Every restricted managed investment scheme must have at least one licensed independent trustee. They must meet the definition of independent in the Act (section 131)
You'll need a licence if you are appointed as an independent trustee of a restricted KiwiSaver scheme or a workplace superannuation or legacy scheme.
Please contact us to get a copy of a licence application by emailing [email protected].
The Financial Markets Authority (Levies) Regulations 2012 (the Regulations), as amended in 2020 and 2022, set out the levies payable by industry. The levies are set by the Ministry of Business, Innovation, and Employment (MBIE).
The FMA receives funding from the Crown and a proportion of our costs is recouped from industry through levies.
A financial markets participant falls within one or more levy ’class’, depending on what financial services they provide.
The table below provides a high-level description of each levy class. For the full description of levy classes, see Schedule 2 in the Regulations.
|1||Persons making an application for registration on the Financial Service Providers Register|
|2||Registered banks and licensed non-bank deposit takers|
|2A||Registered banks and licensed non-bank deposit takers that are required to hold a conduct licence|
|3A||Licensed insurers that are required to hold a conduct licence|
|4||Licensed supervisors of debt securities and managed investment products in registered schemes|
|5||Managers (of registered schemes)|
|6||Persons who undertook trading activities on licensed markets, contributory mortgage brokers, trading financial products or foreign exchange on behalf of other persons (other than persons included in class 6A, 6B, 6C or 6D, authorised bodies that only provide the service under a market services licence held by a person in class 6A or 6D and DIMS wholesale providers) or licensed derivatives issuers|
|6A||Licensed discretionary investment management service (DIMS) retail providers|
|6B||Providers of a regulated client money or property service (as defined in section 6(1) of the FMC Act) other than persons included in class 6(a) or 6C|
|6C||Custodians and persons providing custodial services|
|6D||Crowdfunding service providers and peer-to-peer lending service providers|
|6E||Licensed financial benchmark administrators|
|6H||Licensed financial advice providers|
|7||All other financial service providers that are not included in any of classes 2 – 6H|
|8||Listed issuers (other than persons included in class 8A)|
|8A||Small listed issuers|
|9||Lodgement of a product disclosure statement (PDS)|
|10||Licensed market operators|
|10A||Licensed market operators that operate growth markets (other than persons included in class 10)|
|11||FMC reporting entities that lodge financial statements (or group financial statements) and auditor’s reports|
|13||Licensed overseas auditors|
|14||Persons that apply for registration or incorporation under the Building Societies Act 1965; the Companies Act 1993; the Friendly Societies and Credit Unions Act 1982; or the Limited Partnerships Act 2008|
|15||Persons that are registered or incorporated and required to make annual returns under the Building Societies Act 1965; the Companies Act 1993; the Friendly Societies and Credit Unions Act 1982; or the Limited Partnerships Act 2008|
|16||Climate reporting entities|
It is the responsibility of each financial service provider to ensure they are registered for the service(s) they provide and have paid the appropriate levies. As part of their online annual confirmation to the Registrar, they must select all of the applicable classes to determine the levies payable and confirm the information they have provided is true, correct and complete.
Under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FSP Act) it is an offence to:
These offences could result in a fine of up to $100,000 and/or imprisonment for individuals, and a fine of up to $300,000 for businesses.
It is also an offence under the FSP Act to fail to notify the Registrar if any of the details contained on the FSPR are no longer correct. Failure to notify could result in a fine of up to $10,000.
We have discretionary power to waive a levy (in whole or part).
We will only do so if we are satisfied that the circumstances or characteristics of the financial markets participant are exceptional when compared with the circumstances or characteristics of others in the same class, so that it would make it inequitable for the person to pay the levy. The threshold is deliberately high.
The waiver power is not intended to be used to revisit settled policy positions.
Once we receive a waiver application and the fee, we will assess it. If we decide to grant the waiver, we must notify our decision in the Gazette, and publish the decision and reasons for it on our website.
You will need to email the following information to [email protected] with the subject line ‘Levy waiver application’.
You can pay by electronic deposit or internet banking. Payment can be made by applicants or law firms making applications on behalf of their clients.
The person paying the application fee must 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 waivers on behalf of their clients, the parties discuss and agree who will be responsible for paying the FMA’s fees before submitting a waiver 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:
Account name: Financial Markets Authority
Account number: 03-0584-0198005-000
|To ensure we process your payment correctly please provide the following information:
Particulars: Payer’s name*
Reference: Applicant’s name
You do not need to forward a hard copy of your application if paying electronically
* This is the name of the person paying the application fee. This person will be invoiced for any subsequent fees and costs. Payment by credit card is not available for this application process.
All licensed trustees have a number of obligations, in addition to the minimum standards and standard conditions set out in their licence. These obligations include meeting the relevant professional standard of care; monitoring your compliance; identifying material changes of circumstances; meeting reporting obligations and notifying the FMA of certain events and providing us with information. A list of your obligations can be viewed below:
Forms for amendments and changes to be completed if there are changes to directors or senior managers
It is a standard condition of licensing for independent trustees (corporates) to notify the FMA of changes to directors or senior managers of a licensee and/or key personnel of an authorised body. To notify us of a change to your key people and managers as required by the licensing standard conditions, please send an email to [email protected] outlining what the changes are and the qualifications and experience of the new or replacing personnel, e.g. attach their c.v.
To become a licensed independent trustee you’ll have to meet and maintain certain minimum standards.
The key standards in the Act (section 396) include:
There are other important requirements. You can find out more about the minimum licensing standards and conditions in our licensing guide.
The FMC Act sets out minimum compliance standards of behaviour for people operating in the financial markets. It prohibits:
Find out more about the conditions for
In your application, you’ll need to demonstrate that you can meet these conditions – or ask us for a limit or variation in your licence.
Licensee obligations include notifying the FMA of certain events and providing us with information. To find out more about your ongoing obligations please refer to your License. All notifications should be emailed to [email protected], noting the relevant obligation in the subject line of your email.