NZX censures Strategic Finance for market talk
Strategic Finance Limited has been disciplined by the New Zealand Stock Exchange (NZX) for releasing market sensitive information regarding the proposed sale of its parent company by Allco HIT.
Allco HIT is in the process of selling Strategic Investment Group, the parent company of Strategic Finance. The NZX found that Strategic Finance acted in breach of the listing rules by providing material information to third parties before informing the NZX.
The breach first occurred in August when “the respondent telephoned certain market participants disclosing the material information to them”.
According to the NZX, at this point the details of the transaction were no longer confidential and therefore the listing rules had been breached.
Allco HIT provides asset financing and property related lending.
Recommended for you
The corporate regulator has announced its first adviser banning of the year with the permanent ban of a Queensland-based former adviser that was sentenced to seven years’ imprisonment.
The Australian financial advice industry has risen by more than 20 advisers this week, with nearly half joining WT Financial and Sequoia.
Two financial advice professionals have shared their tips for success when building an effective Professional Year program as more advisers look to bring on junior staff to their practices.
Numbers are in for 2024, with Wealth Data confirming how many advisers left during the calendar year and which business models saw the largest growth in terms of new licensees.
