Financial Services Commission (Miscellaneous Provisions and Validation) Bill, 2022

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10/06/2022

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2022-04-05

OBJECTS AND REASONS

This Bill would establish a new fee structure for persons regulated by the Financial Services Commission, validate the charging and collection by the Commission of certain fees under the new fee structure and provide for related matters.

Arrangement of Sections

Short title

Consequential amendments

Repeals

Validation

FIRST SCHEDULE

CONSEQUENTIAL AMENDMENTS

SECOND SCHEDULE

REPEALS

THIRD SCHEDULE

FEES

BARBADOS

A Bill entitled

An Act to establish a new fee structure for persons regulated by the Financial Services Commission, to validate the charging and collection by the Commission of certain fees under the new fee structure and to provide for related matters.

ENACTED by the Parliament of Barbados as follows:

Short title

This Act may be cited as the Financial Services Commission (Miscellaneous Provisions and Validation) Act, 2022.

Consequential amendments

The enactments set out in Column 1 of the First Schedule are amended in the manner set out opposite thereto in Column 2.

Repeals

The enactments set out in the Second Schedule are repealed.

Validation

Fees charged and collected by the Financial Services Commission for the period

1st April, 2019 to 31st December, 2019 in accordance with Part I of the Third Schedule;

1st January, 2020 to 31st December, 2020 in accordance with Part II of the Third Schedule; and

1st January, 2021 to the day immediately before the date of commencement of the Financial Services Commission (Fees) Order, 2022 (S. I. 2022 No. ) in accordance with the Financial Services Commission (Fees) Order, 2022,

shall be deemed to have been lawfully and validly charged and collected.

(a)

(b)

(c)

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

FIRST SCHEDULE

(Section 2)

CONSEQUENTIAL AMENDMENTS

Column 2

Amendments

1. In section 2,

(a) in subsection (1)

(i) the defi nition of "actuary"

(A) in paragraph (b)(ii), delete the word "or"; and

(B) delete paragraph (c) and substitute the following:

"(c) in the case of a person who works for an insurer

which carries on insurance business of insuring risks located outside Barbados,

and in respect of which premiums originate outside Barbados, is a fellow of an internationally recognised society or institute of

actuaries;";

(ii) delete the defi nition of "Commission" appearing after the defi nition of "sub-agent";

Column 1

Enactments

1. Insurance Act, Cap. 310

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Column 2

Amendments

(iii) delete the defi nitions of "gross revenues from insurance premiums" and "international insurance

business"; and (iv) in the defi nition of "prescribed securities" delete the words "by the Minister"; and

(b) insert after subsection (2), the following:

"(3) In this Act

(a) "registered", in relation to an entity, includes a licensed entity;

(b) "certificate of registration" includes a licence issued under this

Act; and

(c) "registrat ion" includes the licensing of an entity or a licence issued to an entity under this Act, as the case may be.

(4) Where there is a confl ict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.".

2. In section 3(1), delete paragraph (i).

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 2

Amendments

3. Delete section 4.

4. In section 9,

(a) delete subsection (1) and substitute the following:

"(1) Subject to subsection (4), no company may be registered to carry on in Barbados

(a) long-term insurance business unless it has a minimum paid-up share capital of not less than

$3 000 000;

(b) general insurance business unless it has a minimum paid-up share capital of not less than $3 000 000;

(c) both long-term and general insurance business unless it has a minimum paid-up share capital of not less than $5 000 000;

(d) motor vehicle insurance business only, unless it has a minimum

paid-up share capital of not less than $1 000 000;

(e) industrial life insurance business unless it has a minimum paid-up

share capital of not less than $1 000 000; or

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 2

Amendments

(f) insurance business where the risks are located outside Barbados, and in respect of which premiums

originate outside Barbados unless it has a minimum paid-up share capital of not less than $250 000 or such other amount as the Commission determines,

or an equivalent sum in any other currency approved by the Commission, with the capital to be fully paid-up in cash.";

(b) in subsection (2A), insert after the word "shall" the word "not"; and

(c) insert after subsection (5), the following:

"(5A) Subsection (5) shall apply only to an insurer which carries on insurance business of insuring risks located within Barbados and in respect of which premiums originate within Barbados.".

