Published 6 June 2012
Commerce Minister Craig Foss announced new levies for the Financial Markets Authority & External Reporting Board today, plus a new fee structure for the Companies Office.
He said the levies would provide $16.4 million/year for the authority and $3.66 million/year for the board.
Mr Foss said: “New Zealand needs well functioning capital markets to provide a vital source of finance to help our businesses grow. The new levy & fee structures will help fund a well regulated market that all investors can trust. It’s important that our regulators are properly resourced.”
The Financial Markets Authority 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. Most of this levy will be collected through the Financial Service Providers Register.
Regulations giving effect to the changes will be published in the Gazette tomorrow, 7 June, and the new fees & levies will apply from 1 August.
Mr Foss said all companies would also be subject to a reintroduced Companies Office annual return fee, and 2 $10 levies for the authority & board. Personal Property Securities Register fees will be increased and the Companies Office company registration fee has been slightly reduced.
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Attribution: Ministerial release, Companies Office, story written by Bob Dey for the Bob Dey Property Report.