FMA release consultation paper on legislative notices
The Financial Markets Authority (FMA) has published a consultation paper on the cost effectiveness of legislative notices. Legislative notices are exemptions, designations, frameworks or methodologies, and financial reporting level of accountability notices.
FMA has asked for feedback by 31 August 2018.
Who needs to read it?
Participants who rely on legislative notices, their legal advisers and other interested parties.
What does it cover?
FMA is giving users of legislative notices an opportunity to raise with the FMA any examples they have encountered of notices imposing unnecessary regulatory burden where the costs of compliance outweigh the intended benefits.
The consultation is seeking feedback on any notice that:
- has not effectively minimised the compliance costs it aims to address;
- causes unintended compliance cost; or
- could go further to address unnecessary compliance costs not identified when the notice was made.
This consultation is part of FMA’s ongoing efforts to ensure regulatory compliance costs are proportionate to the benefits of regulation for fair, efficient, and transparent markets. FMA's annual Ease of Doing Business Survey, which will be released shortly, is also part of this process.
If you have any questions in relation to the consultation or would like assistance making a submission, please contact one of our experts.
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