Regulatory Alerts2016-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2016
The Financial Services Commission has amended the 2008 Consolidated Licensing and Fees Rules by inserting a new licensing category for Funeral Scheme Management into the First Schedule. This change establishes specific fee requirements of Rs 25,000 and Rs 50,000 for the newly classified activity. The updated regulations officially commence on 1 October 2016, directly applying to all relevant financial service providers.
1686 Government Notices 2016
Government Notice No. 198 of 2016
FINANCIAL SERVICES ACT
FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007
1. Citation
These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2016.
2. Interpretation
In these rules –
“principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
3. The principal Rules amended
The First Schedule to the principal Rules is amended, in PART I, under the heading “FINANCIAL SERVICE PROVIDERS/ ACTIVITIES”, by inserting immediately after item FS-1.10, the following new item –
FS-1.11 Funeral Scheme 14 Rs 25,000 Rs 50,000 - Management
4. Commencement
These rules shall come into operation on 01 October 2016.
Made by the Financial Services Commission on 27 September 2016.