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2019-01-01

Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019

The Financial Services Commission issued these rules to amend the 2008 Consolidated Licensing and Fees framework by updating specific licensing thresholds and completely replacing the First and Second Schedules. The revised schedules establish comprehensive processing, fixed annual, and variable annual fees for a broad range of financial service providers, corporate trust services, securities intermediaries, insurers, and pension schemes. These updated fee structures take effect on 1 July 2019 and apply to both local entities and Global Business Licence holders, with USD-denominated fees specified for international applicants.

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654 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Government Notice No. 113 of 2019 FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007.

  1. These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019.
  2. In these rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
  3. The principal rules are amended – (a) in rule 8(3A), by deleting the figure “20,000” and replacing it by the figure “25,000”; (b) by deleting the First Schedule of the principal rules and replacing it by the First Schedule set out in Part I of the Schedule to these rules; (c) by deleting the Second Schedule of the principal rules and replacing it by the Second Schedule set out in the Part II of the Schedule to these rules.
  4. Commencement These Rules shall come into operation on 01 July 2019. Made by the Financial Services Commission on 13 June 2019.

Government Notices 2019 655 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof SCHEDULE Part I FIRST SCHEDULE (Rules 4, 8 and 10) PART 1 Financial Service Providers / Activities Code Licence Section Act Processing Fee Fixed Annual Fee Variable Annual Fee FS-1.1 Assets Management 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900 - FS-1.2 Distribution of Financial Products 14 Rs 10,000 USD 500 Rs 36,000 USD 1,200 - FS-1.3 Pension Scheme Administrator 14 Rs 30,000 USD 1,000 Rs 60,000 USD 2,000 10001- 15000 beneficiaries: 15001-20000 beneficiaries:

20000 beneficiaries: Rs 14,000 USD 450 Rs 18,000 USD 600 Rs 21,000 USD 700 FS-1.5 Registrar and Transfer Agent 14 Rs 10,000 USD 500 RS 36,000 USD 1,200 FS-1.6 Treasury Management 14 Rs.25,000 USD 1,000 Rs 57,000 USD 1,900 51-250 Cos: 251-500 Cos: 500 Cos: Rs 18,000 USD 600 Rs 27,000 USD 900 Rs 36,000 USD 1,200 FS-1.7 Custodian Services (non-CIS) 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900 - FS-1.8 Global Headquarters Administration 14 Rs 30,000 USD 1,000 Rs 75,000 USD 2,500 - FS-1.9 Global Treasury Activities 14 Rs 30,000 USD 1,000 Rs 75,000 USD 2,500 -

656 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Financial Service Providers / Activities Code Licence Section Act Processing Fee Fixed Annual Fee Variable Annual Fee FS-1.10 Global Legal Advisory Services 77A Rs 30,000 USD 1,000 Rs 75,000 USD 2,500 FS-1.11 Funeral Scheme Management 14 Rs 25,000 Rs 50,000 - FS-1.12 Overseas family office (single) 14 Rs 30,000 USD 1,000 Rs75,000 USD 2,500 - FS-1.13 Overseas family office (multiple) 14 Rs 30,000 USD 1,000 which includes the first family and Rs 15,000 (USD 500) for each additional family Rs 75,000 USD 2,500 which includes the first family and Rs 15,000 (USD 500) for each additional family

FS-1.14 Custodian services (digital asset) 14 Rs 175,000 USD 5,000 Rs 350,000 USD 10,000

*The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. Specialised Financial Services/Institutions Code Licence Section of Act Processing Fee Fixed Annual Fee Variable Annual Fee F.S-2.3 Credit Finance 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

Government Notices 2019 657 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Specialised Financial Services/Institutions Code Licence Section of Act Processing Fee Fixed Annual Fee Variable Annual Fee F.S-2.4 Factoring 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

F.S-2.5 Leasing 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

F.S-2.7 Actuarial Services 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

F.S-2.8 Credit Rating Agencies / Rating Agencies 14 Rs 50,000 USD 2,000 Rs 120,000 USD 3,800

F.S-2.9 Payment Intermediary Services 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

F.S-2.10 Representative Office (for financial services provided by a person established in a foreign jurisdiction) 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

F.S-2.11 Other Financial Business Activity 14 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900

*The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence.

