Plain language law

New Zealand law explained for everyone

Financial Markets Authority Act 2011

Miscellaneous provisions - Fees, charges, costs, and levies

67: Regulations relating to fees, charges, and costs

You could also call this:

“Rules about paying the Financial Markets Authority for its work”

The Governor-General can make rules about fees and charges for the Financial Markets Authority (FMA). These rules can say that people working in financial markets have to pay fees to the FMA when it does its job. They can also set fees for when someone asks the FMA to do something.

The rules can decide how much these fees are or how to work them out. They can also let the FMA ask for money to cover its costs when someone makes a request.

These rules might let the FMA give back money or not charge fees in some cases. The FMA can refuse to do its job until the fee is paid. If someone doesn’t pay a fee, the FMA can ask a court to make them pay.

The FMA can decide not to charge fees for some people or groups. When they do this, it becomes a new rule, unless it’s just for specific people.

All these rules about fees are called ‘secondary legislation’. This means they need to be published in a certain way, as explained in Part 3 of the Legislation Act 2019.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3637804.

Topics:
Money and consumer rights > Banking and loans Money and consumer rights > Consumer protection Government and voting > Government departments Business > Industry rules Business > Fair trading
Previous

66: Part does not limit Privacy Act 2020, or

"The Privacy Act 2020 still applies, even if this part of the law says something different"

Next

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"

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

67Regulations relating to fees, charges, and costs

  1. The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

  2. requiring the payment to the FMA of fees and charges—
    1. by financial markets participants in connection with the performance or exercise by the FMA of any function, power, or duty under this Act or any other enactment:
      1. on an application or a request to the FMA to perform or exercise any function, power, or duty under this Act or any other enactment:
      2. prescribing the amounts of those fees and charges or the manner in which those fees and charges are to be calculated:
        1. authorising the FMA to require payment of any costs incurred by the FMA in connection with an application or a request referred to in paragraph (a)(ii).

          1. Regulations under subsection (1) may authorise the FMA to refund or waive, in whole or in part and on any conditions as may be prescribed, payment of any fee, charge, or cost payable in relation to any person or class of persons.

          2. The FMA may refuse to perform or exercise a function, power, or duty until the prescribed fee, charge, or cost is paid.

          3. Any fee, charge, or cost payable to the FMA is recoverable by the FMA in any court of competent jurisdiction as a debt due to the FMA.

          4. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

          5. If the regulations authorise the FMA under subsection (2) to grant a refund or waiver,—

          6. the instrument granting the refund or waiver is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements), unless it applies only to 1 or more named persons; and
            1. the regulations must contain a statement to that effect.

              Notes
              • Section 67(2): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
              • Section 67(5): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
              • Section 67(6): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).
              • Section 67(6): amended, on , by regulation 51(a) of the Legislation Act (Amendments to Legislation) Regulations 2021 (LI 2021/247).
              • Section 67(6)(a): amended, on , by regulation 51(b) of the Legislation Act (Amendments to Legislation) Regulations 2021 (LI 2021/247).