Regulatory Alerts2024-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 6) Rules 2024
The Financial Services Commission amended the principal licensing framework by updating definitions for "reporting issuer" and "withdrawn" applications while restructuring the timing, proration, and refund mechanisms for first annual fees. The revised rules require applicants to submit standard licence, Global Business Licence, and Authorised Company fees at the application stage, with full or partial interest-free refunds available if authorisation is delayed, denied, or deemed withdrawn. These amendments to the Financial Services (Consolidated Licensing and Fees) Rules 2008 take effect on 1 October 2024.
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