Regulatory Alerts2012-03-27
Added · Updated
Securities Industry (Fee) Rules, 2012
The Securities Commission establishes fee structures for entities registered under the Securities Industry Act, 2011, including application, registration, and annual renewal fees for marketplaces, clearing facilities, broker-dealers, and investment advisors. Annual renewal fees are payable by January 31 each year, with late payments incurring a charge of one-twelfth of the annual fee per outstanding month. Transitional provisions defer the new annual renewal fees until December 30, 2012, for persons registered under the former Act, while old registration fees remain effective until that date.
[IMAGE: Coat of Arms of The Bahamas]
EXTRAORDINARY
OFFICIAL GAZETTE
THE BAHAMAS
PUBLISHED BY AUTHORITY
NASSAU 30th January, 2012
SECURITIES INDUSTRY (FEE) RULES, 2012
Arrangement of Sections
Section
- Citation ........................................................................................................................... 2
- Interpretation ................................................................................................................... 2
- Fees ................................................................................................................................. 2
- Annual renewal fees ........................................................................................................ 2
- Transitional provisions .................................................................................................... 3
FIRST SCHEDULE (RULE 3) 4
SECOND SCHEDULE (RULE 5(2)) 7
MINISTRY OF FINANCE
S.I. No. 11 of 2012
SECURITIES INDUSTRY ACT, 2011
(NO. 10 OF 2011)
SECURITIES INDUSTRY (FEE) RULES, 2012
The Securities Commission, in exercise of the powers conferred by section 149(1) of the Securities Industry Act, 2011, makes the following rules –
1. Citation. These Rules may be cited as the Securities Industry (Fee) Rules, 2012.
2. Interpretation. (1) In these Rules – "Act" means the Securities Industry Act (No. 10 of 2011). (2) Words and phrases not defined in paragraph (1) and used in these Rules shall, unless the context otherwise requires, have the same meaning ascribed to them in the Act and regulations made under the Act.
3. Fees. (1) The fees set out in the First Schedule shall apply in relation to the Act. (2) The fees set out in the First Schedule shall, unless exempted by the Commission, be paid to the Commission and shall not be refundable.
4. Annual renewal fees. (1) All annual renewal fees set out in the First Schedule shall be payable on or before the 31st day of January in each year. (2) The annual fees payable in the first year on the grant of registration shall be pro-rated from the date of registration to the 31st day of December of that year.
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5. Transitional provisions. (1) The annual renewal fees set out in the First Schedule shall not take effect until the 30th day of December, 2012 with respect to a person who immediately before the effective date was registered under the former Act as a – (a) securities exchange, (b) clearing facility, (c) ancillary facility, (d) broker-dealer, or (e) securities investment advisor. (2) The annual registration fees set out in the Second Schedule shall have effect until the 30th day of December, 2012.
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FIRST SCHEDULE (Rule 3)
A. FEES FOR PERSONS REGISTERED UNDER PART V
Table of Fees for Persons registered under Part V
| FEE TYPE | ||
|---|---|---|
| Category of Registration | Application Fee | Registration Fee |
| (a) Marketplace | $7,000.00 | $20,000.00 |
| (b) Clearing Facility | $2,500.00 | $7,000.00 |
| (c) Ancillary Facility | $1,500.00 | $2,500.00 |
B. FEES FOR PERSONS REGISTERED UNDER PART VI (FIRMS)
Table of Fees for Persons registered under Part VI (Firms)
| FEE TYPE | ||
|---|---|---|
| Category of Registration | Application Fee | Registration Fee |
| (a) Dealing in securities | $700.00 | $7,000.00 |
| (b) Managing securities | $700.00 | $6,000.00 |
| (c) Advising on securities | $700.00 | $4,000.00 |
| (d) Arranging deals in securities | $700.00 | $3,000.00 |
| (e) Persons seeking to register for more than one category under (a)-(d) above | $700.00 per category | Full fee for function with the highest fee and $2,000.00 for each additional category |
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C. FEES FOR PERSONS REGISTERED UNDER PART VI (INDIVIDUALS)
Table of Fees for Persons registered under Part VI (Individuals)
| Category of Registration | Application Fee |
|---|---|
| (a) Chief Executive Officer | $250.00 |
| (b) Compliance Officer | $250.00 |
| (c) Representative – Dealing/Trading | $200.00 |
| (d) Representative – Discretionary Management | $200.00 |
| (e) Representative – Advising Only | $200.00 |
D. FILING FEES UNDER PARTS XI AND XVII
Table of Filing Fees under Parts X and XVII
| Description | Filing Fee |
|---|---|
| (a) Filing of a Preliminary Prospectus | $1,000.00 |
| (b) Filing – Final Prospectus | 0.1% of issue value of securities minimum of $20,000.00 |
| (c) Filing of an amended Final Prospectus | $500.00 |
| (d) Filing of Documents by approved foreign issuer exempted in Regulation 115 | $1,500.00 |
| (e) Filing of Notice of Exempt Transaction | $2,000.00 |
| (f) Filing of Takeover Bid Document | 0.1% of value of the bid |
| (g) Filing of Director’s Circular | $1,000.00 |
| (h) Filing of Management Proxy Statement | $500.00 |
| (i) Filing of Interim Financial Statements | No Fee (if filed within prescribed time period) |
| (j) Filing of Audited Financial Statements | No Fee (if filed within prescribed time period) |
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E. ADMINISTRATIVE FEES
Table of Administrative Fees under the Act
| Description | Administrative Fee |
|---|---|
| (a) Appointment or Change in Directors | $300.00 |
| (b) Approval of issue, transfer or disposal of shares | $300.00 |
| (c) Letters of Good Standing | $200.00 |
| (d) Replacement Certificates (per certificate) | $200.00 |
| (e) Name Change | $200.00 |
| (f) Extension to file interim statements for a 3-month period (for a maximum of 2 extension requests) | $100.00 |
| (g) Extension to file audited statements for a 3-month period (for a maximum of 2 extension requests) | $500.00 |
| (h) Surrender of Registration Certificate | $200.00 |
F. LATE FEES (ANNUAL RENEWAL)
Table of Late Payment of Annual Renewal Fees under the Act
| Description | Late Fee |
|---|---|
| Late payment of annual renewal fee | 1/12 of the amount of annual fee payable for each month the payment remains outstanding |
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SECOND SCHEDULE (Rule 5(2))
Table of Fees for annual registration of persons who immediately before the effective date was registered under the former Act
| Category of Registration | Annual Renewal Fee |
|---|---|
| Securities Exchange | $10,000.00 |
| Broker Dealer Class I | $7,500.00 |
| Broker Dealer Class II | $3,500.00 |
| Securities Investment Advisors | $1,000.00 |
| Stockbroker or Broker | $250.00 |
| Associated Person | $100.00 |
| Principal | $250.00 |
| Facility | $5,500.00 |
Made this 20th day of January, 2012.
Signed PHILIP STUBBS Chairman Securities Commission
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