Proposed ongoing fee structure for Financial Markets Conduct Act

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.