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Fees and levies

An application fee and a Financial Markets Authority (FMA) Levy is payable by all persons applying for registration as a Financial Service Provider. If you are applying for an Authorised Financial Adviser (AFA) or Qualifying Financial Entities (QFE) status at the time of application, a separate fee is also payable.

An annual confirmation fee and a FMA levy (as applicable) is payable by all registered Financial Service Providers when filing their annual confirmation.

The AFA and QFE fees and the FMA levies are collected by the Companies Office, on behalf of the FMA. The levy revenue funds the functions of the FMA.

 


 

Applying for registration

These fees and levies will be collected by the Companies Office as part of the application process. All fees and levies are in New Zealand dollars and include GST. The current fees and levies stated here are effective from 1 July 2017.

Fees

  • Application fee - $345.00
  • Criminal history check fee - $40.25
    Fee is charged per person named in the application for registration. (A new criminal history check may be required within a 36 month timeframe).

FMA levy

  • FMA levy - $529.00

 

Applying for status as AFA or QFE

These fees will be collected by the Companies Office, on behalf of the Financial Markets Authority, as part of the application process.

The fees do not include assessment or examination fees for financial advisers charged by ETITO, Delegated Assessment Organisations (DAO) or other training providers.

  • Authorised Financial Adviser (AFA) - $1144.89
  • Qualifying Financial Entity (QFE) - $4886.22

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Annual confirmation

These fees and levies will be collected by the Companies Office as part of the annual confirmation process. All fees and levies are in New Zealand dollars and include GST. The current fees and levies stated here are effective from 1 July 2017.

Fee

Annual confirmation fee – $86.25
 

FMA levy — varies based on class and category

A levy is payable by all registered Financial Service Providers (FSPs). It is important that FSPs ensure they pay the correct levy.

Some exemptions apply, and in some classes only one member of a group of companies will be required to pay the levy for that class, on behalf of the whole group. The notes to each class listed below show where exemptions or group provisions may apply.

There are various levies based on the class and categories within each class. FSPs included in more than one class must pay the prescribed levy for each class.

 


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Registered banks and non-bank deposit takers (Class 2 in the Regulations)

Registered banks or non-bank deposit takers with total assets that:

  • Exceed $50b - Levy payable $615,250
  • Exceed $10b but do not exceed $50b - Levy payable $149,500
  • Exceed $2b but do not exceed $10b - Levy payable $43,700
  • Exceed $1b but do not exceed $2b - Levy payable $25,300
  • Exceed $500m but do not exceed $1b - Levy payable $12,075
  • Exceed $40m but do not exceed $500m - Levy payable $8,855
  • Do not exceed $40m - Levy payable $2,760 

 

Notes

Registered bank has the meaning given in section 2(1) of the Reserve Bank of New Zealand Act 1989.

Non-bank deposit taker has the meaning given in section 5 of the Non-bank Deposit Takers Act 2013.

If the Financial Service Provider is a member of a group only one levy is payable by the group in this class. One member of the group pays the levy on behalf of the other members. Each non-paying member of a group will need to supply the FSP registration number of the paying member. Refer to Regulation 12 for more information.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information. 

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Licensed insurers (Class 3 in the Regulations)

Licensed insurers with an annual gross premium revenue that:

  • Exceeds $500m - Levy payable $172,500
  • Exceeds $100m but does not exceed $500m - Levy payable $43,700
  • Exceeds $50m but does not exceed $100m - Levy payable $27,600
  • Exceeds $10m but does not exceed $50m - Levy payable $12,650
  • Does not exceed $10m - Levy payable $2,530

  

Notes

Licensed insurer is defined in the Insurance (Prudential Supervision) Act 2010.

If the Financial Service Provider is a member of a group, only one levy is payable by the group in this class. Each non-paying member of a group will need to supply the FSP registration number of the paying member. Refer to Regulation 12 for more information.

Annual Gross Premium Revenue is defined in regulation 5.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information. 

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Licensed supervisors (Class 4 in the Regulations)

Licensed supervisors with total supervised interests that:

  • Exceed $5b - Levy payable $158,700
  • Exceed $1b but do not exceed $5b - Levy payable $87,400
  • Exceed $100m but do not exceed $1b - Levy payable $29,900
  • Do not exceed $100m - Levy payable $7,360

 

Notes

This class includes licensed supervisors that are licensed under the Financial Markets Supervisors Act 2011 in respect of a debt security or a registered scheme.

