Financial Markets Conduct (Fees) Regulations 2014

Schedule 1 Application fees and costs payable to FMA

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Schedule 1 heading: replaced, on 1 December 2014, by regulation 6(1) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2014 (LI 2014/327).

Part 1 Schedule of fees

Application in respect of which fee payableFee (exclusive of any costs payable under Part 3)**
1

Application under section 395 of the Act for a market services licence to cover*—

  • acting as a manager of a registered scheme

$3,565 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 25
  • acting as a provider of a discretionary investment management service

$2,139 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 15
  • acting as an independent trustee of a restricted scheme

$2,139 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 15
  • acting as a derivatives issuer in respect of a regulated offer of derivatives that is made by the derivatives issuer

$10,695 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 70
  • acting as a provider of a crowd funding service

$6,238.75 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 40
  • acting as a provider of a peer-to-peer lending service

$6,238.75 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 40
  • acting as a provider of a financial advice service within category 1†

$703.80 plus—

  • fee charged on the hourly basis specified in Part 2 for hours exceeding 2; and

  • fee of $178.25 for each entity that is proposed in the application to be an authorised body under section 400 of the Act

  • acting as a provider of a financial advice service within category 2‡

$882.05 plus—

  • fee charged on the hourly basis specified in Part 2 for hours exceeding 3; and

  • fee of $178.25 for each entity that is proposed in the application to be an authorised body under section 400 of the Act

  • acting as a provider of a financial advice service in any other circumstances

$1,060.30 plus—

  • fee charged on the hourly basis specified in Part 2 for hours exceeding 4; and

  • fee of $178.25 for each entity that is proposed in the application to be an authorised body under section 400 of the Act

2Application under section 404 of the Act to vary 1 or more conditions of a market services licence (except if the application is to vary 1 or more conditions of a market services licence so that the licence covers 1 or more types of market service in addition to the 1 or more types of market service already covered)$115 plus fee charged on the hourly basis specified in Part 2
3Application under section 404 of the Act to vary 1 or more conditions of a market services licence so that the licence covers 1 or more types of market service in addition to the 1 or more types of market service that it already coversIn respect of each additional type of market service, the same fee (including the fee charged on an hourly basis) as is payable under this Part for an application under section 395 of the Act for a market services licence to cover that type of market service
4Application for an exemption under section 556 of the Act$115 plus fee charged on the hourly basis specified in Part 2
4AApplication for a declaration under section 562 of the Act$115 plus fee charged on the hourly basis specified in Part 2
5Application under section 315 of the Act for a licence to operate a financial product marketOn the hourly basis specified in Part 2
6Application under section 322 of the Act to vary the conditions of a licence to operate a financial product marketOn the hourly basis specified in Part 2
7Application under section 330 of the Act for approval of a market rule or market rule changeOn the hourly basis specified in Part 2
7AApplication under section 395(1) of the Act for a transitional licence to be issued under clause 71 of Schedule 4 of the Act$465.75 plus a fee of $44.56 for each entity that is proposed in the application to be an authorised body under clause 74 of Schedule 4 of the Act
8Application for entry of a foreign passport fund under regulation 12(1)(a) of the Financial Markets Conduct (Asia Region Funds Passport) Regulations 2019On the hourly basis specified in Part 2
*Each fee specified for an application for a licence to cover a type of market service applies regardless of whether the application is for 1 market services licence for each type of market service or 1 or more market services licences that cover more than 1 type of market service.
**The specified number of hours, in each case where this appears, refers to total hours of work carried out by members and employees of the FMA.

†In item 1, a financial advice service is within category 1 if—

(a)

the provider will be an individual (A) and the application contains, or is accompanied by, a statement of A’s intention for the term of the licence to the effect that A will be the only person who will give regulated financial advice under the licence; or

(b)

the provider will be an entity (B) and the application for the licence contains, or is accompanied by, a statement of B’s intention for the term of the licence to the effect that—

(i)

the only person or persons who will give regulated financial advice under the licence will be any 1 or more of B, 1 financial adviser, and any authorised bodies; and

(ii)

the financial adviser referred to in subparagraph (i) is and will remain either the sole director of B or one of 2 directors of B; and

(iii)

if an authorised body will give regulated financial advice under the licence, the authorised body will engage no other person to give that advice on its behalf (or will engage only the financial adviser referred to in subparagraph (i)).

‡In item 1, a financial advice service is within category 2 if the application for the licence contains, or is accompanied by, a statement of the applicant’s intention for the term of the licence to the effect that—

(a)

the licensee and any authorised bodies will be authorised to engage 2 or more financial advisers to provide regulated financial advice under the licence; but

(b)

no individual will be nominated by the licensee or an authorised body as a nominated representative of the licensee or body under section 431T of the Act.

Schedule 1 Part 1: amended, on 29 June 2020, by regulation 5(3) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2019 (LI 2019/253).

Schedule 1 Part 1 item 1: replaced, on 29 June 2020, by regulation 5(1) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2019 (LI 2019/253).

Schedule 1 Part 1 item 4A: inserted, on 17 December 2015, by regulation 5 of the Financial Markets Conduct (Fees) Amendment Regulations 2015 (LI 2015/279).

Schedule 1 Part 1 item 5: inserted, on 1 December 2014, by regulation 6(2) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2014 (LI 2014/327).

Schedule 1 Part 1 item 6: inserted, on 1 December 2014, by regulation 6(2) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2014 (LI 2014/327).

Schedule 1 Part 1 item 7: inserted, on 1 December 2014, by regulation 6(2) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2014 (LI 2014/327).

Schedule 1 Part 1 item 7A: inserted, on 25 November 2019, by regulation 5(2) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2019 (LI 2019/253).

Schedule 1 Part 1 item 8: inserted, on 14 June 2019, by regulation 4 of the Financial Markets Conduct (Fees) Amendment Regulations 2019 (LI 2019/103).

Part 2 Fees charged on an hourly basis

Schedule 1 Part 2: replaced, on 1 December 2014, by regulation 6(3) of the Financial Markets Conduct (Fees) Amendment Regulations (No 2) 2014 (LI 2014/327).

CategoryFee
For each hour of work carried out by a member of the FMA$230.00
For each hour of work carried out by an employee of the FMA who is qualified in accountancy, auditing, business, commerce, economics, or law$178.25
For each hour of work carried out by an employee of the FMA who the FMA is satisfied has a professional level of skills, training, or experience in financial markets matters of the kind to which the application relates$178.25

Part 3 Costs incurred by the FMA

The FMA is authorised to require payment of costs incurred by the FMA in relation to an application referred to in Part 1 in—

(a)

obtaining expert advice or assistance:

(b)

printing and publishing in connection with the application, including in publishing notices in the Gazette.