Regulatory Alerts2017-09-22
Amendment of Market Levy On Funds Under Management
The Securities and Exchange Commission issued this guideline to amend the principal Guideline SEC/GUI/001/01/2017 by deleting paragraph 6. This action suspends the application of the market levy on funds under management for the financial year 2017 effective from July 1, 2017. The suspension does not affect levies collected prior to that date, and other levies including Market Operators, Transaction, and Depository levies remain in full force.
SECURITIES AND EXCHANGE COMMISSION
SEC/GUI/002/09/2017 Preamble This Guideline is issued pursuant to Sections 15 and 209(2) of the Securities Industry Act, 2016 (Act 929). Amendment The Guideline issued by the Securities & Exchange Commission pursuant to Section 15 of the Securities Industry Act, 2016 (Act 929) referred to as SEC/GUI/001/01/2017 (hereinafter referred to as “the principal Guideline”) is hereby amended by deleting paragraph 6 of SEC/GUI/001/01/2017 and thereby suspends its application to Funds under Management for the Financial year 2017 until further notice. This amendment takes effect from 1st July 2017. For the avoidance of doubt, the collection of market levy on funds under management prior to 1st July 2017 is not affected by this amendment. All the other levies: Market Operators Levy, Transaction Levy and Depository Levy still remain in full force and effect with the consequences of Section 209(4) of Act 929. BY ORDER OF THE SECURITIES & EXCHANGE COMMISSION. Dated the 22nd day of September 2017 Market Levy On Funds Under Management