Gun for hire company director handed community sentence for FSPR breaches
3 Mar, 2021 04:40 AM
5 minutes to read
Michael Reps, the NZ-based director of Pegasus Markets Ltd, says he wants to pay back his debt to society. Photo / Sam Hurley
Michael Reps, the NZ-based director of Pegasus Markets Ltd, says he wants to pay back his debt to society. Photo / Sam Hurley
A director of a derivatives trading firm has been described as a gun for hire whose actions risked damaging New Zealand s reputation as a safe place to do business. Pegasus Markets Ltd and its NZ-based director Michael Reps were criminally charged in 2018 by the Financial Markets Authority (FMA) with breaching the Financial Service Providers (Registration and Dispute Resolution) Act (FSP Act).
Broking firm Pegasus Markets fined $200,000 for blatant financial register breaches
11 Jan, 2021 07:32 PM
4 minutes to read
A judge says Pegasus Markets offending risked undermining NZ s financial markets regime and reputation. Photo / Greg Bowker
A judge says Pegasus Markets offending risked undermining NZ s financial markets regime and reputation. Photo / Greg Bowker
A derivatives broking and trading firm has been fined $200,000 for what a judge described as deliberate and blatant lies involving New Zealand s Financial Service Providers Register. In what is just one of a handful such prosecutions in the country, Pegasus Markets Ltd was charged by the Financial Markets Authority (FMA) in February 2018 with breaching the Financial Service Providers (Registration and Dispute Resolution) Act (FSP Act).
MORTGAGE RATE CHANGES
TERM DEPOSIT RATE CHANGES
A SATISFACTORY FINAL AUCTION Dairy prices rose in today s
final auction of the year, taking them back to where they were at this time last year. There were good rises for cheese and butter, lesser ones for milk powders. Overall, prices rose 1.25% in USD terms from the prior event two weeks ago, +0.8% in NZD terms. No milk payout forecast will be changed by today s results.
BACK TO SURPLUS? Treasury is
assuming investment gains of about +$4 bln per year from 2022 to 2025 after a gain of +$7 bln in 2021 and these are to be enough to push the Crown operating balance into surplus in 2025. In the meantime, income taxes are assumed to rise +28%, GST by only +5% and operating expenses are assumed to rise by just +6%. In 2025 the OBEGAL will show a deficit of -$3.7 bln. (All this data from page 87.)