Regulatory Alerts2021-01-01
Securities (Brokerage Fees for Exchange Traded Funds on Foreign Underlyings) (Amendment No. 2) Rules 2021
The Financial Services Commission issued Amendment No. 2 to the 2013 Securities Rules governing brokerage fees for exchange traded funds on foreign underlyings. The amendment updates rule 3 to reference the Schedule for consideration values and deletes four reporting columns—Investment Dealer, Securities exchange, Clearing and Settlement Facility, and Total brokerage fee claimed for apportionment—from the Schedule’s tables. These streamlined requirements take effect retroactively from 3 April 2021 to standardize fee disclosures and reduce administrative reporting burdens for market participants.
Government Notices 2021 1447 Nushrat iMac3/Govt Notices/2021/The Securities (Brokerage Fees for Exchange Traded Funds on Foreign Underlyings) (Amendment No. 2) Rules 2021 / 09.04.2021_1st Proof Nushrat iMac3/Govt Notices/2021/The Securities (Brokerage Fees for Exchange Traded Funds on Foreign Underlyings) (Amendment No. 2) Rules 2021 / 09.04.2021_1st Proof Government Notice No. 88 of 2021 THE SECURITIES ACT FSC Rules made by the Financial Services Commission under section 93 of the Financial Services Act and section 155 of the Securities Act
- These Rules may be cited as the Securities (Brokerage Fees for Exchange Traded Funds on Foreign Underlyings) (Amendment No. 2) Rules 2021.
- In these Rules, “principal rules” means the Securities (Brokerage Fees for Exchange Traded Funds on Foreign Underlyings) Rules 2013.
- The principal rules are amended – (a) in rule 3, paragraph 6, by deleting the words “remain the same value of the consideration of the relevant transaction” and replace same with the words “as specified in the Schedule” (b) in Part I of the SCHEDULE, by deleting, from the table, the following columns – (i) Investment Dealer; (ii) Securities exchange; (iii) Clearing and Settlement Facility; and (iv) Total brokerage fee claimed for apportionment. (c) in Part II(a) of the SCHEDULE – (i) by deleting the word “to” after the word “equal”; (ii) by deleting from the table, the following columns – (A) Investment Dealer;
1448 Government Notices 2021 Nushrat iMac3/Govt Notices/2021/The Securities (Brokerage Fees for Exchange Traded Funds on Foreign Underlyings) (Amendment No. 2) Rules 2021 / 09.04.2021_1st Proof (B) Securities exchange; (C) Clearing and Settlement Facility; and (D) Total brokerage fee claimed for apportionment. (d) in Part II(b) of the SCHEDULE, by deleting, from the table, the following columns – (i) Investment Dealer; (ii) Securities exchange; (iii) Clearing and Settlement Facility; and (iv) Total brokerage fee claimed for apportionment. 4. These Rules shall be deemed to have come into operation on 3 April 2021. Made by the Financial Services Commission on 10 April 2021.