It may be months before Sir Douglas Graham learns if he is to lose his knighthood for his role in the 2008 Lombard Finance collapse which cost investors about $100 million.
Last week questions arose again over Sir Douglas retaining his title when the Court of Appeal upheld his conviction and that of three other Lombard Finance directors.
Yesterday, Prime Minister John Key confirmed he'd received advice on the issue from the Cabinet Office over the weekend.
"Bluntly what that advice tells you is it's my decision and there's a number of factors to take into consideration. I'll do that when all appeal processes are exhausted."
Sir Douglas' only legal recourse now is to go to the Supreme Court. However, a spokeswoman for his lawyer, Jim Farmer QC, said yesterday no decision had been reached on taking the case further. Sir Douglas was unavailable for comment.