5. Delete section 10.

6. In section 12(1)(b), delete the words "or the Fourth Schedule, as the case may be".

7. Delete sections 15A and 15B.

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 2

Amendments

8. In section 23(5), delete the word "ensuring" and substitute the word "insuring".

9. Delete section 38(1) and substitute the following:

"(1) Subject to this Act, where an insurance company carries on insurance business of one or more of the specifi ed classes, the receipts and expenditure of each class of insurance business shall be entered in a separate account and shall be carried to, and form, a separate insurance fund with an appropriate name.".

10. In section 49A, delete the word "licensees" and substitute the words "and Class 2 licensees which carry on insurance business of insuring risks located outside Barbados and in respect of which premiums originate outside Barbados".

11. In section 70A, delete the word "Minister" wherever it appears and substitute the word "Commission".

12. In section 70H,

(a) in subsections (1) and (3), delete the word "Minister" wherever it appears and substitute the word

"Commission";

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

Column 2

Amendments

(b) delete subsections (4) and (5) and substitute the following:

"(4) Where the Commission is satisfi ed that a company is registrable under this section, the Commission shall, upon payment of the prescribed fee, issue to the company a certifi cate of registration containing

(a) the name and business address of the company; and

(b) the date of its regisration as a holding company.";

(c) in subsection (6), delete the word "he" and substitute the words "the Commission";

(d) in subsection (7), delete the word "Minister" and the word "Commission"; and

(e) delete subsection (8) and substitute the following:

"(8) The Minister may suspend or revoke a certifi cate of registration where a holding company

(a) fails to comply with a condition specified in the certificate; or

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

Column 2

Amendments

(b) is in breach of any duty or obligation imposed upon it by or under this

Part,

and sections 70I and 70J apply, with such adaptations as may be necessary, to the certificate of registration as they apply to a licence under this Part.".

13. In section 70I,

(a) in subsections (1), (2) and (5), delete the word "Minister" and substitute the word "Commission"; and

(b) delete subsections (3) and (4) and substitute the following:

"(3) Where the licensee fails to comply with the Commission's directions, the Commission may suspend the licence for a period not exceeding 90 days; and its decision thereon is fi nal.

(4) Where the Commission intends to revoke or suspend a licence under this section, the Commission shall give the licensee notice of its intention to do so and a reasonable opportunity to show cause why the licence should not be revoked or suspended, as the case may be.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Cont'd)

Column 2

Amendments

14. In section 70J,

(a) delete the word "Minister" wherever it appears and substitute the word "Commission"; and

(b) in subsection (1), delete the words "section 12" and substitute the words "section 70I".

15. Delete section 146G(ii).

16. In section 152(3), delete the words ", but the Minister" and substitute the word "and".

17. In section 155,

(a) delete the word "Minister" wherever it appears and substitute the word "Commission";

(b) in subsection (3), delete the word "he" and substitute the words "the Commission"; and

(c) in subsection (5), delete the word "he" and substitute the words "the Commission".

18. In section 182,

(a) in subsection (1), delete the words "Minister may" and substitute the words "Commission may, with the

approval of the Minister,"; and

(b) in subsection (3), delete the word "Minister" and substitute the word "Commission".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

1. Insurance Act, Cap. 310 - (Concl'd)

2. Securities Act, Cap. 318A

Column 2

Amendments

19. In section 183,

(a) delete the words "Minister may" and substitute the words "the Commission may, with the approval of the Minister,"; and

(b) delete the word "he" wherever it appears and substitute the words "the Commission".

20. Delete section 183A.

1. In the long title, delete paragraph (a) and renumber paragraphs (b), (c) and (d) as paragraphs (a), (b) and (c).

2. In section 2(1),

(a) delete the defi nition of "Commission" and substitute the following:

" "Commission" means the Financial Services Commission established by section 3 of the Financial Services Commission Act, 2010 (Act 2010-21);"; and

(b) in the defi nition of "regulation" delete the words"by the Minister".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

2. Securities Act, Cap. 318A - (Cont'd)

Column 2

Amendments

3. Delete the heading of Part I and substitute the following:

"PART I

FINANCIAL SERVICES COMMISSION".