658 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Corporate and Trust Service Provider Code Licence Approval Relevant Section of FSA Processing Fee (USD) Fixed Annual Fee (USD) Variable Annual Fee + (USD) FS￾3.1A Management Licence 77 500 5,000

  1. Administrative services to corporations holding a Category 1 Global Business Licence or a Global Business Licence Amount of variable annual fee (USD) Where a licensee administers: (i) 1 to 50* entity/ies holding a Category 1 Global Business Licence or a Global Business Licence;

(ii) 51 to 250* entities holding a Category 1 Global Business Licence or a Global Business Licence; 6,000

Government Notices 2019 659 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Corporate and Trust Service Provider Code Licence Approval Relevant Section of FSA Processing Fee (USD) Fixed Annual Fee (USD) Variable Annual Fee + (USD) (iii) 251 to 500* entities holding a Category 1 Global Business Licence or a Global Business Licence; or 8,000 (iv) more than 500* entities holding a Category 1 Global Business Licence or a Global Business Licence. 10,000 Amount of variable annual fee (USD) 2. Registered Agent services Where a licensee acts as registered agent for: (i) 1 to 50** corporation/s holding Category 2 Global Business Licence;

(ii) 51 to 250** corporations holding Category 2 Global Business Licence; 4,000

660 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Corporate and Trust Service Provider Code Licence Approval Relevant Section of FSA Processing Fee (USD) Fixed Annual Fee (USD) Variable Annual Fee + (USD) (iii) 251 to 500** corporations holding Category 2 Global Business Licence; or 5,000 (iv) more than 500** corporations holding Category 2 Global Business Licence. 6,000 Amount of variable annual fee (USD) 3. Corporate Trusteeship services Where a licensee provides corporate trusteeship services*** 5,000 4. Authorised Company Where a licensee acts as registered agent for – (i) one to 50**** authorised companies;

Government Notices 2019 661 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Corporate and Trust Service Provider Code Licence Approval Relevant Section of FSA Processing Fee (USD) Fixed Annual Fee (USD) Variable Annual Fee + (USD) (ii) 51 to 250**** authorised companies; 4,000 (iii) 251 to 500**** authorised companies 5,000 (iv) more than 500**** authorised companies 6,000 **** The number of Authorised Companies for which the licensee acted as registered agent, on 31st December of the year preceding the financial year for which fees are being paid. FS￾3.1B Management Licence (Qualified Corporate Trustee only) 77 500 5,000 - FS-3.2 Nominee Company (Approval) 78 250 400 -

662 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof

  • Where a licensee provides more than one service mentioned in the sixth column, the annual variable fee provided for each type of services shall be applicable.
  • The number of entities holding a Category 1 Global Business Licence under the administration of the holder of the licensee, on 31st December of the year preceding the financial year for which fees are being paid. **The number of corporations holding a Category 2 Global Business Licence for which the licensee acted as registered agent, on 31st December of the year preceding the financial year for which fees are being paid. *** In case the licensee provided Corporate Trusteeship Services on 31st December of the year preceding the financial year for which fees are being paid. Self-Regulatory Organisations (SROs) Code Declaration / Recognition Relevant Section of FSA Processing Fee Fixed Annual Fee Variable Annual Fee FS-5.1 SRO 33 To be determined by the Commission on each case Investment Banking Code Licence Relevant Section of FSA Processing Fee Fixed Annual Fee Variable Annual Fee FS-6.1 Investment Banking Licence 79A Rs 100,000 Rs 500,000 -

Government Notices 2019 663 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Providers of Market Infrastructure Code Licence Relevant Section of Securities Act Processing Fee (Rs) Fixed Annual Fee (Rs) Variable Annual Fee SEC-1.1 Securities Exchange 9 250,000 Minimum of 500,000 To be determined by the Commission SEC-1.2 Clearing and Settlement Facility 10 250,000 Minimum of 500,000 To be determined by the Commission SEC-1.3 Securities Trading Systems 11 250,000 - - Reporting Issuer Code Registration Relevant Enactment Registration Fee (Rs) Fixed Annual Fee (Rs) Variable Annual Fee SEC-4.4 Reporting Issuer S 86 and Rule 3 of Securities (Disclosure Obligations of Reporting Issuer) Rules 2007 15,000 - - Securities or Capital Market Intermediaries Code Licence Relevant Section of Securities Act Processing Fee Fixed Annual Fee Other Fee SEC-2.1A Investment Dealer (Full Service Dealer including Underwriting) 29 and 53 Rs100,000 USD 3000 Rs 290,000 USD 9500 As per Stock Exchange (Brokerage) Regulations 1989 SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting) 29 Rs 7,500 USD 750 Rs 75,000 USD 2500 SEC-2.2 Investment Dealer (Broker) 29 Rs 5,000 USD 500 Rs 60,000 USD 2000 SEC-2.3 Investment Dealer (Discount Broker) 29 Rs 2,500 USD 250 Rs 45,000 USD 1500

