Fees Payable for Issuance, Transfer and Disposal of Shares under the Securities Act 2007

Circular No. 15 of 2025 Date: 16th December 2025 Fees payable for Issuance, Transfer and Disposal of shares under the Securities Act, 2007. The Financial Services Authority (The Authority) hereby issues this circular to inform licensees on the application of fees payable for approvals relating to the issuance, transfer, and disposal of shares, as prescribed under the Securities Act, 2007 (the Act), and the Securities (Forms and Fees) (Amendment of Second Schedule) Regulation, 2024. Legislative provisions Section 60(1) of the Act states that “No shares in a licensee which is a company shall be issued, and no issued shares shall be voluntarily transferred or disposed of, without the proper approval of the Securities Authority”. Section 60(1A) of the Act states that, “licensee shall submit an application to the Authority for approval under subsection (1) accompanied by such fees as may be prescribed by the Minister by Regulations.” Regulation 2, item 12 of the Securities (Forms and Fees) (Amendment of Second Schedule) Regulations, 2024 states that a fee of USD 500 is required for approval relating to the issuance, transfer, or disposal of shares. Interpretation Following a review of the legislative provisions and current operational procedures, the Authority confirms that the prescribed fee of USD 500 is applicable per shareholder involved in a transfer or disposal of shares, rather than per application package submitted. As each shareholder executes their own transfer or disposal, each action constitutes a separate approval transaction under section 60(1) of the Act. Accordingly, the fee shall be levied for each shareholder participating in the issuance, transfer, or disposal of shares. Regulatory requirement Effective January 1st, 2026, all new applications involving share issuance, transfer or disposal shall be assessed and charged USD 500 per shareholder involved in the transaction, i.e. USD 500 × number of shareholders requiring approval. Please be advised that non-compliance is deemed an offence under the Act, and the FSA reserves the right to take enforcement action as it deems necessary against any licensee found to be in breach. Further clarification can be sought from the Authority at capitalmarkets.supervision@fsaseychelles.sc. We appreciate your continued cooperation Financial Services Authority