New Zealand Law Society - Financial market regulation funding consultation opens

Financial market regulation funding consultation opens

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Submissions are being sought on funding of the Financial Markets Authority (FMA), the External Reporting Board and fees for the New Zealand Companies Office.

A consultation paper says the FMA is seeking views on three funding options, while the Ministry of Business, Innovation and Employment (MBIE) wants feedback on proposed adjustments to the FMA and External Reporting Board levies, and fees for New Zealand Companies Office services.

Submissions close on 22 August 2016. The proposed timeline has analysis of submissions and development of policy by the end of September 2016 with Cabinet consideration in October. It is proposed that any changes would be implemented on 1 July 2017.

Commerce and Consumer Affairs Minister Paul Goldsmith says the FMA's budget was set in 2011, before implementation of the Financial Markets Conduct Act 2013. He says this has led to the FMA having significantly greater functions and responsibilities.

"We want to hear what consumers, industry groups, financial market participants and businesses that have an interest in the FMA think of the options presented and proposed changes to the FMA levy," Mr Goldsmith says.