FMA super-regulator to get $24m funding in first year
The cabinet has assigned $24million funding in the first year for the new Financial Markets Authority, which begins operation on 1 May.
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The cabinet has assigned $24million funding in the first year for the new Financial Markets Authority, which begins operation on 1 May.
The budget will increase to $28 million in 2013/14 to reflect the emphasis on market intelligence, investigation and enforcement, and some additional transition costs, Commerce Minister Simon Power said today.
The budget for 2014/15 and beyond will be about $26 million – an increase of around 44 per cent over the $18 million budget for the current regulators.
Mr Power said funding will be a combination of Crown and third-party funding, where services are provided to specific market participants for their individual or group benefit. Third-party funding will be sourced from fees and levies paid under the new legislation - a discussion paper on which will be released soon.
The discussion document will also contain fees and levy proposals for the Companies Office, the Insolvency and Trustee Service, and the External Reporting Board. This will provide a clearer picture of government fee and levy changes in the financial sector, Mr Power said.
NBR staff
Wed, 20 Apr 2011
Wed, 20 Apr 2011
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FMA super-regulator to get $24m funding in first year
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