Finance company on last warning – FMA

The Financial Markets Authority has put finance company minnow Asset Finance on notice that if it breaches any more rules the regulator will commence legal proceedings.

Asset Finance had to amend its prospectus three times last year after failing to comply with the Reserve Bank’s minimum capital requirements and the 15% cap on related party lending.

Asset Finance breached its capital adequacy when the FMA told the company that it had to restate tax losses purchased, as shown in Asset Finance’s financial accounts.

 

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