Financial Markets Authority (Levies) Amendment Regulations 2017

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 July 2017, amend the Financial Markets Authority (Levies) Regulations 2012 (the principal regulations).

The regulations increase the amounts of some of the levies payable under the principal regulations, including—

  • the levy for a person applying to be a registered financial service provider (which is increased from $350 to $529):

  • the levy for a person lodging a product disclosure statement (which is increased from $2,000 to $2,990 (and from $425 per fund to $609.50 per fund, in the case of a managed fund)).

The regulations also adjust the levies for registered financial service providers supplying an annual confirmation under section 28 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FSP Act) by—

  • changing the amounts of the levies payable by different classes of person:

  • changing the descriptions of the classes of person required to pay the levies:

  • changing the thresholds that set different levy amounts based on the person’s revenue or the assets under their supervision or management.

As an example of the changes to the levies, a person acting as a custodian in respect of a registered scheme or a discretionary investment management service (DIMS) previously paid a levy of $2,000 on supplying an annual confirmation under section 28 of the FSP Act. From 1 July 2017, the person will belong to a broader class of custodians and will pay a levy of $7,245 on supplying an annual confirmation.

Regulatory impact statement

The Ministry of Business, Innovation, and Employment produced a regulatory impact statement on 6 October 2016 to help inform the decisions taken by the Government relating to the contents of this instrument.