This note is not part of the regulations, but is intended to indicate their general effect.
These regulations amend the Financial Markets Conduct (Fees) Regulations 2014 (the principal regulations). The amendments relating to fees for a confirmation notice come into force on 1 June 2016. The rest of these regulations come into force on 17 December 2015.
The amendment in regulation 4 clarifies that fees calculated on an hourly basis for work done by the Financial Markets Authority (the FMA) will take into account work carried out by contractors and secondees as well as employees (see regulation 8 of the principal regulations).
The amendment in regulation 5 provides for a fee in relation to applications for declarations under section 562 of the Financial Markets Conduct Act 2013 (which relates to the FMA’s designation power in subpart 3 of Part 9 of that Act). The fee is charged on the same basis as the fee for an application for an exemption under section 556 of that Act.
The amendment in regulation 6 relates to the fee payable on the lodgement of a confirmation notice under regulation 52 of the Financial Markets Conduct Regulations 2014 (for the purposes of section 97 of the Financial Markets Conduct Act 2013).
Regulation 52 has been amended by the Financial Markets Conduct Amendment Regulations 2015 so that a separate confirmation notice is no longer lodged for each PDS. Instead, the confirmation notice relates to the regulated offer as a whole (accordingly, if more than 1 PDS has been lodged for the offer, the confirmation notice will cover all of those PDSs). As a result of this change, the fee is now expressed in terms of each PDS that is covered by the confirmation notice.
The amendments also clarify when a fund or PDS is covered by the confirmation notice for the purposes of the principal regulations.
Date of notification in Gazette: 19 November 2015.
These regulations are administered by the Ministry of Business, Innovation, and Employment.