Commerce Minister Simon Power has announced Cabinet approval for the operating budget for the FMA. The budget will be $24 million in 2011/12, increasing to $28 million in 2013/14 to reflect the emphasis on market intelligence, investigation and enforcement, and some additional transition costs. 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 previous regulators.
Under the Financial Markets Authority Act 2011 the FMA is also to receive 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 which are to be prescribed in regulations under the Act. The Government expects to release a discussion document shortly, seeking public comment on the proposed fees and levies.