Regulatory Alerts2019-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2019
The Financial Services Commission amended its consolidated licensing regulations to establish a dedicated fee schedule for digital asset custodian services. By adding item FS-1.14 to the First Schedule, the rules mandate a Rs. 175,000 processing fee and a Rs. 350,000 fixed annual fee for this specific activity. The amendments are deemed to come into operation on 1 March 2019, formally integrating digital asset operations into the existing regulatory framework.
Government Notices 2019 323 Vinit/Imac01/Govt Notices/2019/FS_(Consolidated Licensing and Fees) (Amd) Rules 2019 - 01.03.2019 - 2nd Proof Government Notice No. 43 of 2019 THE FINANCIAL SERVICES ACT 2007 FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act 2007, Section 155 of the Securities Act 2005 and Section 130 of the Insurance Act 2005
- These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2019.
- In these rules – “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The First Schedule to the principal rules is amended in PART I, under the heading of “FINANCIAL SERVICE PROVIDERS / ACTIVITIES” by adding the following new item immediately after the item FS-1.13 – Code Licence Section of Act Processing Fee Fixed Annual Fee Variable Annual Fee FS-1.14 Custodian services (digital asset) 14 Rs. 175,000 (USD 5,000) Rs. 350,000 (USD 10,000) -
- These rules shall be deemed to come into operation on 01 March
Made by the Financial Services Commission on 28 February 2019.