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2020-01-01

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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Government Notices 2020 647 Government Notice No. 210 of 2020 THE FINANCIAL SERVICES ACT 2007 FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act 2007

  1. These rules may be cited as the Financial Services (Administrative Penalties) (Amendment) Rules 2020.
  2. In these rules – “principal rules” means the Financial Services (Administrative Penalties) Rules 2013.
  3. 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$*) An obligation, pursuant to Rule 11 of the Financial Services (Investment Banking) Rules 2016, to file an annual report with the Commission within such time as may be required. Rs 300 (US$ 10)
  4. Commencement These rules shall come into operation on 3 September 2020. Made by the Financial Services Commission on 3 September
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