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2021-01-01

Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2021

The Financial Services Commission issued these rules to amend the First Schedule of its Consolidated Licensing and Fees Regulations by adding a new category for Robotic and Artificial Intelligence Enabled Advisory Services. The amendment establishes application fees of Rs. 20,000 (USD 500) and annual fees of Rs. 76,000 (USD 1,900) under item FS-1.18. The updated licensing framework takes effect on 12 June 2021, formally integrating automated advisory providers into the existing regulatory structure.

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1738 Government Notices 2021 Government Notice No. 129 of 2021 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act

  1. These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2021.
  2. In these Rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
  3. The First Schedule to the principal rules is amended, in PART I, under the heading “FINANCIAL SERVICE PROVIDERS/ ACTIVITIES”, by adding the following new item – FS-1.18 Robotic and Artificial Intelligence Enabled Advisory Services 14 Rs. 20,000 (USD 500) Rs. 76,000 (USD 1,900)
  4. Commencement These Rules shall come into operation on 12 June 2021. Made by the Financial Services Commission on 12 June 2021.
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