664 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Securities or Capital Market Intermediaries Code Licence Relevant Section of Securities Act Processing Fee Fixed Annual Fee Other Fee SEC-2.4 Investment Adviser (Unrestricted) 30 Rs 5,000 USD 500 Rs 57,000 USD 1,900

SEC-2.5 Investment Adviser (Restricted) 30 Rs 5,000 USD 500 Rs 36,000 USD 1,200

SEC-2.5A Investment adviser (corporate finance advisory) 30 Rs 7,500 USD 750 Rs 75,000 USD 2,500

SEC-2.6A Representative of Investment Dealer (Full Service Dealer) Type 1 29 Rs 2,500 USD 250 Rs 27,000 USD 900

SEC-2.6B Representative of Investment Dealer (Full Service Dealer) Type 2 29 Rs 2,500 USD 250 Rs 27,000 USD 900

SEC-2.6C Representative of Investment Dealer (Full Service Dealer) Type 3 29 Rs 2,500 USD 250 Rs 27,000 USD 900

SEC-2.6D Representative of Investment Dealer (Broker) Type 1 29 Rs 2,500 USD 250 Rs 27,000 USD 900 - SEC-2.6E Representative of Investment Dealer (Broker) Type 2 29 Rs 2,500 USD 250 Rs 27,000 USD 900

SEC-2.6F Representative of Investment Dealer (Discount Broker) 29 Rs 2,500 USD 250 Rs 27,000 USD 900

Government Notices 2019 665 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Securities or Capital Market Intermediaries Code Licence Relevant Section of Securities Act Processing Fee Fixed Annual Fee Other Fee SEC-2.7A Representative of Investment Adviser (Unrestricted) 30 Rs 2,500 USD 250 Rs 27,000 USD 900

SEC-2.7B Representative of Investment Adviser (Restricted) 30 Rs 2,500 USD 250 Rs 27,000 USD 900

SEC-2.7C Representative of Investment adviser (corporate finance advisory) 30 Rs 2,500 USD 250 Rs 27,000 USD 900 *The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence, and its representatives respectively. Investment Dealers-Government of Mauritius/Bank of Mauritius Securities Code Licence Relevant Section of Securities Act Processing Fee Fixed Annual Fee Other Fee SEC-3.0 Investment Dealer (Government of Mauritius Securities and Bank of Mauritius Securities Segment) 29 Rs 2,500 Rs 20,000 -

666 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Collective Investment Schemes and Closed-end funds Code Authorised / Recognised / Approved Relevant Section of Securities Act Processing Fee Fixed Annual Fee Collective Investment Scheme (CIS) SEC-3.1A CIS (Single fund) 97 Rs.25,000 USD 1,000 Rs 90,000 USD 3,000 SEC￾3.1Bv CIS (having more than 1 fund) 97 Rs.25,000 USD 1,000 which includes the first fund and Rs.5,000 USD 300 for each additional fund Rs 90,000 USD 3,000 which includes the first fund and Rs 18,000 USD 600 for each additional fund SEC￾3.1Cv CIS (Protected Cell Company) 97 USD 1,000 which includes the first cell and USD 300 for each additional cell USD 3,000 which includes the first cell and USD 600 for each additional cell Closed-end fund SEC-3.2A Closed-end fund (Single Fund) 97 Rs.25,000 USD 1,000 Rs 90,000 USD 3,000 SEC￾3.2Bv Closed-end fund (having more than 1 fund) 97 Rs.25,000 USD 1,000 which includes the first fund and Rs.5,000 USD 300 for each additional fund Rs 90,000 USD 3,000 which includes the first fund and Rs 18,000 USD 600 for each additional fund

