In light of COVID-19 and the implications it is having on all aspects of our lives, the FMA has outlined the disciplinary actions that they wish to take. This approach has been implemented with the intention of allowing advisers to continue focusing on serving customer needs.
A ‘no action’ approach means that the FMA will not take action against a person for breach of a statutory or regulatory obligation. It is an expression of regulatory intention about how to exercise the FMA’s functions. An FMA ‘no action’ confirmation does not necessarily preclude third parties from taking legal action in relation to the same conduct or conduct of that kind.
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