25 July 2016
Commerce and Consumer Affairs Minister Paul Goldsmith has called for submissions on the reviews of Financial Markets Authority (FMA) funding, the FMA levy, the External Reporting Board levy (XRB) and New Zealand Companies Office fees.
“The FMA requires sufficient funding to carry out its statutory responsibilities and maintain confidence in New Zealand’s financial markets,” says Mr Goldsmith.
“The FMA’s budget was set in 2011, prior to the implementation of the Financial Markets Conduct Act 2013. This Act has led to the FMA having significantly greater functions and responsibilities.
“The consultation outlines three funding options for the FMA, and what can be achieved by the FMA under each option.
“We want to hear what consumers, industry groups, financial market participants and businesses that have an interest in the FMA think of the options presented and proposed changes to the FMA levy,” says Mr Goldsmith.
The review also includes the XRB levy and New Zealand Company Office fees.
Submissions will be considered by MBIE’s policy team and the FMA. They will be evaluated before final recommendations are made to the government.
More details on the changes can be found here