Financial Markets Authority (Levies) Regulations 2012

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7 Meaning of total managed assets (class 5)

(1)

In these regulations, total managed assets, in relation to a person in class 5, means the total value of the assets of all schemes for which the person is the manager or superannuation trustee other than—

(a)

a KiwiSaver scheme for which the person is the KiwiSaver trustee (as defined in section 4(1) of the FMS Act as in force immediately before 1 December 2014); or

(b)

a scheme, for which the person is the manager, in relation to participatory securities that are shares in a building society or in an industrial or provident society registered under the Industrial and Provident Societies Act 1908.

(2)

The assets of a scheme are its total assets—

(a)

as reported in the most recent audited financial statements, prepared in accordance with GAAP, for the scheme; or

(b)

if there are no such statements, as calculated—

(i)

for a date as near as possible to the leviable event; and

(ii)

as if for the purpose of preparing financial statements for the scheme in accordance with GAAP.

Regulation 7(1)(a): amended, on 1 December 2014, by regulation 7 of the Financial Markets Authority (Levies) Amendment Regulations (No 2) 2014 (LI 2014/334).