The focus of this article is the enforcement powers of New Zealand's new financial markets conduct regulator, the Financial Markets Authority (FMA). The article traces a shift from an enforcement regime reliant on private enforcement towards a robust public enforcement regime, and considers some...

Insider trading is an exceptionally challenging offence to define, prove, and enforce. New Zealand is a country especially vulnerable to this challenge, with no insider trading convictions since first regulating the offence in 1988. This paper investigates the reasons behind this, by comparing...