Capital + Merchant owed $167 million to about 7500 investors when it collapsed into receivership in 2007.
The proposal to exclude businesses in low-risk sectors with fewer than 20 workers from the requirement to have elected health and safety representatives attracted much criticism.
In April, Justice Pamela Andrews dismissed an appeal by Man O’War Station, owned by the $650 million NBR Rich List Spencer family, against a decision of the Environment Court.
UPDATE: FMA issues first stop order against company taking deposits for Auckland property investment
FMA says it started investigating the Auckland company following a referral and sent repeated requests to it for information but received no reply.
The stop order has been issued because the company's website included an advertisement for an offer of debt securities that don't comply with the act.