Financial Markets Authority (Levies) Amendment Regulations 2023
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2023/280
Financial Markets Authority (Levies) Amendment Regulations 2023
Rt Hon Dame Helen Winkelmann, Administrator of the Government
Order in Council
At Wellington this 2nd day of October 2023
Present:
Her Excellency the Administrator of the Government in Council
These regulations are made under section 68 of the Financial Markets Authority Act 2011—
(a)
on the advice and with the consent of the Executive Council; and
(b)
on the recommendation of the Minister of Commerce and Consumer Affairs.
Regulations
1 Title
These regulations are the Financial Markets Authority (Levies) Amendment Regulations 2023.
2 Commencement
These regulations come into force on 1 January 2024.
3 Principal regulations
These regulations amend the Financial Markets Authority (Levies) Regulations 2012.
4 Regulation 12A amended (Levy calculation for climate reporting entities (class 16))
(1)
After regulation 12A(5), insert:
(5A)
In relation to a person described in subclause (2)(b), if the person (A) is a large manager in respect of an accounting period of A for 2 or more schemes,—
(a)
the maximum levy payable by A in that accounting period (in relation to class 16) is the applicable amount set out in subclause (2)(b)(i) or (ii); and
(b)
the first lodging of climate statements under section 461ZI(2) of the FMC Act is the only leviable event for A in that accounting period.
(5B)
However, subclause (5A) does not—
(a)
limit the effect of subclause (2) in imposing liability for the greatest applicable amount specified in subclause (2); or
(b)
affect the person’s duty to pay a levy in relation to any other class.
(2)
In regulation 12A(6), replace “subclause (2)(b)”
with “subclauses (2)(b) and (5A)”
.
5 Regulation 13 amended (Requirements relating to FMA invoicing for levies)
(1)
In regulation 13(1) and (5), replace “13, or 16”
with “or 13”
.
(2)
Revoke regulation 13(4).
6 Schedule 2 amended
In Schedule 2, replace the item relating to class 16 with:
| 16 | Persons that are climate reporting entities in respect of their most recently completed accounting period |
Lodging of climate statements (or group climate statements) under section 461ZI(1) or (2) of the FMC Act (but subject to regulation 12A(5A)) |
Registrar of Financial Service Providers |
The amount calculated in accordance with regulation 12A |
Rachel Hayward,
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 amend the Financial Markets Authority (Levies) Regulations 2012. Those regulations provide for levies under section 68 of the Financial Markets Authority Act 2011. The purpose of the levies is to fund—
a portion of the costs of the Financial Markets Authority (the FMA) in performing or exercising its functions, duties, and powers under the Financial Markets Authority Act 2011 and any other legislation; and
the costs of collecting the levy money.
These regulations come into force on 1 January 2024. They make the following changes in relation to the levy payable by climate reporting entities (class 16):
changing the leviable event from the time at which the FMA issues an invoice to the time at which the relevant climate statements are lodged under section 461ZI(1) or (2) of the Financial Markets Conduct Act 2013:
providing that a manager of 2 or more registered schemes only needs to pay the class 16 levy (for lodging climate statements in relation to its schemes or funds) once in an accounting period:
changing the collector of the levy from the FMA to the Registrar of Financial Service Providers:
removing debt collection costs from the amount of the levy.
Date of notification in Gazette: 5 October 2023.
These regulations are administered by the Ministry of Business, Innovation, and Employment.
Versions
Financial Markets Authority (Levies) Amendment Regulations 2023
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