Regulatory Alerts2020-01-01
Financial Services (Administrative Penalties) (Amendment) Rules 2020
The Financial Services Commission issued these amendment rules to modify the administrative penalty schedule for investment banking compliance. The changes insert a new schedule item establishing a fixed penalty of Rs 300 (US$10) per business day for failing to file annual reports as mandated by the 2016 Investment Banking Rules. The amended provisions commenced operation on 3 September 2020.
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