These regulations are the Financial Markets Conduct (Fees) Regulations 2014.

These regulations come into force on 1 April 2014.

In these regulations, unless the context otherwise requires,—

For the purposes of these regulations, individuals working for the FMA as contractors or secondees must be treated as if they are employees of the FMA.

The fees and costs set out in Schedule 1 are payable to the FMA by an applicant in respect of the matters set out in that schedule.

If Part 1 of Schedule 1 specifies that a fee is to be charged on an hourly basis, the fee—

If Part 1 of Schedule 1 specifies that a fee is to be charged on an hourly basis for hours exceeding a specified number, the hourly fee—

The fees in Part 1 of Schedule 1, other than those payable on an hourly basis, must accompany the relevant application.

All other fees and costs in Schedule 1 are payable—

The purpose of this regulation is to ensure that a reduced fee applies to applications where there are lower costs for the FMA because the information in the application is being, or has recently been, assessed as part of another licence application.

This regulation applies if a person applies to be licensed for a market service at the same time as, or within 6 months after the date of, applying to be licensed for another market service (whether under the same or a different market services licence and whether under section 395 or, by way of an application to vary the conditions of a licence, under section 404 of the Act).

The FMA must apply a multiple application discount to the fee payable in respect of each additional market service to which the application or applications relate.

The amount of the multiple application discount may differ according to the type of market service or combination of market services to which the application or applications relate.

For the purpose of applying the multiple application discount, the FMA is authorised to waive or refund, in respect of any person or class of persons, part of a fee that would otherwise be payable under these regulations.

This regulation does not apply if either or both of the applications are—

An instrument granting a waiver or refund to a class of persons is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

The fees set out in Schedule 2 are payable to the FMA for the work carried out, by FMA members and employees in performing functions and providing services, in relation to the matters set out in that schedule.

If Schedule 2 specifies that a fee is to be charged on an hourly basis, the fee is payable for every hour and, on a pro rata basis, for every part-hour of work that is carried out.

The fees in Schedule 2 that are charged on an hourly basis are payable—

All other fees in Schedule 2 must accompany the relevant documents or request.

The fees and charges in Schedule 3 are payable in respect of the matters set out in that schedule.

The fees and charges are payable—

The fees and charges prescribed by these regulations are inclusive of goods and services tax.