How to apply

Exemptions you can apply for

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). This also enables exemptions from the obligation to register for providing financial adviser services or broking services under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Exemptions that won't be granted

While the law gives us broad powers to exempt certain persons or transactions from compliance with specific provisions of those Acts, we consider that our exemption power only extends to compliance provisions, not to liability provisions. We are also unlikely to exempt issuers from the general prohibition in the FMC Act against the distribution of deceptive, misleading or confusing advertisements.

Guidance

• Information to include in your exemption application' to help you complete your application. 
• Applications to exclude commercially sensitive information from material contracts 

You must also include a draft exemption notice.

How to submit your application

Submit completed applications by email to exemptions@fma.govt.nz  Your application fee must be paid at the time your application is made. 

How much it costs

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.

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

You can pay by electronic deposit, internet banking or cheque. Payment can be made by applicants or law firms making applications on behalf of their clients. The person paying the application fee must also 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 exemptions on behalf of their clients, the parties discuss and agree who will be responsible for paying the FMA’s fees before submitting an exemption application.

* This is the name of the person paying the application fee. This person will be invoiced for any subsequent fees and costs

Please note:

• payment by credit card is not available for this application process
• only forward a hard copy of your application if you are paying by cheque.

How long it takes

Individual exemption applications (that is applications relating to a particular person or transaction) generally take 30 working days from the time we receive all the information we need. This may take longer, for example, if significant questions of policy arise, but if this is the case we will tell you and explain why. Exemption notices come into force as soon as we grant them. You do not need to wait for them to be notified in the Gazette. If your application is urgent, we will try to accommodate your request. However, you must provide the timeframes within which the decision is needed and provide reasons for requesting an urgent exemption.