Regulatory Alerts2020-01-01
Financial Services (Administrative Penalties) (Amendment No 2) Rules 2020
The Financial Services Commission amended the administrative penalty framework by inserting a new schedule item that mandates a daily fine of Rs 300 (US$10) for each business day of non-compliance when filing Risk Management Framework documentation. This requirement applies to obligations established under the Insurance (Risk Management) Rules 2016 and the Insurance Act 2005. The amended rules commenced operation on 24 October 2020.
Government Notices 2020 873 Government Notice No. 263 of 2020 THE FINANCIAL SERVICES ACT 2007 FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act 2007
- These rules may be cited as the Financial Services (Administrative Penalties) (Amendment No. 2) Rules 2020.
- In these rules – “principal rules” means the Financial Services (Administrative Penalties) Rules 2013.
- The Schedule (Rule 3) to the principal rules is amended by inserting the following new item – Legal Obligation Amount of administrative penalty for each business day of non-compliance (Rupees /US$*) An obligation, pursuant to rules 3 (3) and 5 (7) of the Insurance (Risk Management) Rules 2016 made under section 93 of the Act and section 130 of the Insurance Act 2005, to file any documentation or report relating to its Risk Management Framework with the Commission within such time as may be required. Rs 300 (US$ 10)
- Commencement These rules shall come into operation on 24 October 2020. Made by the Financial Services Commission on 24 October
OliImac2 / Govt Notices 2020 / FSC / The Financial Services (Administrative Penalties) (Amendment No. 2) Rules 2020 1 Proof - 25.10.2020