 

Managers of managed investment schemes (Class 5 in the Regulations)

Scheme managers with total managed assets that:

  • Exceed $10b - Levy payable $437,000
  • Exceed $5b but do not exceed $10b - Levy payable $310,500
  • Exceed $2b but do not exceed $5b - Levy payable $138,000
  • Exceed $1b but do not exceed $2b - Levy payable $92,000
  • Exceed $500m but do not exceed $1b - Levy payable $51,750
  • Exceed $100m but do not exceed $500m - Levy payable $28,750
  • Exceed $20m but do not exceed $100m - Levy payable $7,360
  • Exceed $1 but do not exceed $20m - Levy payable $1,610

 

Notes

Managers of managed investment schemes are managers as defined in section 6(1) of the Financial Markets Conduct Act 2013.

All Financial Service Providers (FSPs) liable to pay a levy in this class must supply the amount of their total managed assets (as defined in Regulation 7 of the Financial Markets Authority (Levies) Regulations 2012).

Read the Financial Markets Authority (Levies) Regulations 2012 for more information. 

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Providers of other financial services (Class 6 in the Regulations) 

  1. Persons authorised to undertake trading activities on licensed markets, excluding natural persons.
    Levy payable $5,175
  2. Contributory mortgage brokers (as defined in section 2(1) of the Security Act 1978).
    Levy payable $2,070
  3. Financial Service Providers (FSPs) registered for the financial service described in section 5(1)(k) of the Financial Service Providers Act 2008 (other than persons in class 6A, 6B, 6C or 6D)
    Levy payable $6,095
  4. Persons licensed to provide the licensed market service of acting as a derivatives issuer.
    Levy payable $11,040
  5. Authorised financial advisers (as defined in section 5 of the Financial Advisers Act 2008)
    Levy payable $379.50

 

Notes

You will need to select all options that apply in this class but only the highest of the corresponding levy amounts will be charged.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.  

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Providers of retail discretionary investment management services (Class 6A in the Regulations)

Providers of retail discretionary investment management services (DIMS) with funds under management that:

  • Exceeds $2b - Levy payable $41,400
  • Exceeds $500m but does not exceed $2b - Levy payable $16,100
  • Exceeds $100m but does not exceed $500m - Levy payable $5,520
  • Exceeds $50m but does not exceed $100m - Levy payable $2,760
  • Does not exceed $50m - Levy payable $1,091.99

 

Notes

DIMS has the meaning given in section 392 of the Financial Markets Conduct Act 2013 and section 12 of the Financial Advisers Act 2008.

If the Financial Service Provider is a member of a group only one levy is payable by the group in this class. One member of the group pays the levy on behalf of the other members. Each non-paying member of a group will need to supply the FSP registration number of the paying member. Refer to Regulation 12 for more information.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.

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Custodians (Class 6C in the Regulations) and brokers (Class 6B in the Regulations)

  • Registered FSPs that are custodians (as defined in section 6(1) of the Financial Markets Conduct Act 2013) and persons providing custodial services (as defined in section 77B of the Financial Advisers Act 2008)
    Levy payable $7,245
  • Registered FSPs that are brokers (as defined in section 77A of the Financial Advisers Act 2008) other than persons included in class 6(a) or 6C of the Regulations
    Levy payable $2,070

 

Notes

You will need to select all options that apply in this class but only the highest of the corresponding levy amounts will be charged.

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.

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Crowd funding service and peer-to-peer lending service (Class 6D in the Regulations)

  • Persons that provide a crowd funding or a peer-to-peer lending service (as those services are defined in regulation 85(1) of the Financial Markets Conduct Regulations 2014)
    Levy payable $2,990

 

Notes

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.

 
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All other Financial Service Providers (Class 7 in the Regulations)

  • Registered financial service providers who are not included in any other class of specified persons above
    Levy payable $529

 

Notes

Read the Financial Markets Authority (Levies) Regulations 2012 for more information.  

 

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Last updated 25 October 2017