Regulatory Alerts2025-01-21
Statutory Instrument No. 52 of 2017: Non-Bank Financial Institutions Regulatory Authority (Supervisory Levies) Regulations
The Minister of Finance and Economic Development issued these regulations to establish annual supervisory levies for non-bank financial institutions, mandating payments calculated to recover operational costs. Institutions may pay levies as a lump sum by April 30 or in two equal installments, with interest charged at the prevailing prime rate on unpaid balances and penalty levies applied to under-collection caused by misstatements. The schedule details fixed and variable levy rates across seventeen regulated entity types, including asset managers, insurance companies, micro lenders, and securities exchanges, while revoking the 2016 supervisory levies regulations.
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