Regulatory Alerts2014-03-31
Financial Institutions (Bank Licence Fees) (Amendment) Regulations 2014
The Central Bank of Seychelles, in consultation with the Minister of Finance, Trade and Investment, has issued regulations to amend the banking licence fee structure under the Financial Institutions Act, 2004. These regulations specifically update Schedule 1 of the Financial Institutions (Bank Licence Fees) Regulations, 2010 by replacing the existing R20,000 fee with a new rate of R75,000. Effective upon promulgation on 10 March 2014, the amendment legally mandates the increased fee for all banking licence holders to align with updated regulatory cost requirements.
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