulator considered FMO’s material contraventions and determined it was no longer capable of being a fund manager in accordance with section 414(3) of the Financial Markets Conduct Act 2013.