Regulatory Alerts2020-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 1) Rules 2020
The Financial Services Commission amended the Consolidated Licensing and Fees Rules 2008 to establish dedicated licensing categories for Single and Multiple Family Offices. The amendment specifies a USD 2,500 processing fee and USD 5,000 fixed annual fee for Single Family Offices, alongside a USD 5,000 processing fee and USD 10,000 fixed annual fee for Multiple Family Offices. These updated licensing provisions and fee structures officially take effect on 7 March 2020.
Government Notices 2020 229 Ziyaad iMac1/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 1) Rules 2020. - 06.03.2020 - 1st Proof Government Notice No. 73 of 2020 FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007
- These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 1) Rules 2020.
- In these rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The First Schedule to the principal rules is amended, in PART I, under the heading “FINANCIAL SERVICE PROVIDERS/ ACTIVITIES”, by inserting immediately after item FS- 1.14 the following new items – Code Licence Section Act Processing Fee Fixed Annual Fee Variable Annual Fee FS-1.15 Single Family Office 14 USD 2500 USD 5000 - FS-1.16 Multiple Family Office 14 USD 5000 USD 10,000 -
- These rules shall come into operation on 7 March 2020. Made by the Financial Services Commission on 7 March 2020.