Regulatory Alerts2021-01-01
Securities (Brokerage Fees for Turnaround Trades) (Amendment) Rules 2021
The Financial Services Commission issued these amendment rules to modernize brokerage fee regulations for turnaround trades by replacing legacy definitions of CDS and SEM with licensed clearing facilities and securities exchanges. Investment dealers must now charge fair brokerage fees relative to transaction values, publish their maximum fees on company websites according to a prescribed schedule, and remit 0.005 percent of each transaction's consideration to the Commission. The regulator retains authority to mandate downward fee revisions when charges prove excessive or abusive, with the updated framework taking effect on 3 April 2021.
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