Regulatory Alerts2020-01-01
Securities (Forms and Fees) (Amendment) Regulations 2020
The Minister of Finance, Trade, Investment and Economic Planning amended the 2008 Securities (Forms and Fees) Regulations by replacing Schedule 2 with a comprehensive US dollar fee schedule applicable to securities dealers, investment advisors, exchanges, clearing agencies, and representatives. The revised schedule establishes fixed application, annual licence, search, registration, and examination fees while mandating non-refundable application charges to cover Authority due diligence costs. These regulations come into operation on 1 February 2020 and standardize financial obligations for licence replacements, public register searches, and corporate issuer registrations.
[31st January 2020] Supplement to Official Gazette 55
S.I. 14 of 2020
SECURITIES ACT
(Cap 208)
Securities (Forms and Fees)(Amendment) Regulations, 2020
In exercise of the powers conferred by section 133 of the Securities Act, the Minister responsible for finance on the recommendation of the Securities Authority, makes the following regulations —
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These regulations may be cited as the Securities (Forms and Fees) (Amendment) Regulations, 2020 and shall come into operation on 1st February, 2020.
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The Securities (Forms and Fees ) Regulations, 2008 are hereby amended by repealing Schedule 2 and substituting therefor the following Schedule —
“SCHEDULE 2
FEES
NOTE: Any fee expressed to be an “application” fee is a one-time fee paid upon submission of the application form and accompanying documentation. The fee is non-refundable and allows for the costs of due diligence procedures undertaken by the Authority to thoroughly review the application.
| TYPES OF FEES | AMOUNT IN US $ | EXPLANATION (if applicable) |
|---|---|---|
| 1. Application Fee: | ||
| (a) Securities dealer | $1500 |
56 Supplement to Official Gazette [31st January 2020]
| (a) Investment advisor (company) | $1500 | |
|---|---|---|
| (b) Investment advisor (individual) | $1250 | |
| (c) Representative | $500 | |
| (d) Securities Exchange | $3000 | |
| (e) Clearing Agency | $3000 | |
| (f) Securities Facility | $2000 | |
| 2. Annual Licence Fee: | ||
| (a) Securities dealer | $3000 | |
| (b) Investment advisor (company) | $3000 | |
| (c) Investment advisor (individual) | $2500 | |
| (d) Representative | $750 | |
| (e) Securities Exchange | $7500 | |
| (f) Clearing Agency | $6000 | |
| (g) Securities Facility | $2500 | |
| 3. Fee for Replacement of Licence | $500 | |
| 4. Searches: | ||
| (a) fee for a search of the public register under section 58(4) of the Act | $200 | |
| (b) fee per page for obtaining a copy of any document available on the public register | $2.50 per page |
[31st January 2020] Supplement to Official Gazette 57
| (c) fee per official search under section 58(5) of the Act | $200 | |
|---|---|---|
| 5. Proposed Rule Change fee (Securities Exchanges and clearing agencies) | $1500 | Fee per submission |
| 6. Advertisement filing fee | $50 | Fee per advertisement |
| 7. Registration of corporate issuers fee: | ||
| (a) registration of existing public company | $1000 | |
| (b) registration of company proposing to issue securities to the public | 1/50th of 1% of offering amount to be raised | For an initial public offering, a minimum of 3000, or if 1/50th of 1% is greater, the greater amount will apply |
| 8. Examination Fee: | Fee per person per examination | |
| (a) Investment advisor examination fee | $1500 | |
| (b) Representative examination fee | $1250 |
MADE this 31st day of January, 2020.
MAURICE LOUSTAU-LALANNE MINISTER OF FINANCE, TRADE, INVESTMENT AND ECONOMIC PLANNING