6 June, 2012
New levies for the Financial Markets Authority (FMA), External Reporting Board (XRB), and a new fee structure for the Companies Office have been announced by Commerce Minister, Craig Foss.
"New Zealand needs well-functioning capital markets to provide a vital source of finance to help our businesses grow," says Mr Foss.
The levies will provide $16.4 million in funding for the FMA and $3.66 million for the XRB annually.
"The new levy and fee structures will help fund a well-regulated market that all investors can trust. It's important that our regulators are properly resourced," says Mr Foss.
The FMA levy will be a tiered system where different market participants pay differing amounts, according to their size and the benefits they receive from a well-functioning financial market.
The majority of the FMA levy will be collected through the Financial Service Providers Register.
"The tiered levy system was finalised following a thorough consultation period with stakeholders. I'm confident we've struck the right balance," says Mr Foss.
The new fees and levies will apply from 1 August 2012. Regulations giving effect to the changes will be published in the Gazette on 7 June 2012.
All companies will be subject to a re-introduced Companies Office annual return fee, and $10 FMA and $10 XRB levies.
Personal Property Securities Register fees will be increased and the Companies Office company registration fee has been slightly reduced.
Further information can be found at www.business.govt.nz/companies/2012-fee-changes www.med.govt.nz/fma-paper
7 June 2012
From 1 August 2012, the Companies Office will begin to collect levies to fund the Financial Markets Authority (FMA) and the External Reporting Board (XRB). A new fee structure will also come into effect for the Companies Office.
FMA levies will be included within most registration fees, annual return fees and with the filing of a prospectus via the Companies Office.
Full details on the levies, including the classes of persons who must pay a levy and the amounts payable can be found in the Financial Markets Authority (Levies) Regulations 2012 at: www.legislation.govt.nz
Most levies will be payable to the Registrar of Financial Service Providers, via the Financial Service Providers Register. Some levies will be payable to FMA (by classes of persons who are not currently on the register). The following classes of persons will be invoiced direct by FMA:
These organisations and individuals will be contacted by the FMA, after the regulations have come into effect on 1 August 2012.
For further information regarding the levies please visit
Queries regarding levies for the above four classes that are payable to FMA can be directed to http://www.fma.govt.nz/about-us/contact-us/