Regulatory Alerts2023-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2023
The Financial Services Commission issued the 2023 Amendment No. 2 Rules to modify licensing procedures and fee structures under the Financial Services (Consolidated Licensing and Fees) Rules 2008. The amendment introduces a new paragraph permitting two board-resolved officers to jointly grant licenses for insurance, private pension, and captive insurance schemes. It also updates the First Schedule to establish specific processing and annual fees for external pension schemes operating as protected cell companies, with the rules taking effect on 2 October 2023.
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