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Fees and levies

 

Financial Markets Authority Levies

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A Financial Markets Authority (FMA) Levy is payable by all registered Financial Service Providers when filing their annual confirmation, and all persons applying for registration as a Financial Service Provider. The levy revenue funds the functions of the FMA.

In this section:

 


 

FMA levy payable upon registration

Note | The levy shown below is in New Zealand dollars (NZ$) and includes GST.

The fee charged for registration remains unchanged; however a FMA levy of $350 will now be collected at the time of registration.

 

 

Schedules for FMA levy payable with annual confirmation

The registration fee charged for filing an annual confirmation remains unchanged, however a FMA levy has been introduced.

 

FMA levy varies based on class and category

A levy is payable by all registered Financial Service Providers (FSPs).  It is important that FSPs ensure they pay the correct levy.  

Some exemptions apply, and in some classes only one member of a group of companies will be required to pay the levy for that class, on behalf of the whole group.  The notes to each class listed below show where exemptions or group provisions may apply. 

There are various levies based on the class and categories within each class.  FSPs included in more than one class must pay the prescribed levy for each class.

 

Notes

All levies shown are in New Zealand dollars (NZ$) and include GST.

For help with classes, and categories within classes, please refer to the Financial Markets Authority (Levies) Regulations 2012 ('the Regulations').

Read the Financial Markets Authority (Levies) Regulations 2012 online.

 

FMA levy - grouped by class and category:

 


 

Registered banks and non-bank deposit takers (Class 2 in the Regulations)

Registered banks or non-bank deposit takers with total assets that:

  • Exceed $50b - Levy payable $350,000
  • Exceed $10b but do not exceed $50b - Levy payable $80,000
  • Exceed $2b but do not exceed $10b - Levy payable $25,000
  • Exceed $1b but do not exceed $2b - Levy payable $15,000
  • Exceed $20m but do not exceed $1b - Levy payable $7,500
  • Do not exceed $20m - Levy payable $2,000

 

Notes

All levies shown are in New Zealand dollars (NZ$) and include GST.

Registered bank has the meaning given in section 2(1) of the Reserve Bank of New Zealand Act 1989.

Non-bank deposit taker has the meaning given in section 5 of the Non-bank Deposit Takers Act 2013.

If the Financial Service Provider is a member of a group only one levy is payable by the group in this class.  One member of the group pays the levy on behalf of the other members.  Each non-paying member of a group will need to supply the FSP registration number of the paying member.  Refer to Regulation 12 for more information.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information. 

 

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Licensed insurers (Class 3 in the Regulations)

Licensed insurers with an annual gross premium revenue that:

  • Exceeds $250m - Levy payable $150,000
  • Exceeds $50m but does not exceed $250m - Levy payable $35,000
  • Exceeds $10m but does not exceed $50m - Levy payable $10,000
  • Does not exceed $10m - Levy payable $2,000

  

Notes

All levies shown are in New Zealand dollars (NZ$) and include GST.

Licensed insurer is defined in the Insurance (Prudential Supervision) Act 2010.

If the Financial Service Provider is a member of a group, only one levy is payable by the group in this class.  Each non-paying member of a group will need to supply the FSP registration number of the paying member.  Refer to Regulation 12 for more information.

Annual Gross Premium Revenue is defined in regulation 5.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information. 

 

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Licensed supervisors (Class 4 in the Regulations)

Licensed supervisors with total supervised interests that:

  • Exceed $5b - Levy payable $100,000
  • Exceed $1b but do not exceed $5b - Levy payable $60,000
  • Exceed $100m but do not exceed $1b - Levy payable $20,000
  • Do not exceed $100m - Levy payable $5,000

 

Notes

All levies shown are in New Zealand dollars (NZ$) and include GST.

This class includes licensed supervisors that are licensed under the Financial Markets Supervisors Act 2011 in respect of a debt security or a registered scheme (and includes trustees and statutory supervisors licensed in respect of a security).

 

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Managers of managed investment schemes (Class 5 in the Regulations)

Scheme managers with total managed assets that:

  • Exceed $2b - Levy payable $100,000
  • Exceed $1b but do not exceed $2b - Levy payable $80,000
  • Exceed $500m but do not exceed $1b - Levy payable $60,000
  • Exceed $100m but do not exceed $500m - Levy payable $40,000
  • Exceed $50m but do not exceed $100m - Levy payable $20,000
  • Exceed $20m but do not exceed $50m - Levy payable $10,000
  • Do not exceed $20m - Levy payable $2,000

 

Notes

All levies shown are in New Zealand dollars (NZ$) and include GST.

Managers of managed investment schemes are managers as defined in section 6(1) of the Financial Markets Conduct Act 2013 or managers or superannuation trustees as defined in section 2(1) of the Securities Act 1978.

All Financial Service Providers (FSPs) liable to pay a levy in this class must supply the amount of their total managed assets (as defined in Regulation 7 of the Financial Markets Authority (Levies) Regulations 2012).

Read the Financial Markets Authority (Levies) Regulations 2012 for more information. 

 

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Providers of other financial services (Class 6 in the Regulations) 

  • Persons authorised to undertake trading activities on licensed markets (as defined in the Financial Markets Conduct Act 2013), excluding natural persons.
    Levy payable $7,500
  • Contributory mortgage brokers (as defined in section 2(1) of the Security Act 1978).
    Levy payable $2,000
  • Financial Service Providers (FSPs) registered for the financial service described in section 5(ic) or section 5(k) of the Financial Service Providers Act 2008 .
    Levy payable $2,000
  • Persons licensed to provide the licensed market service of acting as a derivatives issuer or authorised dealer (as defined in regulation 3).
    Levy payable $2,000
  • Brokers (as defined in section 77a of the Financial Advisers Act 2008)
    Levy payable $1,000
  • Authorised financial advisers (as defined in section 5 of the Financial Advisers Act 2008)
    Levy payable $400

 

Notes

All levies shown are in New Zealand dollars (NZ$) and include GST.

You will need to select all options that apply in this class but only the highest of the corresponding levy amounts will be charged.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.  

 

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All other FSPs (Class 7 in the Regulations)

  • Registered financial service providers who are not included in any other class of specified persons above - Levy payable $350

 

Notes

The levy shown is in New Zealand dollars (NZ$) and includes GST.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.  

 

Last updated 24 June 2016