3 November 2016
Commerce and Consumer Affairs Minister Paul Goldsmith has today announced the government’s approval to increase funding for the Financial Markets Authority (FMA) and the Companies Office.
“The increased funding will help these organisations maintain a well-regulated business environment for New Zealanders.
“The FMA will get an additional $9.8 million per year and the Companies Office, an additional $5.3 million per year,” says Mr Goldsmith.
The FMA was established in 2011 and is New Zealand’s primary financial markets regulator. Since then, its regulatory responsibilities have significantly expanded, largely due to the overhaul of New Zealand’s securities law.
“The FMA’s funding increase will come from changes in levies on financial services providers. While the majority of levy payers will see an increase, the consultation process has given consideration to the structure of the FMA levy model so as not to pose barriers to entry or growth for levy payers.
“The FMA performs an important role in fostering investor confidence by ensuring all players in our financial markets are playing by the rules,” says Mr Goldsmith.
“Changes have also been made to reduce Companies Office fees, making it more affordable to do business in New Zealand.
“Extra resource, however, will be focused on enforcement of the law and the integrity of the Companies Register,” says Mr Goldsmith.
More information about the funding increase can be found here: www.mbie.govt.nz/info-services/business/business-law/fma-funding-and-levies-decisions.