Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations make an amendment relating to a fee for an application for a market services licence to cover acting as a provider of a financial advice service (see Schedule 1). The amount of the fee depends on whether the service is within certain categories.
These regulations expand category 2 to cover a financial advice provider that is an entity that engages only 1 financial adviser if—
the financial adviser is not a director of the entity; or
the provider has more than 2 directors.
This change will result in a lower fee for those providers because they are now covered by category 2.
These regulations also prescribe a fee relating to an application under section 395 of the Financial Markets Conduct Act 2013 for a market services licence for acting as an administrator of a financial benchmark.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 17 December 2020.
These regulations are administered by the Ministry of Business, Innovation, and Employment.