1. Compliance
  2. Exemptions
  3. How to apply

How to apply

On this page

Exemptions you can apply for

Help and guidance to prepare you application

How to submit your application

How to pay your application fee

How much it costs

How long it takes

Exemptions that won't be granted

 

Exemptions you can apply for

You can apply for an exemption from some specific provisions of:

  • Parts 2 to 7 and any of the schedules of the Financial Markets Conduct Act 2013 (FMC Act) and any regulations made under that Act
  • Part 2 of the Securities Act 1978 and any regulations made under section 70(1) of that Act (to the extent applicable during the transition period)
  • the Financial Reporting Act 1993 (to the extent applicable during the transition period)
  • the Financial Advisers Act 2008 (or the Code of Professional Conduct for Authorised Financial Advisers). This also enables exemptions from the obligation to register for providing financial adviser services or broking services under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Help and guidance to prepare your application

You must also include a draft exemption notice.

How to submit your application

Completed applications can be submitted by email to exemptions@fma.govt.nz 

Your application fee must be paid at the time your application is made. See ‘How much it costs’ for the full set of fees.

How to pay your application fee

You can pay by electronic deposit, internet banking or cheque. Payment can be made by applicants or law firms making applications on behalf of their clients.

The person paying the application fee must also be the person who pays the subsequent fees and costs. For example, if a law firm pays the application fee, that law firm must also pay any additional fees and costs. We recommend if law firms apply for exemptions on behalf of their clients, the parties discuss and agree who will be responsible for paying the FMA’s fees before submitting an exemption application.

Payment option

How to pay

Additional information

Electronic deposit or internet banking

Where bill pay is available please select ‘Financial Markets Authority - Other’

Otherwise our bank details are:

Bank: Westpac

Account name: Financial Markets Authority

Account number: 03-0584-0198005-000

To ensure we process your payment correctly please provide the following information:


Particulars: Payor’s name*

Code: Exemptions

Reference: Applicant’s name

Cheque

Forward to:
Exemptions Team
FMA
Level 2
1 Grey St
PO Box 1179
Wellington 6140

Please make the cheque out to ‘Financial Markets Authority

Include a hard copy of your application with your cheque

* This is the name of the person paying the application fee. This person will be invoiced for any subsequent fees and costs

Please note:

  • payment by credit card is not available for this application process
  • only forward a hard copy of your application if you are paying by cheque.

How much it costs

Exemption fees are set by regulations of the relevant legislation. You need to send a cheque to cover the application fee and an advance fee for fees and costs to be incurred as set out in the table below.  We will charge any additional time spent on an hourly basis as set out in the table.

Exemption application type Application and advance fee (to be sent by cheque with your application) Application fee Hourly rate – FMA Board members Hourly rate – FMA staff
Financial Markets Conduct Act 2013 $1,265 $115 $230 $178.25
Securities Act 1978 $1,265 $115 $230 $178.25
Financial Reporting Act 1993 $1,265 $115 $230 $166.62
Financial Advisers Act 2008 $1,265 $115 $230 $166.62

Please note: all fees are inclusive of GST.

We can also recover the cost of obtaining expert assistance in relation to particular applications.

Applicants must also reimburse us for the costs of notifying the exemption notice in the Gazette, where applicable.

How long it takes

Individual exemption applications (that is applications relating to a particular person or transaction) generally take 4 to 6 weeks from the time we receive all the information we need. This may take longer if significant questions of policy arise.

Exemption notices come into force as soon as we grant them. You do not need to wait for them to be notified in the Gazette.

If your application is urgent, we will try to accommodate your request.  However, you must provide the timeframes within which the decision is needed and provide reasons for requesting an urgent exemption.

Exemptions that won't be granted

While the law gives us broad powers to exempt certain persons or transactions from compliance with specific provisions of those Acts, we consider that our exemption power only extends to compliance provisions, not to liability provisions.

We are also unlikely to exempt issuers from the general prohibition in the FMC Act against the distribution of deceptive, misleading or confusing advertisements.

Find out more:

Current exemption notices

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