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The stock exchange's disciplinary arm has fined Macquarie Equities New Zealand and three of its former employees for breaches of participation rules.
In statements yesterday, NZX said Macquarie had been fined $15,000 plus costs for breaching participation rules where it had to record client agreements with every client to ensure appropriate advice was given.
It said the breach related to clients of a single NZX associate adviser employed by Macquarie who had since been dismissed.
The breaches were discovered by Macquarie's internal compliance team and reported in September.
Meanwhile, Michael Li, Arthur Lim and Daisy Pan had also admitted breaching rules by trading on accounts of elderly relatives living overseas when they were employed by Macquarie.
The accounts should have been designated as Prescribed Person Accounts but were not.
NZX reported that each of the three former Macquarie employees said they were not aware of the rules, or had misunderstood them.
NZX said it accepted the account operations were not for personal gain but for the benefit of a relative.
It was agreed that Lim pay the NZX Discipline Fund $39,440, Li $10,000 and Pan $16,600, plus costs.
- NZPA
