The Financial Markets Conduct Act 2013: How accessible is accessory liability

Abstract

With the enactment of the Financial Markets Conduct Act 2013, New Zealand’s securities law has been revolutionised. This essay focuses on the introduction of accessory liability for any person “involved in a contravention” under s 533. Historically the standard for civil accessory liability has been unclear, with New Zealand currently using two different approaches. This article reviews relevant cases from Australia and New Zealand and forms a view on the appropriate standard for liability under s 533. To assess the reach of s 533, the conclusions are then tested by application to three previous cases.