Financial Markets Conduct (Fees) Amendment Regulations 2023
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2023/124
Financial Markets Conduct (Fees) Amendment Regulations 2023
Cindy Kiro, Governor-General
Order in Council
At Wellington this 6th day of June 2023
Present:
Her Excellency the Governor-General in Council
These regulations are made under section 67(1) of the Financial Markets Authority Act 2011 and section 548(1)(o) of the Financial Markets Conduct Act 2013—
(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 made in accordance with section 549 of the Financial Markets Conduct Act 2013.
Regulations
1 Title
These regulations are the Financial Markets Conduct (Fees) Amendment Regulations 2023.
2 Commencement
These regulations come into force on 25 July 2023.
3 Principal regulations
These regulations amend the Financial Markets Conduct (Fees) Regulations 2014.
4 Regulation 6 amended (Multiple application discount)
After regulation 6(6)(b), insert:
(c)
an application to be licensed for the market service of acting as a financial institution.
5 Schedule 1 amended
In Schedule 1, Part 1, item 1, after the item relating to acting as an administrator of a financial benchmark, insert:
|
$1,024.93 plus—
|
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, which come into force on 25 July 2023, amend the Financial Markets Conduct (Fees) Regulations 2014.
These regulations prescribe a fee for an application for a market services licence to cover acting as a financial institution. Banks, insurers, and non-bank deposit takers will be required to be licensed on and after 31 March 2025. See the companion commencement order entitled Financial Markets (Conduct of Institutions) Amendment Act 2022 Commencement Order 2023, which will bring into force the regulation of the conduct of financial institutions under the Financial Markets Conduct Act 2013 from that date.
An additional amount is also charged for each entity that will provide services under the licence as an authorised body.
These regulations also prevent such an application qualifying for a multiple application discount.
The fees are inclusive of goods and services tax.
Date of notification in Gazette: 8 June 2023.
These regulations are administered by the Ministry of Business, Innovation, and Employment.
Versions
Financial Markets Conduct (Fees) Amendment Regulations 2023
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