The Financial Services Commission (FSC) amended the Financial Services (Consolidated Licensing and Fees) Rules 2008 by way of the Financial Services (Consolidated Licensing and Fees) (Amendment No. 6) Rules 2024 (referred to hereinafter as the “Amendment”).  The Amendment is effective as from 1 October 2024.

What are the implications of the Amendment?

Prior to the Amendment, any application submitted to the FSC for any license was only accompanied by the one-off processing fees payable to the FSC. The first fixed annual fee payable as per Part I of the First Schedule (for activity licenses) and Part III of the First Schedule (for Global Business Companies and Authorised Companies) would be payable only upon the grant of the license by the FSC and would be prorated in line with the quarter in which the license was issued.

Following the enactment of the Financial Services (Consolidated Licensing and Fees) (Amendment No. 6) Rules 2024, any application made to the FSC must henceforth be accompanied by:

• The one-off processing fees; and
• The first fixed annual fees

What happens if the FSC does not grant the license, or the application is deemed withdrawn, or the license is issued in a subsequent quarter?

The FSC will arrange for either the full or part refund (without interest) of the first fixed annual fees paid at the time of the submission of the application.  However, the Amendment makes no mention of the timing of the said refund, and we stand to be guided by any further communication to be made by the FSC to that effect.

We will endeavour to keep our valued clients informed of any updates on the above.  Stay tuned for more information!

To access the full the Financial Services (Consolidated Licensing and Fees) (Amendment No. 6) Rules 2024, please click here.