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2019-06-05

Consolidated Financial Institutions (Bank Licence Fees) 2010-2014

The Central Bank of Seychelles, in consultation with the Minister of Finance, issued these regulations to establish a fixed application processing fee of R75,000 and a tiered annual banking licence fee structure based on total assets. The regulations mandate that applicants pay the processing fee upon submission and the annual fee upon licence grant, with amounts scaling from R250,000 for institutions under R300 million in assets to R1,000,000 for those exceeding R5 billion. Subsequent statutory instruments in 2012 and 2014 amended the fee schedules to reflect updated asset thresholds and corresponding annual charges.

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(Regulation 3) (Regulation 4) S.I 21 of 2010 FINANCIAL INSTITUTION ACT, 2004 (Act 14 of 2004) Financial Institutions (Bank Licence Fees) Regulations, 2010 (as amended in 2012 and 2014) In exercise of the powers conferred by section 5 and 10 of the Financial Institutions Act, 2004, the Central Bank of Seychelles, in consultation with the Minister of Finance, makes the following Regulations –

  1. These Regulations may be cited as the Financial Institutions (Bank Licence Fees) Regulations, 2010.
  2. These Regulations shall be deemed to have come into operation on 1 st January, 2010.
  3. An applicant shall, upon submission of an application for a banking licence, pay the application processing fee as specified in Schedule I to these Regulations.
  4. An applicant shall, upon the grant of a banking licence before commencement of business and thenceforth annually, pay the annual fee specified in Schedule II to these Regulations. SCHEDULE I PROCESSING FEES Banking licence R75,000 SCHEDULE II ANNUAL FEES Total Assets Annual Fees Less than R300,000,000 R250,000 R300,000,000 or more but less than R1,000,000,000 R500,000 R1,000,000,000 or more but less than R5,000,000,000 R750,000 Amended by S.I 37 of 2012 Amended by S.I 37 of 2012 Amendment of S.I 37 of 2012 as amended by S.I 18 of 2014 Citation Commencement Processing Fee Annual Fee

R5,000,000,000 or more R1,000,000 MADE this 19th day of February, 2010 PIERRE LAPORTE GOVERNOR CENTRAL BANK OF SEYCHELLES

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