Government Notices 2019 667 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Collective Investment Schemes and Closed-end funds Code Authorised / Recognised / Approved Relevant Section of Securities Act Processing Fee Fixed Annual Fee SEC￾3.2Cv Closed￾end fund (Protected Cell Company) 97 USD 1,000 which includes the first cell and USD 300 for each additional cell USD 3,000 which includes the first cell and USD 600 for each additional cell Foreign Scheme SEC-3.3A Single Fund 101 USD 1,000 - SEC-3.3B Scheme with more than 1 sub-fund - For the recognition of the 1st to 25th sub-fund USD 1,000 for each sub-fund - For the recognition of the 26th to 50th sub-fund USD 750 for each additional sub-fund - For the recognition of the 51st sub fund and any additional sub fund USD 500 for each additional sub fund - *Except for the fees under the heading Foreign Scheme, the fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence

668 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof CIS Functionaries and Professionals Code Licence/ Approval Relevant Section of Securities Act Processing Fee Fixed Annual Fee SEC-4.1 Custodian 100 Rs 25,000 USD 1,000 Rs 75,000 USD 2,500 SEC-4.2 CIS Manager 98 Rs 25, 000 USD 1,000 Rs 75,000 USD 2,500 SEC-4.3 CIS Administrator (Approval) 99 Rs 15,000 USD 500 Rs 36,000 USD 1,200 *The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a Corporation holding a Global Business Licence. Foreign Investment Dealers trading on SEM Code Authorisation Relevant Section of Securities Act Processing Fee (USD) Fixed Annual Fee (USD) Other fees SEC-6.1 Foreign Investment Dealer (Full Service Dealer including underwriting) 29(3) USD 3,000 9,000 Brokerage Fees payable under the Stock Exchange (Brokerage) Regulations 1989 or any other enactment, as may be applicable. SEC- 6.2 Foreign Investment Dealer (Full Service Dealer excluding underwriting) 29(3) USD 750 2,500 SEC-6.3 Foreign Investment Dealer (Broker) 29(3) USD 500 2,000 SEC-6.4 Foreign Investment Dealer (Discount Broker) 29(3) USD 250 1,500

Government Notices 2019 669 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Remote Custodians participating on a clearing and settlement facility licensed under the Securities Act 2005 Code Recognition Relevant Section of Securities Act Processing fee (USD) Fixed Annual Fee (USD) SEC-7.1 Remote custodian 155(2)(xc) USD 1,000 1,900 Insurers / Reinsurers Code Licence Relevant Section Of Insurance Act Processing Fee Fixed Annual Fee Variable Annual Fee - payable on quarterly basis ┼ INS￾1.1 Long-Term Insurance Business 11 Rs 75,000 Rs 125,000 (0.35% * Gross Premium from policies issued on or after 1 July 2008 INS 1.1Av Long-Term Insurance Business (protected cell company) 11 USD 2,500 for the first cell, and USD 750 for every additional cell USD 3,800 for the first cell, and USD 750 for every additional cell (0.35%* Gross Premium from policies issued) INS￾1.2 General Insurance Business 11 Rs 75,000 Rs.125,000 (0.35% * Gross Premium) INS 1.2Av General Insurance Business (protected cell company) 11 USD 2,500 for the first cell, and USD 750 for every additional cell USD 3,800 for the first cell, and USD 750 for every additional cell (0.35%* Gross Premium) INS￾1.3 External Insurance Business 11 USD 1,000 USD 1,900 -

670 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof INS￾1.3Av External Insurance Business (protected cell company) 11 USD 1,000 for the first cell, and USD 300 for every additional cell USD 1,900 for the first cell, and USD 400 for every additional cell

INS￾1.4 Professional Reinsurer 11 Rs 25,000 USD 1,000 Rs 57,000 USD 1,900 - INS￾1.4Av Professional reinsurer (protected cell company) 11 USD 1,000 for the first cell, and USD 300 for every additional cell USD 1,900 for the first cell, and USD 400 for every additional cell

*The fees set out in US$ shall be applicable only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence ┼the variable annual fees corresponding to the licence shall be payable within 20 days after the end of every quarter in September, December, March and June. Insurance Service Providers Code Licence Relevant Section of Insurance Act Processing Fee Fixed Annual Fee INS-2.1 Insurance Manager 70 USD 1,000 USD 1,900 INS-2.2 A Insurance Agent (Company) 70 Rs.5,000 USD 500 Rs 19,000 USD 1,200 INS-2.2 B Insurance Agent (Individual) 70 Rs.2,500 Rs 7,500 INS-2.3 Insurance Broker 70 Rs.10,000 USD 750 Rs 57,000 USD 1,900