4. Delete section 3 and substitute the following:

"Financial Services Commission Act, 2010 to apply

3. Where there is a confl ict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.".

5. Delete sections 7, 10 and 12.

6. Delete the subheading "Staff ".

7. Delete sections 14, 15, 16 and 17.

8. Delete the subheading "Finances of Commission" and sections 18, 19, 20, 21 and 22.

9. In section 46,

(a) delete subsections (4), (5), (6), (7), (8) and (9); and

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

2. Securities Act, Cap. 318A - (Concl'd)

Column 2

Amendments

(b) renumber subsection (10) as subsection (4).

10. In section 126,

(a) in subsection (1),

(i) delete the words "The Minister may, on the recommendation of the Commission" and substitute the words "The Commission may, with the approval of the Minister"; and

(ii) delete paragraph (j);

(b) delete subsections (2) and (3) and substitute the following:

"(2) The Commission may, with the approval of the Minister, make regulations governing take-overs in respect of public companies."; and

(c) delete subsection (7).

11. In section 127(1)(a), insert after the word "Minister", the words "for approval".

12. Delete section 127A.

13. Delete the Schedule.

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

3. Mutual Funds Act, Cap. 320B

Column 2

Amendments

1. In section 2(1),

(a) insert in alphabetical order, the following defi nition:

" "Commission" means the Financial Services Commission established by section 3 of the Financial Services Commission Act, 2010 (Act 2010-21);"; and

(b) delete the defi nition of "Securities Commission".

2. Insert after section 2, the following:

"Financial Services Commission Act, 2010 to apply

2A. Where there is a confl ict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the

Financial Services Commission Act, 2010 (Act 2010-21) shall apply.".

3. Delete section 12 and substitute the following: "Annual fee 12. A mutual fund shall pay its annual fee by the prescribed date each year.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

3. Mutual Funds Act, Cap. 320B - (Cont'd)

Column 2

Amendments

4. Delete section 27(2), (3) and (4) and substitute the following:

"(2) A mutual fund administrator shall, by the prescribed date each year, pay

(a) its annual fee; and

(b) the annual fee of any mutual fund for which it provides the principal offi ce.".

5. In the heading immediately after section 38, delete the word "SECURITIES" and substitute the words "FINANCIAL SERVICES". 6. In section 44(2),

(a) in paragraph (a), delete subparagraph (i) and substitute the following:

"(i) to give the Commission notice that it has started to provide the principal offi ce of a mutual fund in accordance with subsection (1) of section 27 or to pay the prescribed annual fees in accordance with subsection (2) of section 27;"; and

(b) in paragraphs (b), (c) and (d), delete the words "Securities" wherever it appears.

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

3. Mutual Funds Act, Cap. 320B - (Concl'd)

Column 2

Amendments

7. Delete section 56 and substitute the following:

"Regulations

56. The Commission may, with the approval of the Minister, make regulations generally for giving eff ect to this Act and in particular for

(a) the operation of mutual funds;

(b) the compliance requirements of exempt mutual funds;

(c) the role of trustees, custodians and mutual fund administrators in relation to mutual funds;

(d) the type and content of advertisement published by mutual funds;

(e) the fi ling of document; and (f) prescribing any other matter that is

required to be prescribed under this Act.".

8. Throughout the Act, delete the words "Securities Commission" wherever they appear and substitute the

word "Commission".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B

Column 2

Amendments

1. In section 2(1),

(a) insert in alphabetical order, the following defi nitions:

" "Barbados Revenue Authority" means the body established by section 3 of the Barbados Revenue Authority Act, 2014 (Act 2014-1);

"Commission" means the Financial Services Commission established by section 3 of the Financial Services Commission Act, 2010 (Act 2010-21);"; and

(b) delete the defi nitions of "prescribed" and "Supervisor".

2. Insert after section 3, the following:

"Financial Services Commission Act, 2010 to apply

3A. Where there is a confl ict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21) the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B - (Cont'd)

Column 2

Amendments

3. Delete sections 5(3)(a) and substitute the following:

"(a) the prescribed fee;".

