Financial Services (Consolidated Licensing and Fees) (Amendment No. 4) Rules 2022

2338 Government Notices 2022
Ziyaad iMac1/Govt Notices/2022/The Financial Services_Consolidated Licensing and Fees_Amd No. 4_Rules 2022 - 20.06.2022 - 1st Proof Government Notice No. 154 of 2022 THE FINANCIAL SERVICES ACT FSC Rules made by the Financial Services Commission under Section 93 of the Financial Services Act

1. These rules may be cited as the Financial Services (Consolidated
   Licensing and Fees) (Amendment No. 4) Rules 2022.
2. In these rules –
   “principal rules” means the Financial Services (Consolidated Licensing and Fees) Rules 2008.
3. Rule 8 of the principal rules is amended in paragraph (2) –
   (i) by deleting the full stop after the words “issued”; and (ii) by adding the words “ , and shall be prorated in line with the quarter in which the licence is issued” after the word “issued”.
4. Rule 10 of the principal rules is amended by deleting the words
   “a Category 1 Global Business Licence,” and “or a Category 2 Global Business Licence”.
5. Rule 12 of the principal rules is amended –
   (i) in paragraph (1), by deleting the words “a Category 1 Global Business Licence or”; (ii) by deleting paragraph (2) and its sub paragraphs.
6. Rule 13 of the principal rules is amended –
   (i) in paragraph (2) –
   (a) by deleting the words “a Category 1 Global Business Licence,” and “and a Category 2 Global Business Licence”;

Government Notices 2022 2339
Ziyaad iMac1/Govt Notices/2022/The Financial Services_Consolidated Licensing and Fees_Amd No. 4_Rules 2022 - 20.06.2022 - 1st Proof Ziyaad iMac1/Govt Notices/2022/The Financial Services_Consolidated Licensing and Fees_Amd No. 4_Rules 2022 - 20.06.2022 - 1st Proof (b) by deleting the words “application for the licence is made” and replacing same by “licence is issued”; (ii) in paragraph (3), by deleting the words “a Category 1 Global Business Licence,” and “and a Category 2 Global Business Licence”.
7. Rule 20 of the principal rules is amended –
(i) by deleting paragraph (2) and replacing same by – “(2) The first annual fee for an Authorised Company shall be due and payable as specified in Part III of the First Schedule in advance at the time the authorisation is granted.” (ii) in paragraph (3), by inserting after the word “payable”, the words “as specified in Part II of the First Schedule”.
8. The First Schedule to the principal rules is amended –
(i) in Part 1, under the heading Corporate and Trust Service Provider (a) at item FS – 3.1A, in the first sub column of the sixth Column under sub-heading Variable Annual Fee + - A. in paragraph (1), by deleting the words “a Category 1 Global Business Licence or” wherever they appear; B. by deleting paragraph (2). (b) in the footnote, by deleting the word “Category 1” and the following – “The number of corporations holding a Category 2 Global Business Licence for which the licensee acted as registered agent, on 31st December of the year

2340 Government Notices 2022
Ziyaad iMac1/Govt Notices/2022/The Financial Services_Consolidated Licensing and Fees_Amd No. 4_Rules 2022 - 20.06.2022 - 1st Proof preceding the financial year for which fees are being paid.” (ii) in Part II, (a) at item FS- 4.1, in the second column, under sub heading Licence, by deleting the words “Category 1 Business Licence or”; (b) by deleting item FS- 4.2. (iii) in Part III, by deleting the table and replacing same by – First Annual Licence Fee Months in which license is granted GBC (USD) Nominee (USD) Management Licence (USD) Authorised Company (USD) July - September 1,950 400 5,000 350 October- December 1,470 300 3,750 265 January - March 975 200 2,500 175 April - June 490 100 1,250 90
9. The Second Schedule to the principal rules is amended –
(i) in Part II, under the heading Reinstatement by deleting the third column; (ii) by deleting Part III and replacing same by –
PART III - CHARGES FOR AUTHORISED COMPANY
Description of fees and charges payable USD If annual fee paid – (a) on due date 350

Government Notices 2022 2341
Ziyaad iMac1/Govt Notices/2022/The Financial Services_Consolidated Licensing and Fees_Amd No. 4_Rules 2022 - 20.06.2022 - 1st Proof Ziyaad iMac1/Govt Notices/2022/The Financial Services_Consolidated Licensing and Fees_Amd No. 4_Rules 2022 - 20.06.2022 - 1st Proof Description of fees and charges payable USD (b) within one month after due date 385 (c) after one month, but within 3 months after due date 440 (d) after 3 months, but within 6 months after due date 525 (e) after 6 months, but within 12 months after due date 700
10. Commencement
These rules shall come into operation on 1 July 2022. Made by the Financial Services Commission on 25 June 2022. By Authority: Government Printing Department, La Tour Koenig 91/06/2022 – 1021