Financial Advisers (Fees) Amendment Regulations 2014

2014/332

Coat of Arms of New Zealand

Financial Advisers (Fees) Amendment Regulations 2014

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 3rd day of November 2014

Present:
His Excellency the Governor-General in Council

Pursuant to section 155 of the Financial Advisers Act 2008 and section 67 of the Financial Markets Authority Act 2011, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Regulations

1 Title
  • These regulations are the Financial Advisers (Fees) Amendment Regulations 2014.

2 Commencement
  • These regulations come into force on 1 December 2014.

3 Principal regulations
4 Regulation 4 amended (Authorised financial advisers: application fees)
  • (1) In regulation 4(1), after an application for, insert a new.

    (2) After regulation 4(1), insert:

    • (1A) The fee in respect of an application to vary the scope of an adviser’s authorisation under Part 3 of the Act is—

      • (a) $115; plus

      • (b) $178.25 for every hour, or part-hour pro rata, of work carried out by a member or an employee of the FMA in considering the application.

    • (1B) The fee in respect of an application to vary the terms and conditions of an adviser’s authorisation under section 55A of the Act is—

      • (a) $115; plus

      • (b) $178.25 for every hour, or part-hour pro rata, of work carried out by a member or an employee of the FMA in considering the application.

5 Regulation 5 amended (QFEs: application fees)
  • After regulation 5(1), insert:

    • (1A) The fee in respect of an application to vary the terms and conditions of a grant of QFE status under section 75 of the Act is—

      • (a) $115; plus

      • (b) $178.25 for every hour, or part-hour pro rata, of work carried out by a member or an employee of the FMA in considering the application.

Michael Webster,
Clerk of the Executive Council.


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 December 2014, amend the Financial Advisers (Fees) Regulations 2010 (the principal regulations).

The principal regulations prescribe fees for applications to become authorised financial advisers and qualifying financial entities under the Financial Advisers Act 2008 (the Act) and for the renewal of authorisation and qualifying financial entity status.

These regulations amend the principal regulations to introduce new fees for—

  • applications under Part 3 of the Act to vary the scope, or the terms and conditions, of an authorised financial adviser’s authorisation; and

  • applications under section 75 of the Act to vary the terms and conditions of a grant of QFE status.

Regulatory impact statement

The Ministry of Business, Innovation, and Employment produced a regulatory impact statement to help inform the decisions taken by the Government relating to the contents of this instrument.

A copy of this regulatory impact statement can be found at http://www.med.govt.nz/business/business-law/current-business-law-work/financial-markets-conduct-act/fmc-registers-fees-and-other-fma-fees-and-levies/pdf-library/fmc-and-fma-fees-and-levies-771-kb-pdf


Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 4 November 2014.

These regulations are administered by the Ministry of Business, Innovation, and Employment.