OFFICIAL INFORMATION ACT 1982 REQUEST To: The Treasury

OFFICIAL INFORMATION ACT 1982 REQUEST

Requester: InLandsAirWater Counsel (correspondence address on file)

Date: today being the 3rd of February 2026

To: The Treasury

Request under the Official Information Act 1982

This request is made under the Official Information Act 1982 (OIA). It is made in good faith and seeks information necessary to understand public-sector oversight, enforcement economics, and fiscal exposure relating to financial-market misconduct.

Information requested

1. Enforcement Economics / Cost–Benefit Analysis

Any analysis, modelling, advice, or briefing held by the Treasury (including draft or internal documents) that considers whether financial institutions may rationally repeat market misconduct where penalties, settlements, or fines are materially lower than the profits generated by that misconduct.

2. Clawback, Disgorgement, or Recovery Mechanisms

All documents describing Treasury’s role (if any) in clawback, disgorgement, recovery, or fiscal treatment of penalties, settlements, or fines imposed on financial institutions for market manipulation or related misconduct, including:

• whether recovered sums are netted against gains;

• whether Treasury assesses deterrence effectiveness;

• whether repeat-offence risk is evaluated.

3. Inter-agency Oversight and Accountability

Communications, guidance, or memoranda between Treasury and any regulator or enforcement body concerning:

• adequacy of penalties as deterrence;

• repeat-offender risk;

• market integrity and systemic risk implications.

4. International Coordination / Awareness

Any briefings or awareness held by Treasury regarding overseas enforcement actions for precious-metals or commodities market manipulation, and whether such actions informed New Zealand policy, risk assessments, or regulatory posture.

5. Fiscal Exposure and Public Interest

Any assessment of fiscal, market, or public-interest exposure where enforcement outcomes allow misconduct to remain economically rational for large institutions.

Administrative matters

• If any part of this request is refused, please specify the precise statutory ground relied upon and provide the public-interest balancing considered.

• Where information is withheld, please provide a schedule describing the document and the basis for withholding.

• Electronic copies are preferred.

To: The Office of the Auditor-General

Request under the Official Information Act 1982

This request seeks information relating to the Auditor-General’s consideration of deterrence, value-for-money, and effectiveness of enforcement regimes where penalties may be treated as a cost of doing business.

Information requested

1. Audit or Assurance Work

Any audits, inquiries, assurance reviews, or scoping documents that consider whether penalties and settlements for financial-market misconduct provide effective deterrence or value for money.

2. Systemic Risk and Repeat Behaviour

Any analysis or correspondence assessing whether enforcement settings permit repeat misconduct because penalties are materially lower than profits.

3. Treasury Interaction

Communications between the Auditor-General and Treasury concerning:

• enforcement economics;

• deterrence effectiveness;

• clawback or recovery of gains;

• systemic market integrity risk.

4. Standards and Benchmarks

Any standards, benchmarks, or criteria used by the Auditor-General when assessing whether enforcement outcomes protect the public interest and fiscal integrity.

Administrative matters

• If information is refused, please identify the statutory ground and any public-interest considerations applied.

• Please provide documents electronically where possible.

Purpose and context

The purpose of these requests is to understand whether public institutions have assessed, or are assessing, the risk that enforcement regimes may fail to deter repeated market misconduct because penalties are economically rational to absorb. This is a matter of public confidence, fiscal stewardship, and market integrity.

Signature:

Tracy lynch

Under instructions from the trustees