Regulatory Alerts2020-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2020
The Financial Services Commission issued these rules to formally classify Peer-to-Peer Lending as a distinct financial service activity. The amendment adds a new schedule item specifying application and annual license fees of Rs 30,000 (USD 1,000) and Rs 60,000 (USD 2,000), plus a regulatory charge of 0.35 percent on gross peer-to-peer lending revenues. These licensing and fee structures commence on 15 August 2020, establishing clear financial obligations for new and existing providers in this sector.
Government Notices 2020 557 Reena_imac 2/Govt Notices/2019/XXXXX - xx.xx.2019 - 1st Proof Reena_IMAC2/Govt Notices/2020/ FS_Consolidated Licensing and fees_amd 3/ 140.08.2020 - 1st Proof Government Notice No. 185 of 2020 FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act 2007
- Citation These rules may be cited as the Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2020.
- Interpretation In these rules – “Principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
- The Principal rules amended The First Schedule to the Principal rules is amended, in PART I, under the heading “FINANCIAL SERVICE PROVIDERS/ ACTIVITIES”, by inserting immediately after item FS- 1.16 the following new item – FS-1.17 Peer to Peer Lending 14 Rs 30,000 (USD 1,000) Rs 60,000 (USD 2,000) 0.35% of gross fees from Peer to Peer lending activities
- Commencement These rules shall come into operation on 15 August 2020. Made by the Financial Services Commission on 15 August 2020. –––––––––– By Authority: Government Printing Department, La Tour Koenig 104/08/2020 – 1074