Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698843276100.pdf (New Zealand)
2014/110 Financial Markets Conduct (Fees) Regulations 2014 Jerry Mateparae, Governor-General Order in Council At Wellington this 24th day of March 2014 Present: His Excellency the Governor-General in Council Pursuant to section 67 of the Financial Markets Authority Act 2011 and sections 548(1)(o) and 552 of the Financial Markets Conduct Act 2013, His Excellency the Governor-General makes the following regulations, acting— (a) on the advice and with the consent of the Executive Council; and on the recommendation of the Minister of Commerce made in accordance with section 549 of the Financial Markets Conduct Act 2013.
Contents Title Commencement Interpretation Fees and costs payable Payment of fees and costs Multiple application discount Page 2 2 2 2 2 3 1 (b) r 1 7 1 2 3 (1) Financial Markets Conduct (Fees) Regulations 2014 2014/110 Fees inclusive of GST Schedule Fees and costs Regulations 3 4 Title These regulations are the Financial Markets Conduct (Fees) Regulations 2014.

Commencement These regulations come into force on 1 April 2014.
Interpretation In these regulations, unless the context otherwise requires,— Act means the Financial Markets Conduct Act 2013 application means an application referred to in Part 1 and ap- plicant means the person who makes that application crowd funding service has the same meaning as in regulation 16 of the Financial Markets Conduct (Phase 1) Regulations 2014 peer-to-peer lending service has the same meaning as in regulation 16 of the Financial Markets Conduct (Phase 1) Regulations 2014 vary, in relation to the conditions of a licence, means to vary, revoke, add to, or substitute any of those conditions.
(2) A reference in these regulations to a Part is a reference to a Part of the Schedule of these regulations.

Fees and costs payable The fees and costs set out in the Schedule are payable in re- spect of the matters set out in that schedule.
Payment of fees and costs The fees in Part 1 (except those that are payable on the hourly basis specified in Part 2)— (a) are payable by the applicant to the FMA; and 4 5 (1) 2 2014/110 Financial Markets Conduct (Fees) Regulations 2014 r 7 (2) 6 (1) (2) (3) (4) (5) 7 (b) must accompany the application.
The fees in Part 1 that are payable on the hourly basis specified in Part 2 and the costs specified in Part 3 are— payable by the applicant to the FMA; and (a) payable on an invoice issued by or on behalf of the FMA (b) and within the time frame specified in that invoice.
Multiple application discount The purpose of this regulation is to ensure that a reduced fee applies to applications where there are lower costs for the FMA because the information in the application is being, or has recently been, assessed as part of another licence applica- tion.
This regulation applies if a person applies to be licensed for a market service at the same time as, or within 6 months after the date of, applying to be licensed for another market service (whether under the same or a different market services licence and whether under section 395 or, by way of an application to vary the conditions of a licence, under section 404 of the Act).
The FMA must apply a multiple application discount to the fee payable in respect of each additional market service to which the application or applications relate.

The amount of the multiple application discount may differ ac- cording to the type of market service or combination of market services to which the application or applications relate.
For the purpose of applying the multiple application discount, the FMA is authorised to waive or refund, in respect of any person or class of persons, part of a fee that would otherwise be payable under these regulations.