Government Notices 2019 671 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof INS-2.4 Insurance Salesperson (Registration) 75 Rs.1,000 Rs 2,500 INS-2.5 Claims Professional 78 Rs.25,000 - *The fees set out in US$ shall be applicable for a Global Business Licence or a corporation holding a Global Business Licence. The Trust Act 2001 Code Approval/Authorisation Relevant Section of Trust Act Processing Fee Rupees (Rs) TAC-1.1 Qualified Trustee (other than a Management Company) - Authorisation 2 Rs 10,000 TAC-1.2 Enforcer (purpose trust created by a Mauritian national only) 19 and 21 - TAC-1.3 Successor to Enforcer (purpose trust created by a Mauritian national only) 19 - Private Pension Schemes Code Licence / Authorisation Relevant Section of Private Pension Schemes Act Processing Fee Variable Annual Fee PPS-1.1 Pension Scheme 9 Rs 6,000 Rs 30 per member PPS-1.2 Foreign Pension Scheme 10 USD 200 USD 1 per resident member PPS-1.3 External Pension Scheme 12 USD 200 USD 1 per member

672 Government Notices 2019 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Authorisation to administer Private Pension Schemes Code Authorisation Relevant Section of Private Pension Schemes Act Processing Fee Annual Fee Variable Annual Fee PPS￾2.1 Governing body to administer Private Pension Scheme 27 Rs 30,000 USD 1,000

PPS￾2.2 Long-term insurer to administer Private Pension Scheme 27 Rs 30,000 USD 1,000 Rs 50,000 USD 1,700 10001-15000 beneficiaries: 15001-20000 beneficiaries:

20000 beneficiaries: Rs 10,000 USD 350 Rs 15,000 USD 500 Rs 20,000 USD 700 Captive Insurance Business Code Licence/ Authorisation Relevant section of Captive Insurance Act Processing Fee (USD ) Fixed Annual Fee (USD ) CI-1.1 Pure Captive Insurance Business 7 - 2,000 CI-2.1 Captive Insurance Agent 9 1,000 1,500 Part 2 Global Business Licence Code Licence Relevant Section of FSA Processing Fee USD Annual Fee USD FS-4.1 Category 1 Global Business Licence or Global Business Licence 72 500 1,950 FS-4.2 Category 2 Global Business Licence 72 100 235* FS-4.3 Authorised Company 71A 150 350* *This amount excludes the annual registration fee of $ 65, or such other fee as the Registrar of Companies may determine, payable to the Registrar of Companies.

Government Notices 2019 673 Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof Part 3 First Annual Licence Fee Months in which application is made GBC / GBC 1 (USD) GBC2 (USD ) Nominee (USD ) Management Licence (USD ) July - September 1,950 235 400 5,000 October - December 1,470 175 300 3,750 January - March 975 120 200 2,500 April - June 490 60 100 1,250 Part II Second Schedule (Rule 14) Part 1 Charges Description Fees and Charges Payable for (USD ) If Annual Fee paid on GBC / GBC 1 GBC2 Due Date 1,950 235 Within 1 month after due date 2,145 260 After 1 month, but within 3 months after due date 2,440 300 After 3 months, but within 6 months after due date 2,925 350 After 6 months, but within 12 months after due date 3,900 470

Ziyaad_imac 2/Govt Notices/2019/The Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2019 - 13.06.2019 - 1st Proof 674 Government Notices 2019 By Authority: Government Printing Department, La Tour Koenig 62/06/19 – 1179 Part 2 Reinstatement Description GBC / GBC 1 USD GBC2 USD Reinstatement Fee 500 100 Charges payable for the period starting from the date the licence lapsed to the date of application for reinstatement 300 per month* 50 per month* *Includes the month within which the application for reinstatement is made. Part 3 - CHARGES FOR AUTHORISED COMPANY Description of fees and charges payable USD If annual fee paid – (a) on due date 350 (b) within one month after due date 390 (c) after one month, but within 3 months after due date 450 (d) after 3 months, but within 6 months after due date 525 (e) after 6 months, but within 12 months after due date 705 Part 4 – REINSTATEMENT OF AUTHORISED COMPANY USD Reinstatement Fee 150 Monthly charges payable for the period starting from the date the licence lapsed to the date of application for reinstatement 75 *Includes the month within which the application for reinstatement is made

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