1. Compliance
  2. Fees, levies and waivers

Fees, levies and waivers

Page last updated: 23 May 2018

Fees

Fees may apply when making an application to the FMA for certain licences, authorisations, and registrations.

  • The FMA does not licence all financial market participants, and other fees may apply. For example, entities and individuals registering as a financial service provider (FSP) must also pay fees to the Companies Office when submitting their FSP application, and on annual confirmation.
  • Fees are also payable to the Companies Office for specified services on the Disclose Register 
  • Please note that in addition to applicable fees, levies may also be payable.
  • Where this page refers to the FMA hourly rate, this is: $230 per hour spent by FMA board members and $178.25 per hour spent by FMA staff. All amounts are in New Zealand dollars and include GST. Unless otherwise stated, all fees on this page are payable to the FMA.
  • Where fees relate to applications for licences administered by the FMA, refer to applying for a financial service provider licence for more information on how to apply and how to pay the relevant application fee.
  • We will not issue a new or varied licence until the fee is paid in full. Licence fees are not refundable if an application is rejected.
  • The regulations are administered by the Ministry of Business, Innovation and Employment (MBIE).

Fees by type of licence

Financial market services (FMC Act licence applications)

Type of licence Application fee Assessment hours included
Manager of registered scheme $3,565 25
Discretionary Investment Management Service (DIMS) provider $2,139 15
Independent trustee of a restricted scheme $2,139 15
Derivatives issuer $10,695 70
Crowdfunding service $6,238.75 40
Peer-to-peer lending service $6,238.75 40

Authorised Financial Advisers (AFAs) and Qualifying Financial Entities (QFEs)

Application type Fee
Application for AFA authorisation $1,144.89
Application for QFE status $4,886.22
Renewal of AFA authorisation $572.44
Renewal of QFE status $4,600

The fees above are payable to the Companies Office when you apply to become an AFA or a QFE. This is additional to the fee for registration as an FSP.

Variations to terms and conditions

The fee to vary the terms and conditions of an AFA authorisation or QFE status is $115. This is payable to the FMA when you apply for the variation. We will then invoice you for the time spent assessing the variation application, based on the FMA hourly rate.

For more information see the Financial Advisers (Fees) Regulations 2010.

Auditors

Application fees

Overseas auditors and audit firms

  • $115 application fee
  • $350 registration fee (passed on to the Registrar of Companies)

The above fees are payable to the FMA when you apply for a standard licence (auditors) or registration (audit firms). Firms may pay fees for multiple individuals’ applications together.
You will also be charged an additional fee at the FMA hourly rate based on how much time is spent assessing your application. We will invoice you for the additional assessment fee. We may also invoice you for any costs of external advice or assistance.

We also invoice overseas auditors and audit firms an annual fee of $110 for maintenance of the Auditors Register.

New Zealand auditors and audit firms

New Zealand-based auditors and audit firms should contact accredited bodies NZICA or CPA Australia for information about licensing, audit firm registration and associated fees.

Quality review fee

Registered audit firms, and New Zealand-based licensed auditors who are not a partner or employee of a registered audit firm, are subject to a quality review at least once every four years.

We will invoice you for your quality review fee, which will be based on the FMA hourly rate. We may also invoice you for any costs of external advice or assistance.

For more information see the Auditor Regulations 2012.

 

Market operators

The application fee for a licence to operate a financial product market, vary an existing licence, or approve a market rule change is based on the amount of time spent on the application. This is charged at the FMA hourly rate.

For more information see the Financial Markets Conduct (Fees) Regulations 2014.

Registered superannuation schemes

Requests to approve a scheme as a Schedule 3 scheme under clause 2, Schedule 3 of the Financial Markets Conduct Act 2013 are subject to a fee of $178.25. This is payable to the FMA when you apply. 

For more information see the Financial Markets Conduct (Fees) Regulations 2014.

 

Supervisors

Supervisor applications

The fee for a supervisor licence application is $8,021.25. This is payable to the FMA when you apply.

We may charge an additional fee at the FMA hourly rate where our assessment of an application exceeds 52 hours.

If an additional fee is charged for a new licence we will let you know in advance and provide you with the reasons for this.

Variations to existing licences 

The initial fee for an application to vary an existing licence is $115. We will also charge a fee for the time spent assessing a variation application, based on the FMA hourly rate.

For more information see the Financial Markets Authority (Fees) Regulations 2011.

Other fees

Levies 

The Financial Markets Authority (Levies) Regulations 2012 (the Regulations), as amended in 2017, 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.

Classes

  • A financial markets participant falls within one or more ’class’, depending on what financial services they provide.
  • A levy must be paid for every 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 Regulations.
  • Some levy classes have been split in order to recognise the variations in size and nature of different financial market participants.
  • Most levies are paid when making an annual confirmation to the Registrar of Financial Service Providers (the Registrar).
  • Most levies are payable to the Registrar, via the Financial Service Providers Register (FSPR). However, some levies are payable directly to the FMA. This is set out in column 4 of Schedule 2 in the Regulations.
  • The following classes are invoiced directly by the FMA: Class 8, Class 10, Class 13, and, if the market participant is not registered on the FSPR, Classes 4 and 5.

The table below provides a high-level description of each class. For the full description of classes, see Schedule 2 in the Regulations. 

Classes description

Class Description
1 Persons making an application for registration on the   Financial Service Providers Register
2 Registered banks and licensed non-bank deposit takers
3 Licensed insurers
4 Licensed supervisors of debt securities and managed   investment products in registered schemes
5 Licensed 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), licensed derivatives issuers, or authorised financial advisers
6A Discretionary investment management service (DIMS) retail   providers
6B Registered brokers (as defined in the Financial Advisers   Act 2008), other than persons who undertook trading activities on licensed   markets, registered custodians and persons providing custodial services
6C Registered custodians and persons providing custodial   services
6D Crowd funding service providers and peer-to-peer lending   service providers
7 All other financial service providers that are not   included in any of classes 2 – 6D
8 Listed issuers
9 Lodgement of a product disclosure statement (PDS)
10 Licensed market operators
11 FMC reporting entities that lodge financial statements (or   group financial statements) and auditor’s reports
12 Accredited bodies
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

Offences

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:

  • provide services you are not registered for or state you are registered for a particular financial service when you are not
  • make a representation relating to any document or information required by the FSP Act or its regulations knowing that it is false or misleading, or omit any matter knowing such omission is false or misleading.

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.

How to apply for a levy to be waived

You will need to email the following information to compliance@fma.govt.nz 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, 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 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:
Bank: Westpac
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*
Code: Waiver
Reference: Applicant’s name
You do not need to forward a hard copy of your application if paying electronically
Cheque Forward to Waivers FMA Level 2 1 Grey St PO Box 1179 Wellington 6140 Please make the cheque out to ‘Financial Markets Authority
Include a hard copy of your application

* 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.

How long does it take?

  • Once we have been provided with all relevant information, it generally takes around six weeks to process an application.
  • This may be longer if any policy questions arise.
  • If your application is urgent, please provide the date you need the decision by.
  • You must also provide reasons for requesting urgent consideration.