4. In section 8(1), delete the words "The Supervisor shall not register a pension plan unless he" and substitute the words "The Commission shall not register a pension plan unless the Commission".

5. Delete section 10 and substitute the following:

"Certifi cate of registration

10. Where the Commiss ion i s satisfied that a pension plan meets the requirements for registration under this Act, the Commission shall register the plan and issue to the person responsible for the administration of the plan a certifi cate of registration in the prescribed form.".

6. In section 15(2), delete the words "Commissioner of Inland Revenue" wherever they appear and substitute the words "Barbados Revenue Authority".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B - (Cont'd)

Column 2

Amendments

7. In section 26,

(a) in subsection (1), delete the words "Supervisor, where he" and substitute the words "Commission, where the Commission"; and

(b) in subsection (2), delete the word "Supervisor" and substitute the word "Commission".

8. Delete section 62(2) and (3) and substitute the following:

"(2) Where a pension plan that is to be wound-up in whole or in part does not have an administrator or the administrator fails to act, the Commission may appoint a person to carry out the winding-up and that person shall have the powers, functions and duties of an administrator.

(3) The Commission may terminate the appointment of an administrator appointed by the Commission where the Commission considers it reasonable to do so.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B - (Cont'd)

Column 2

Amendments

9. In section 69(6), delete the words "the Supervisor may give his" and substitute the words "the Commission may

give its".

10. In section 74(4)(a), delete the word "Supervisor’s" and substitute the word "Commission’s".

11. In the heading immediately after section 76, delete the words "SUPERVISOR OF PENSIONS" and substitute the words "GENERAL FUNCTIONS OF COMMISSION".

12. Delete sections 77 and 78.

13. In section 79

(a) delete the word "Supervisor" and substitute the word "Commission"; and

(b) in paragraph (a), delete the word "him" and substitute the words "the Commission".

14. In section 80(1),

(a) delete the word "Supervisor" and substitute the word "Commission"; and

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B - (Cont'd)

Column 2

Amendments

(b) in paragraph (b), delete the word "him" and substitute the words "the Commission".

15. In section 82, (a) delete the word "Supervisor" wherever it appears and

substitute the word "Commission"; and

(b) in subsection (3), delete the word "Supervisor’s" and substitute the word "Commission’s".

16. In section 84,

(a) delete the word "Supervisor" wherever it appears and substitute the word "Commission";

(b) delete subsection (1)(a) and substitute the following:

"(a) require the administrator or trustees of a pension fund to

(i) produce for inspection any books, accounts, documents or statistics relating to the pension plan or pension fund; and

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

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Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B -

(Cont'd)

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Amendments

(ii) allow the Commission or the inspector to take extracts from, or make copies of, such books, accounts, documents or statistics as is considered fi t;"; and

(c) delete subsection (2) and substitute the following:

"(2) A person specifi ed in paragraph (b) of subsection (1) shall upon request

(a) produce to the Commission or the inspector, any books, accounts,

documents or statistics relating relating to the pension plan or pension fund and available to the person; and

(b) give to the Commission or the inspector, any information in his his possession relating to the pension plan or pension fund.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

4. Occupational Pensions Benefi ts Act, Cap. 350B - (Concl'd)

5. Co-operative Societies Act, Cap. 378A

Column 2

Amendments

17. In section 87,

(a) in paragraph (a), delete the word "him" and substitute the words "the Commission"; and

(b) in paragraph (b), delete the word "he" and substitute the words "the Commission".

18. In section 94, delete the word "Minister" and substitute the words "the Commission may, with the approval of the Minister,".

19. Throughout the Act, delete the word "Supervisor" wherever it appears and substitute the word "Commission".

1. Insert after section 3(2), the following:

"(3) Where, in so far as this Act relates to credit unions, there is a conflict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

5. Co-operative Societies Act, Cap. 378A - (Concl'd)

6 . F i n a n c i a l S e r v i c e s Commission Act, 2010 (Act 2010-21)

Column 2

Amendments

2. In section 260, delete the words "Supervisor of Insurance" wherever they appear and substitute the words "Financial Services Commission".

