Financial Markets Authority funding

This page explains how the Financial Markets Authority (FMA) is funded. It includes information about the 2021, 2019/20 and 2016 funding reviews.

How the FMA is funded

The Financial Markets Authority (FMA) is funded through a combination of Crown funding and a levy charged to financial market participants.

The levies are set in the Financial Markets Authority (Levies) Regulations 2012. These regulations were amended in 2017 following a review of the FMA’s funding and levies.

Financial Markets Authority (Levies) Regulations 2012(external link) — New Zealand Legislation

The FMA also charges fees for certain services that it completes for market participants.

These fees are set in the Financial Markets Authority (Fees) Regulations 2011 and the Financial Markets Conduct (Fees) Regulations 2014.

Financial Markets Authority (Fees) Regulations 2011(external link) — New Zealand Legislation

Financial Markets Conduct (Fees) Regulations 2014(external link) — New Zealand Legislation

In this section

2021 funding and levy review

In 2021, MBIE and the FMA initiated a review of the FMA’s funding requirements and the FMA levy. The review was commenced in response to the FMA’s expanding remit under 3 new legislative regimes: Conduct of Financial Institutions (CoFI), Insurance Contract Law (ICL) and Climate-Related Disclosures (CRD).

2019/20 funding and levy review

In 2019, MBIE and the FMA initiated a review of the FMA’s funding requirements and the FMA levy. The review was commenced in response to cost pressures resulting from the FMA’s evolving regulatory environment and remit.

2016 funding and levy review

In October 2016, Cabinet approved a number of changes to the funding of the Financial Markets Authority, the External Reporting Board and the Companies Office.

Last updated: 15 October 2021