Statement on ANZ v FMA Supreme Court judgment

The FMA is pleased with the Supreme Court decision in the matter between ANZ and the FMA, released this morning.

Now that the restrictions on confidentiality over these matters has been lifted, the FMA will be able to engage with the liquidation committee of Ross Asset Management (as a proxy for RAM investors) and the liquidators of RAM on the substantive matters at the heart of this case.

ANZ’s decision to judicially review the FMA and to seek confidentiality over the High Court and Court of Appeal judgments meant our ability to talk to investors was curtailed.

The FMA at this point has made no decision on the use of its section 34 powers under the FMA Act. A significant part of our consideration of our Section 34 powers involves engaging with the appropriate representatives of impacted investors first.

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