New Zealand's Financial Markets Authority Tiered Levy System Introduced

New levies for the Financial Markets Authority (FMA), External Reporting Board (XRB), and a new fee structure for the Companies Office have been announced by Commerce Minister, Craig Foss.
 
"New Zealand needs well-functioning capital markets to provide a vital source of finance to help our businesses grow," says Mr Foss.
 
The levies will provide $16.4 million in funding for the FMA and $3.66 million for the XRB annually.
 
"The new levy and fee structures will help fund a well-regulated market that all investors can trust. It's important that our regulators are properly resourced," says Mr Foss.
 
The FMA levy will be a tiered system where different market participants pay differing amounts, according to their size and the benefits they receive from a well-functioning financial market.
 
The majority of the FMA levy will be collected through the Financial Service Providers Register.
 
"The tiered levy system was finalised following a thorough consultation period with stakeholders. I'm confident we've struck the right balance," says Mr Foss.
 
The new fees and levies will apply from 1 August 2012. Regulations giving effect to the changes will be published in the Gazette on 7 June 2012.
 
All companies will be subject to a re-introduced Companies Office annual return fee, and $10 FMA and $10 XRB levies.
 
Personal Property Securities Register fees will be increased and the Companies Office company registration fee has been slightly reduced.
 
Further information can be found at www.business.govt.nz/companies/2012-fee-changeswww.med.govt.nz/fma-paper