Regulatory Alerts2025-01-21
Proposed 2021 Statutory Instrument: Supervisory Levies for Non-Bank Financial Institutions
The Non-Bank Financial Institutions Regulatory Authority proposes a standardized schedule of supervisory levies to fund the oversight of twenty-one categories of non-bank financial institutions. The schedule mandates fixed annual fees alongside percentage-based calculations applied to specific operational metrics, including managed investment values, gross commissions and premiums, loan book sizes, and per-member or per-fund counts. These revised charges will apply to asset managers, insurance entities, securities exchanges, custodians, and various specialized financial service providers.
1 NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY ACT (Cap.46:08) NON BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY ACT (SUPERVISORY LEVIES AND LICENSING FEES PROPOSAL 2020) FIRST SCHEDULE SUPERVISORY LEVIES (Regulation 2) First column Second column Non-bank financial institution Supervisory levies 1.Asset Managers (excluding International Financial services Centre Asset Managers) P36, 691 and 0.0230% per annum of the total values of investments managed by an Asset Manager at the end of each month of the financial year. 2.Central Securities Depositories P220,111 3.Securities Exchanges P220,111 4.Custodians of Collective Investment undertakings P73,376 5.Insurance Brokers P14, 680 and 0.1755% of the gross commissions received as reported in their most recently audited financial statements. 6.Insurance Companies P73, 376 and 0.1755% of the gross premiums written, as reported in their most recently audited financial statements. 7.Corporate Insurance Agents P7,167 8.International Financial Services Centre companies P40,354 9.Management Companies of Collective Investment Undertaking P36, 691 and 0.0230% per annum of the total value of the Assets controlled by a management company in respect of each scheme at the end of each month of the financial year.
2 10. Micro lenders 10.a. Average loan book values above P1,000,000 10.b. Average loan book values up to P1,000,000
0.702% per annum of a micro lenders total loan book at the end of each month at the financial year. P7, 018 per annum 11. Transfer Agents/ Transfer Secretaries. P12,100 12. Trustees of Collective Investment Undertakings P77, 376 13. Central Counter Party P220, 111 14. Pawnshops 14.a. Average loan book values above P1,000,000 14.b. Average loan book values up to P1,000,000 0.702% per annum of a micro lenders total loan book at the end of each month at the financial year. P7, 018 per annum 15. Retirement Funds P292 and P19 in respect of each member at the end of each financial year 16.Participants/ Market Maker P 33,358 17.Security Brokers/ Dealers P 66,704 18.Medical Aids Funds
P7, 337 AND P20 in respect of each member at the end of each financial year. 19. Finance & Leasing Companies 19.a. Average loan book values above P1,000,000
19.b. Average loan book values up to P1,000,000 P6,380 per annum 0.702% per annum of a micro lenders total loan book at the end of each month at the financial year. P7, 018 per annum
3 20. Retirement Fund Administrator P8,069 and P666 per fund 21.Investment Advisors P9,086 per annum