Consultation opens on 2021 FMA funding and levies review
Published: 05 October 2021
Consultation has opened on funding and levy options to enable the Financial Markets Authority (FMA) to oversee 3 new legislative regimes: Conduct of Financial Institutions (CoFI), Insurance Contract Law (ICL) and Climate-related Disclosures (CRD).
The FMA and the Ministry of Business, Innovation and Employment (MBIE), as the FMA’s monitoring agency, are consulting on proposed options to ensure the FMA is sufficiently funded to be a credible regulator and successfully implement the new regimes. The consultation seeks to ensure that levy settings are proportionate to the additional resource required.
As the financial markets regulator, the FMA plays a critical role in ensuring New Zealand’s financial markets are fair, efficient and transparent.
The FMA’s funding was last reviewed in 2019/20. With its remit now expanding to cover the CoFI, ICL and CRD regimes, the FMA requires additional funding from 2022/23 onwards.
More information and details on how to have your say are available on the consultation page. Consultation closes on 7 November 2021.
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