Regulatory Alerts2025-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2025
The Financial Services Commission amended the Consolidated Licensing and Fees Rules 2008 to establish a two-year validity period for Personal Questionnaires, contingent upon the absence of material information changes. The updated provisions mandate fresh questionnaire submissions when material changes occur or when the Commission requires them for beneficial owners, controllers, officers, and shareholders. These licensing amendments take effect on 5 January 2026.
Government Notices 2025 1355 Veemul iMac4/Govt Notices/2025/The FS_Consolidated Licensing and Fees_Amd No. 2_ Rules 2025 17.12.2025 - 1st Proof MINS Veemul iMac4/Govt Notices/2025/The FS_Consolidated Licensing and Fees_Amd No. 2_ Rules 2025 17.12.2025 - 1st Proof MINS Government Notice No. 132 of 2025 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act
- These Rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2025.
- In these Rules – “principal Rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The principal Rules are amended in Rule 7 by inserting the following new paragraphs immediately after paragraph (4) – (4A) Notwithstanding paragraphs (2), (3) and (4), the Commission may, in such circumstances which it considers appropriate, deem a Personal Questionnaire to be valid where the latter has been submitted within a period of two years from the date of its initial submission, provided that there has been no material change in the information provided in the initial Personal Questionnaire. (4B) For the avoidance of doubt – (a) in case of a material change in the initial Personal Questionnaire, a fresh Personal Questionnaire shall be submitted to the Commission; and (b) nothing in paragraph (4A) shall prevent the Commission from requiring any beneficial owner, controller, officer or shareholder of an applicant or licensee to fill in a fresh Personal Questionnaire where it is deemed necessary. Veemul iMac4/Govt Notices/2025/The FS_Consolidated Licensing and Fees_Amd No. 2_ Rules 2025 17.12.2025 - 1st Proof MINS
Veemul iMac4/Govt Notices/2025/The FS_Consolidated Licensing and Fees_Amd No. 2_ Rules 2025 17.12.2025 - 1st Proof MINS 1356 Government Notices 2025 By Authority: Government Printing Department, La Tour Koenig 102/12/2025 – 896 Veemul iMac4/Govt Notices/2025/The FS_Consolidated Licensing and Fees_Amd No. 2_ Rules 2025 17.12.2025 - 1st Proof MINS 4. These Rules shall come into operation on 05 January 2026. Made by the Financial Services Commission on 17 December 2025.