The Financial Markets Authority (Levies) Regulations 2012 (the Levy Regulations), as amended in 2020, 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.
- A levy must be paid for every levy class the financial markets participant falls within. Levies are payable on the relevant leviable event as described in column 3 of Schedule 2 in the Levy Regulations.
- Most notably for market operators, Schedule 2 confirms:
- levies for market operators licensed under section 316 are split in to two types: those operating 1 or more conventional market(s) and those operating 1 or more growth market(s) fall within levy class 10.
- operators of overseas-regulated markets fall within levy class 7.
- The following levy classes are invoiced directly by the FMA: Levy Class 8, Levy Class 8A, Levy Class 10, Levy Class 10A and Levy Class 13.
If the market operators provide any other financial services in New Zealand, they will need to also consider the applicable class and levies payable for those services. You should be familiar with levies and Schedule 2 of the Levy Regulations.
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.
How to apply for a levy to be waived
You will need to email the following information to [email protected] with the subject line ‘Levy waiver application’.
- Name of person or entity applying for the waiver.
- Contact person for correspondence concerning the application including address, phone number and email.
- Indicate the persons/entity who will receive the benefit of any waiver granted.
- Specify which class(es) you seek a waiver from and whether a waiver is sought from the full levy or part and the amount thereof.
- Let us know your preferred date for any waiver to take effect.
- Explain why the waiver should be granted and why your circumstances are exceptional when compared with others in the same class.
- Provide all relevant facts in support of your application.
- Explain any regulatory benefit of FMA granting the waiver.
- Give details of any previous contact with officials (including their names) at FMA or MBIE (including the Companies Office) on the matter.
How to pay your waiver application fee
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.
||How to pay
|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.
What are the fees
- A payment of $1,265 should accompany each application.
- This covers the application fee of $115 set out in the Financial Markets Authority (Fees) Regulations 2011 and an advance of $1,150 (including GST) for fees and costs to be incurred.
- These regulations set out charging rates of $230 (including GST) per hour for time spent by FMA Board members and $178.25 (including GST) per hour for time spent by FMA staff.
- These regulations are set by MBIE.