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.
Nushrat / Imac 02 / Govt Notices / 2023 / The Income Tax (Amendment) Regulations 2023 - 05.07.2023 - 1st Proof_Ministry / SLO Government Notices 2023 637 Government Notice No. 135 of 2023 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2023.
- In these Rules – “principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- Rule 6 of the principal Rules is amended, by inserting after paragraph (1), the following new paragraph – (1A) Notwithstanding paragraph (1)(d), the authority referred to in that paragraph may be given by 2 officers duly authorised by a resolution of the board of directors, where the application is for a licence under the Insurance Act, the Private Pension Schemes Act or the Captive Insurance Act.
- The First Schedule to the principal Rules is amended, in PART I under the heading “Private Pension Schemes” by adding the following new item – Code Licence Relevant section of Private Pension Schemes Act Processing Fee Variable Annual Fee PPS1.3Cv External Pension Scheme (protected cell company) 12 USD 1,000 for the first cell, and USD 300 for every additional cell USD 100 per member
638 Government Notices 2023 5. These Rules shall come into operation on 2 October 2023. Made by the Financial Services Commission on 21 September 2023.