Police and FMA complete assessment - Kiwisaver / Cluster Munitions Act

The Police, in consultation with the Financial Markets Authority (FMA), have completed an assessment into whether the Cluster Munitions Act (“Act”) is likely to have been breached by New Zealand KiwiSaver fund managers.  
 
A feature of fund management is the fact that fund managers generally buy their securities on traded markets, so these are shares traded between shareholders as opposed to providing funds to the companies that produce these weapons.  
 
Additionally, New Zealand fund managers also place money with offshore fund managers, who may undertake share trading on overseas markets, rather than the New Zealand fund managers investing directly.   
 
There are significant threshold issues with regard to establishing breaches of the Act, and at this stage there is no evidence to indicate offending. 
 
Should there be any new evidence that comes to light this will be assessed and acted on as required. 
 
Ends
 
Issued by Police Media Centre.