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Financial Markets Authority Act 2011

Miscellaneous provisions - Fees, charges, costs, and levies

69: FMA must consult about request for appropriation

You could also call this:

“FMA must talk to people before asking for money”

The Financial Markets Authority (FMA) needs to talk to certain people before asking for money from the government. This is about money they want to get back through fees from specific people or groups.

Before the FMA asks the Minister for money for the next year, or if they want to change how much money they get this year, they need to chat with some people. These people are:

Those who can speak for the folks who have to pay the fees. Other people who the FMA thinks will be greatly affected by these fees.

When they talk to these people, the FMA needs to discuss how much of their costs should be paid by these fees.

After they’ve had these chats, the FMA has to tell the Minister what everyone said.

This rule started for money requests from 1 July 2013 onwards.

If the FMA forgets to do this, it doesn’t make the rules about the fees invalid.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3231764.

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68: Levy of financial markets participants and other persons registered or incorporated under Acts referred to in Schedule 1, or

"People and companies in finance pay money to help run the FMA"

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70: Interpretation, or

"Words and their meanings in this part of the law"

Part 4 Miscellaneous provisions
Fees, charges, costs, and levies

69FMA must consult about request for appropriation

  1. The FMA must, before submitting a request to the Minister seeking an appropriation of public money for the following year, or any change to an appropriation for the current year, that relates to costs that are intended to be recovered by way of levies under section 68, consult about that request with—

  2. the persons or organisations that the FMA considers are able to represent the views of those specified persons who are liable to pay a levy under that section; and
    1. any other representatives of persons whom the FMA believes to be significantly affected by a levy.

      1. Consultation under subsection (1) must include consultation relating to the portion of the costs of the FMA that should be met by the levies.

      2. The FMA must, at the time when the request is submitted, report to the Minister on the outcome of that consultation.

      3. This section applies to requests in respect of the financial year beginning on 1 July 2013 and later financial years.

      4. A failure to comply with this section does not affect the validity of any regulations made under section 68.