FMA Settles IPO Proceeding with CBL Corporation
Summary
The Financial Markets Authority (FMA) has reached a full and final settlement with CBL Corporation Limited (in liquidation) resolving claims related to its 2015 Initial Public Offering. CBL listed on the NZX in October 2015 and collapsed in February 2018 when it was valued at $750 million. A pecuniary penalty hearing will proceed before the High Court.
What changed
The FMA has reached a full and final settlement with CBL Corporation Limited resolving civil proceedings related to the company's 2015 IPO. The settlement follows CBL's collapse in February 2018 and represents another step in long-running enforcement proceedings. The FMA states that misleading or providing inadequate information to investors is unacceptable.
The settlement has implications for issuers, public companies, and investors in New Zealand. A pecuniary penalty hearing before the High Court will determine the final financial penalties. The FMA's Head of Enforcement emphasized the authority's commitment to holding issuers accountable to protect investors and ensure New Zealand's financial system works for everyone.
What to do next
- Monitor for High Court pecuniary penalty hearing date
- Review disclosure practices for IPO compliance
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Back 16 April 2026
FMA settles IPO Proceeding with CBL
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MR No. 2026 – 17
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has reached a full and final settlement with CBL Corporation Limited (CBL) (in liquidation). The settlement resolves the FMA’s claims against CBL in relation to its 2015 Initial Public Offering (IPO).
The settlement marks another key step forward, in the long running proceedings arising from the collapse of the insurer CBL in 2018, according to the FMA’s Head of Enforcement, Margot Gatland. It follows the FMA’s recent settlement of its case against CBL Director Mr Harris.
The FMA took civil proceedings against CBL following the company’s listing on the NZX in October 2015 and subsequent collapse in February 2018 when it was valued at $750 million.
“We did this because misleading or providing inadequate information to investors is unacceptable,” says Ms Gatland.
“New Zealanders need to know that we will hold issuers to account to protect investors and ensure New Zealand’s financial system works for everyone.
“Having now reached full and final settlement with CBL, the parties will proceed to a pecuniary penalty hearing before the High Court.”
Ends
Media contact: [email protected] Non-media queries: [email protected]
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