Regulatory Alerts2025-01-01
Financial Services (Framework for the Imposition of Administrative Penalties) (Amendment No.2) Rules 2025
The Financial Services Commission issued these rules to modify the administrative penalty settlement framework by introducing a three-stage discount table that offers licensees up to fifty percent off penalties for early settlements before an Enforcement Committee referral, twenty percent between referral and a warning notice, and ten percent thereafter. The amendments also prohibit settlement discussions when a decision notice has been issued, a review application is pending or remitted, or a prior similar settlement exists, unless the Commission determines otherwise. These rules were made on 11 June 2025 and come into operation on 1 July 2025.
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