FMA Settles IPO Proceeding with CBL Director Peter Harris

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13 April 2026

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Media Release MR No. 2026 – 15

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko has entered into a settlement with CBL Corporation Limited (CBL) director Peter Harris, to resolve its claims against him in its proceeding relating to CBL’s 2015 Initial Public Offering (IPO). Under the settlement, Mr Harris has agreed to make admissions of liability in relation to two contraventions of the Financial Markets Conduct Act 2013.

Margot Gatland, the FMA’s Head of Enforcement, said the settlement is a significant milestone in the long‑running proceedings arising from the collapse of CBL in 2018.

“The FMA has entered into a settlement with Mr Harris in respect of liability while allowing remaining issues relating to the appropriate penalty to be determined by the Court.

“While admissions have been made, the amount of any pecuniary penalty to be imposed and whether a banning order should be made against Mr Harris remain in dispute. These issues will be determined by the High Court at a disputed penalty hearing in due course.”

The IPO Proceeding continues against CBL, which is in liquidation, and the executor of the estate of former director Alistair Hutchison.  The trial of those matters, which is separate to the disputed penalty hearing against Mr Harris, is scheduled to commence in the High Court on Tuesday 14 April 2026.

Ends

Media contact: Media.fma@fma.govt.nz?subject=Enquiry%3A%20FMA%20agrees%20to%20settle%20IPO%20Proceeding%20with%20CBL%20director%20Peter%20Harris

Non-media queries: questions@fma.govt.nz?subject=Enquiry%3A%20FMA%20agrees%20to%20settle%20IPO%20Proceeding%20with%20CBL%20director%20Peter%20Harris

Background

The FMA brought two civil proceedings under the FMCA against CBL, its directors, and a senior executive following the company’s public listing in October 2015 and subsequent collapse in February 2018. The first proceeding focused on the content of CBL’s product disclosure statement and other material information that was issued ahead of the IPO.  The FMA also brought (and has since concluded) a separate proceeding alleging continuous disclosure and misleading conduct breaches during the period leading up to the collapse.

To read more about this and what has happened since then, please visit our website .