Exemptions grant relief from specified provisions of the relevant legislation. Failing to comply with its terms and conditions amounts to a breach of the provision to which the exemption relates (unless the terms of the exemption otherwise provide).
The FMA has wide powers to exempt persons or transactions from some financial markets law requirements. These powers enable us to remove rigidities in the law and ensure requirements for businesses are reasonable and cost-effective. We are aware that a number of issues may arise for market participants operating under the FMC Act regime, and exemptions may be required in some cases. Regulation updates section summarises the legislative notices we have issued to support the FMC Act regime.
The Anti-Money Laundering and Countering Financing of Terrorism Act provides for 2 types of exemptions - regulatory exemptions and ministerial exemptions. The Minister of Justice (MoJ) may grant a ministerial exemption from any or all provisions of the Act. Exemptions may be granted for businesses, transactions, products, services or customers and may be subject to conditions. The MoJ is now inviting applications for ministerial exemptions under the Act. For further information and a copy of the ministerial exemption policy visit the Ministry of Justice website. The Anti-Money Laundering and Countering Financing of Terrorism (Ministerial Exemption Form) Regulations 2011 prescribe the form in which the Minister must make ministerial exemptions.
Brokers and custodians
In certain circumstances you may be able to obtain an exemption from compliance with broker and/or custodian obligations under the Financial Advisers Act 2008, the Financial Advisers (Custodians of FMCA Financial Products) Regulations 2014, the Financial Markets Conduct Act 2013 and the Financial Markets Conduct Regulations 2014. You must meet the prescribed statutory criteria in order for FMA to consider your application for an exemption.
Digital advice providers
See Apply for a digital advice exemption for more information about how to apply to provide personalised digital advice under the Financial Advisers (Personalised Digital Advice) Exemption Notice 2018.
Financial advisers - including overseas advisers
In certain circumstances, it may be possible to obtain an exemption from being registered as a financial adviser or from any of the obligations under the Financial Advisers Act 2008, regulations or the Code of Conduct. This includes overseas advisers. Read more.
We have regulatory powers to grant financial reporting exemptions and vary financial reporting public accountability designations. Read more.
Offers under the FMC Act
The FMC Act offer regime is simpler and more efficient than the previous Securities Act regime. However, in some cases, businesses may encounter difficulties offering financial products under the FMC Act regime. In some circumstances, exemptive relief from a regulatory or disclosure requirement may be appropriate. Read more.
How to apply
You can apply for an exemption from some specific provisions of:
Parts 2 to 7, subpart 8 of Part 8 and any of the schedules of the FMC Act and any regulations made under that Act
the Financial Advisers Act 2008 (or the Code of Professional Conduct for Authorised Financial Advisers).
Exemption fees are set by regulations of the relevant legislation. You need to pay the application fee and an advance fee for fees and costs to be incurred as set out in the table below. We will charge any additional time spent on an hourly basis as set out in the table.
Exemption application type
Application and advance fee
Hourly rate – FMA Board members
Hourly rate – FMA staff
Financial Markets Conduct Act 2013
$1,265 (incl. $115 application fee)
Financial Advisers Act 2008
$1,265 (incl. $115 application fee)
Please note: all fees are inclusive of GST.
We can also recover the cost of obtaining expert assistance in relation to particular applications. Applicants must also reimburse us for the costs of notifying the exemption notice in the Gazette, where applicable.
How to pay your application fee
How to pay
Electronic deposit or internet banking
Where bill pay is available please select ‘Financial Markets Authority - Other’. Otherwise, our bank details are: