KiwiSaver Regulations 2006

11 Process for fees assessment by FMA

The FMA may follow the following process in making a fees assessment:

(a)

compare the relevant fee or fees in relation to a scheme (A fees) to fees charged in relation to other schemes or classes of schemes (whether or not KiwiSaver schemes) that the FMA considers comparable, having regard to the relevant matter in regulation 12(a); and

(b)

determine on that basis that—

(i)

the A fees are not unreasonable; or

(ii)

the A fees may be unreasonable; and

(c)

if the FMA determines that the A fees may be unreasonable, further assess the A fees having regard to all the relevant matters in regulation 12; and

(d)

determine on that basis whether or not the A fees are unreasonable.

Regulation 11 heading: amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 11: amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 11(a): amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 11(c): amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).