Fees inclusive of GST The fees prescribed by these regulations are inclusive of goods and services tax.
3 Schedule Financial Markets Conduct (Fees) Regulations 2014 Schedule Fees and costs Part 1 Schedule of fees 2014/110 r 4 Application in respect of which fee payable 1 Application under section 395 of the Act for a market services licence to cover*— • acting as a manager of a registered scheme • acting as a provider of a discretionary investment management service • acting as an independent trustee of a restricted scheme • acting as a derivatives issuer in respect of a regulated offer of derivatives that is made by the derivatives issuer • acting as a provider of a crowd funding service • acting as a provider of a peer-to-peer lending service Application under section 404 of the Act to vary 1 or more conditions of a market services licence (except if the application is to vary 1 or more conditions of a market services licence so that the licence covers 1 or more types of market service in addition to the 1 or more types of market service already covered) Application under section 404 of the Act to vary 1 or more conditions of a market services licence so that the licence covers 1 or more types of market service in addition to the 1 or more types of market service that it already covers 2 3 4 Fee (exclusive of any costs payable under Part 3)** $3,565 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 25 $3,565 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 25 $2,139 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 15 $10,695 plus
 fee charged on the hourly basis specified in Part 2 for hours exceeding 70 $6,238.75 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 40 $6,238.75 plus fee charged on the hourly basis specified in Part 2 for hours exceeding 40 $115 plus fee charged on the hourly basis specified in Part 2 In respect of each additional type of market service, the same fee (including the fee charged on an hourly basis) as is payable under this Part for an application under section 395 of the Act for a market services licence to cover that type of market service 2014/110 Financial Markets Conduct (Fees) Regulations 2014 Schedule Part 1—continued Application for an exemption under section 556 of the Act Application in respect of which fee payable 4 Fee (exclusive of any costs payable under Part 3)** $115 plus fee charged on the hourly basis specified in Part 2 *Each fee specified for an application for a licence to cover a type of market service applies regardless of whether the application is for 1 market services licence for each type of market service or 1 or more market services licences that cover more than 1 type of market service.
**The specified number of hours, in each case where this appears, refers to total hours of work carried out by members and employees of the FMA.
Part 2 Fees charged on an hourly basis Where Part 1 refers to a fee charged on the hourly basis specified in this Part for hours exceeding a specified number, that fee— (a) is only payable if the FMA has notified the applicant, in writ- ing, that the fee will or may be payable and given the rea- sons why the number of hours spent on the application has exceeded, or is likely to exceed, the specified number; and is only payable for hours or part-hours of work (in excess of the specified number) carried out in respect of the application by the persons referred to in the table of hourly rates; and (b) (c) must be determined as follows for each hour or, on a propor- tional basis, part-hour (in excess of the specified number) of such work carried out after the FMA has notified the applicant in accordance with paragraph (a): 5 Schedule Financial Markets Conduct (Fees) Regulations 2014 2014/110 Part 2—continued Table of hourly rates Category (i) For each hour of work carried out by a member of the FMA (ii) For each hour of work carried out by an employee of the FMA who is qualified in accountancy, auditing, business, commerce, economics, or law Fee $230.00 $178.25 (iii) For each hour of work carried out by an $178.25 employee of the FMA who the FMA is satisfied has a professional level of skills, training, or experience in financial markets matters of the kind to which the application relates Where Part 1 specifies a fee charged on the hourly basis specified in this Part (not limited to hours exceeding a specified number), that fee must be determined in accordance with the table of hourly rates for each hour or, on a proportional basis, part-hour of work carried out in respect of the application by the persons referred to in that table.
Part 3 Costs incurred by the FMA The FMA is authorised to require payment of costs incurred by the FMA in relation to an application referred to in Part 1 in— (a) (b) obtaining expert advice or assistance: printing and publishing in connection with the application, in- cluding in publishing notices in the Gazette.

Michael Webster, Clerk of the Executive Council.


6 2014/110 Financial Markets Conduct (Fees) Regulations 2014 Explanatory note Explanatory note This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, provide for the Financial Markets Authority (the FMA) to charge fees and recover costs in relation to the licensing of market service providers (for which the FMA is responsible) under Part 6 of the Financial Mar- kets Conduct Act 2013 (the Act) and in relation to applications for exemptions from compliance with provisions of the Act or regula- tions made under it.
These fees and costs include— • fees payable on an application for a market services licence, made up of— • • a specified amount (which differs according to the type of market service that the applicant wishes to provide) payable at the time of filing the application; and a fee charged at an hourly rate for work done on the application beyond the number of hours specified in the regulations for that type of application.
However, the FMA may only require an applicant to pay this fee if it has already notified the applicant, in writing, that the fee will or may be payable and given the reasons why the number of hours spent on the application has, or is likely to, exceed the specified number.

And it may only require the applicant to pay for hours (beyond the specified number) of work carried out on assessing the application after that notice was given.
The hourly rates that may be charged are— • $230.00 for work done by a member of the FMA; and $178.25 for work done by an employee of the FMA who is qualified in accountancy, auditing, business, commerce, economics, or law or an employee who the FMA is satisfied has a pro- fessional level of skills, training, or experience in financial markets matters of the kind to which the application relates: • • fees payable on an application to change the conditions of a market services licence, made up of— 7 Explanatory note Financial Markets Conduct (Fees) Regulations 2014 2014/110 • • $115.00, payable at the time of filing the application; and a fee charged at an hourly rate for each hour worked on the application.
The hourly rates that may be charged are the same as set out above.
However, if the application is to change the conditions so that the licence covers 1 or more types of market service in addition to the types it already covers, these fees do not apply and the applicant must pay the same fees as would have been payable had that person applied for a market services licence for each additional type of market service: fees payable on an application for an exemption from compli- ance with provisions of the Act or regulations.
These are the same as the fees for an application to change the conditions of a market services licence: the costs incurred by the FMA in obtaining expert advice or assistance and printing and publishing.

• • The regulations require the FMA to take account of the reduced cost of work to it in considering multiple applications.
When a person applies to be licensed for more than 1 type of market service within a 6-month period (whether under the same or a different market ser- vices licence), the FMA must therefore apply a discount to the fee payable in respect of each additional market service to which the application or applications relate.

For the purpose of applying that discount, the regulations authorise the FMA to waive or refund, in respect of any person or class of persons, part of the fee that would otherwise be payable.
All amounts of fees specified in the regulations are inclusive of goods and services tax.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 March 2014.

These regulations are administered by the Ministry of Business, Innovation, and Employment.

12 8 Wellington, New Zealand: Published under the authority of the New Zealand Government—2014