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Brief Counsel

Proposed ongoing fee structure for Financial Markets Conduct Act

03 June 2014

Download:2014 PUB BC Proposed ongoing fee structure for Financial Markets Conduct Act - 3 June.pdf

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​Feedback is sought on a proposed fee structure under the Financial Markets Conduct Act (FMCA).

The Ministry of Business, Innovation and Employment (MBIE) wants submissions by
27 June 2014.

General approach

The proposals cover registration fees for registering offers on the new online register to come into operation on 1 December, and FMA levies and fees for ongoing approvals, particularly for continuously offered products, and managed investment schemes (MIS).

The Government made decisions on licensing fees in conjunction with commencement of Phase 1 of the FMCA from 1 April.

The discussion document states that the fee model is designed to have as few charging points as possible.  The register costs have been split 75:25 between the issuers of financial products and MIS managers.

MBIE is modelling that 25% of MIS will transition to the new regime in the first year with the rest moving across in the second year.

Proposals in summary

Proposed (GST inc)
FMC register fees
Lodging offer documents
No fee
$3,000 flat fee
Annual confirmation offer documents
No fee
$3,000 flat fee
Registering an MIS
No fee
$775 flat fee
Lodging an MIS annual report
No fee
$275 flat fee
FMA levy and other FMA fees
Registering an offer document
$2,000 levy
$2,000 levy
Reviewing offer documents
$327.11 flat fee
Fee removed
Permission relating to the governance of regulated products
No fee
$178.25 per hour
Approval of retirement scheme transfers
$255.55 per hour
$178.25 per hour
Consent to reversion of retirement scheme assets to an employer
$255.55 per hour
$178.25 per hour
Cancellation retirement scheme registration
$255.55 flat fee
$178.25 per hour
Filing annual accounts of a wound up superannuation scheme
$255.55 flat fee
$178.25 per hour
Providing annual report for superannuation scheme
From $102.22 flat fee
From $178.25 per hour
Registering a superannuation scheme
$102.22 flat fee
$178.25 per hour
Amendments to trust deed
$51.11 flat fee
$178.25 per hour
Financial Advisers Act variation fees
No fee
$115 application fee and $178.25 per hour
Filing financial statements
$255.55 flat fee
$255.55 flat fee
Financial market operator licensing fees
Licence applications/variations
No fee
$178.25 per hour
Market rule applications/changes
$115 admin fee and $178.25 per hour
$178.25 per hour

Costs comparison for issuers

Type of issuer
Year 1
Out Years
One off equity issuer
Continuous debt issuer
$2,327 (each year)
Fund manager (1 KiwiSaver scheme and 2 PDSs)
$6,275 (compared to $4,756 now)

For further information, please contact the lawyers featured.


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