Consultation on regulations under the Financial Markets (Conduct of Institutions) Amendment Act 2022 – proposed licensing fees

closed
Submissions closed: 26 October 2022, 5pm

The Ministry of Business, Innovation and Employment (MBIE) sought feedback on a discussion paper on proposed regulations under the Financial Markets (Conduct of Institutions) Amendment Act 2022 regarding licensing fees.

The feedback from this consultation will inform the levels at which licensing fees are set.

In September 2019, Cabinet agreed that banks, insurers and non-bank deposit takers will be required to be licensed under Part 6 of the Financial Markets Conduct Act 2013 in respect of their conduct in relation to retail customers. The licensing regime will be monitored and enforced by the Financial Markets Authority.

For more information on the proposed licensing fees please refer to the discussion document published below.

MBIE also consulted on proposed regulations regarding sales incentives to support the new regime. You can access that consultation webpage below:

Consultation on exposure draft of regulations under the Financial Markets (Conduct of Institutions) Amendment Act 2022 – prohibition of certain sales incentives

Last updated: 11 November 2022