FMA fines and new legislation aimed to deter late filing

The financial markets regulator hopes penalties issued to companies for late filing of annual reports will act as a deterrent as harsher fines are added to legislation.

The Financial Markets Authority (FMA) has been clamping down on late filing of financial statements under the Financial Reporting Act 1993.

Directors Thomas Jones and Hayden Jones of Heritage Park Taupo and Prudential Real Estate Investments were fined $35,000 each last week for breaching the act.

 

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