This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, make amendments to provisions of the following regulations (the principal regulations) concerning fees and charges payable to the Financial Markets Authority (the FMA):
The amendments align existing fees payable under the principal regulations with the level of fees and fee structure provided for in the Financial Markets Conduct (Fees) Regulations 2014. Those regulations, which also come into force on 1 April 2014, provide for the fees and charges payable to the FMA in respect of licences for market service providers under the Financial Markets Conduct Act 2013 and applications for exemptions from compliance with provisions of that Act and regulations made under it.
in relation to an application for a trustee or statutory supervisor licence, the amendments to the Financial Markets Authority (Fees) Regulations 2011 provide for the FMA to charge a fee made up of—
$8,021.25, payable at the time of filing the application; and
a fee charged at an hourly rate if the total number of hours that members and employees of the FMA work on the application exceeds 52 (the specified number). However, the FMA may only require an applicant to pay this fee if it has already notified the applicant, in writing, that the fee will or may be payable and given the reasons why the number of hours spent on the application has exceeded, or is likely to exceed, the specified number. And it may only require the applicant to pay for hours or, on a proportional basis, part-hours (beyond the specified number) of work carried out on the application after that notice was given. The hourly rates that may be charged are as follows:
$230.00 for work done by a member of the FMA; and
$178.25 for work done by an employee of the FMA who is qualified in accountancy, auditing, business, commerce, economics, or law or by an employee who the FMA is satisfied has a professional level of skills, training, or experience in matters of the kind to which the application relates; and
in relation to an application to vary a trustee or statutory supervisor licence, the amendments to those regulations provide for the FMA to charge a fee made up of—
$115 payable at the time of filing the application; and
a fee charged at the same hourly rates as set out above for each hour or part-hour of work done on the application by members of the FMA and employees who meet the specified qualification requirements.
Amendments to the Auditor Regulations 2012, the Securities (Fees) Regulations 1998, and the Securities Markets (Fees) Regulations 2003 also—
align the qualifications that employees of the FMA must have in order for the FMA to charge for their work on an hourly basis with the qualifications provided for in the Financial Markets Conduct (Fees) Regulations 2014 and the Financial Markets Authority (Fees) Regulations 2011 (as amended by these regulations); and
update fee amounts specified in each of those principal regulations in order to reflect the goods and services tax increase in 2010.
Date of notification in Gazette: 27 March 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.