Regulatory Alerts2022-09-16
Banks and Financial Institutions (Fees) Regulations, 2010
The Central Bank of Belize issued these regulations to prescribe specific fees for banks and financial institutions under the Banks and Financial Institutions Act. The rules establish an initial licence fee of BZ$25,000 for banks and BZ$10,000 for financial institutions, alongside a non-refundable application fee of BZ$5,000 for both. Annual licence fees are set at BZ$10,000 for financial institutions and for banks at either BZ$25,000 or 0.015% of total assets, whichever is greater. These regulations commenced on January 1, 2011, and repealed the previous 1996 fees regulations.
No. 118] Banks and Financial Institutions 1
B E L I Z E:
STATUTORY INSTRUMENT
No. 118 of 2010
REGULATIONS made by the Central Bank of Belize in exercise of the powers conferred upon it by section 81(1)(r), read with section 8 (2), of the Banks and Financial Institutions Act, Chapter 263 of the Laws of Belize, Revised Edition 2000, and all other powers thereunto it enabling, and approved by the Minister of Finance.
(Gazetted 18th December, 2010.)
- These Regulations may be cited as the Short title.
BANKS AND FINANCIAL INSTITUTIONS (FEES) REGULATIONS, 2010.
- The following fees are hereby prescribed for banks Prescribed and financial institutions:-. fees.
A: INITIAL LICENCE FEE
For banks - BZ$25,000.00 For financial institutions - BZ$10,000.00
B. ANNUAL LICENCE FEE
For banks 0.015% of total assets as reported in the previous financial
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year’s audited financial statements, or BZ$25,000.00, whichever is greater.
For financial institutions - BZ$10,000.00
C. APPLICATION FEE
For banks & financial institutions - BZ$5,000.00 (non refundable)
Commencement 3. (1) These Regulations shall come into force on the 1st and Repeal. day of January, 2011.
S.I. 4/96 (2) On the commencement of these Regulations, the Banks and Financial Institutions (Fees) Regulations, 1996 shall stand repealed.
MADE by the Central Bank this 29th day of November, 2010.
(GLENFORD YSAGUIRRE) Governor Central Bank of Belize
APPROVED by the Minister of Finance this 9th day of December, 2010.
(DEAN O. BARROW) Minister of Finance
Printed in Belize by the Government Printer