1. In section 20

(a) in subsection (1)(c), delete subparagraph (ii) and substitute the following:

"(ii) after consultation with the Minister,

(A) appoint a person who, in the opinion of the Commission, has had training and experience in the business of the fi nancial institution concerned to advise the fi nancial institution on the action to be taken to remedy the

situation; or

(B) suspend the registration or l icence of the f inancial institution for a period not exceeding 3 months."; and

(b) in subsection (2), delete the words "(1)(b)(ii)" and substitute the words "(1)(c)(ii)".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

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CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

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Enactments

6 . F i n a n c i a l S e r v i c e s Commission Act, 2010 (Act 2010-21) - (Concl'd)

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Amendments

2. Insert after section 25(1), the following: "(1A) The Commission may, where the annual fee payable by a fi nancial institution remains unpaid for more than

(a) 30 days after the time for payment, suspend the registration or licence of the fi nancial institution; and

(b) 90 days after the time for payment, cancel the registration or revoke the licence of the fi nancial institution,

but the Commission shall not do so unless it fi rst gives notice in writing to the fi nancial institution.".

3. Insert after section 44(2), the following:

"(2A) The Commission may, in extenuating circumstances waive the payment of any late fee payable to the Commission.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

7. Insurance (Forms and Fees) Regulations, 1998, (S. I. 1998 No. 76)

8. Securities Regulations, 2002 (S. I. 2002 No. 119)

Column 2

Amendments

1. In regulation 1, delete the words "and Fees".

2. In regulation 2, delete the word "First".

3. Delete regulations 3, 4, 5, 6, 7, 8 and 9.

4. Delete the Second Schedule and rename the First Schedule as the Schedule.

1. Delete regulation 2.

2. Delete regulation 4(1)(b) and substitute the following:

"(b) the Chief Executive Offi cer; and".

3. Delete the First Schedule and

(a) renumber the Second and Third Schedules as the First and Second Schedules;

(b) in regulations 3, 9, 13 and 53, delete the words "Second Schedule" wherever they appear and substitute the words "First Schedule"; and

(c) in regulation 60, delete the words "Third Schedule" and substitute the words "Second Schedule".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

8. Securities Regulations, 2002 (S. I. 2002 No. 119)

- (Concl'd)

9. Mutual Funds Regulations, 2002 (S. I. 2002 of 143)

10. Co-operative Societies Regulations, 2008

(S. I. 2008 No. 4)

Column 2

Amendments

4. Throughout the Regulations, delete the words "Securities Commission" wherever they appear and substitute the

words "Financial Services Commission".

Throughout the Regulations, delete the words "Securities Commission" wherever they appear and substitute the word "Commission".

1. Delete regulation 4 and substitute the following:

"Fees

4. (1) The fees set out in the Second Schedule are payable in respect of the matters therein.

(2) Paragraph (1) does not apply in relation to credit unions.".

2. In the Second Schedule

(a) delete item 2 and substitute the following:

"2. For a certificate of registration for a registered society other than a Junior Co-operative Society … … … … 200.00";

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

10. Co-operative Societies Regulations, 2008

(S. I. 2008 No. 4) - (Concl'd)

11. Occupational Pensions Benefi ts Regulations, 2011 (S. I. 2011 No. 11)

Column 2

Amendments

(b) delete item 6 and substitute the following:

"6. For restoring name to register ... ... 125.00";

(c) delete item 7(b) and substitute the following:

"(b) for each day after the due date, a late fi ling fee of … ... ... 5.00 (to a maximum of 200.00)"; and

(d) in the Note immediately after item 17, delete the words, ", other than a credit union".

1. In regulation 3,

(a) delete paragraph (2)(c) and substitute the following:

"(c) prescribed fee."; and

(b) in paragraph (3), delete the word "he" and substitute the words "the Commission".

2. Delete regulation 5(3) and (4) and substitute the following:

"(3) The Commission shall register the amendment to the pension plan where

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

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Enactments

11. Occupational Pensions Benefi ts Regulations, 2011 (S. I. 2011 No. 11) - (Cont'd)

Column 2

Amendments

(a) the Commission is satisfi ed that the amendment is in conformity with the Act; and

(b) the prescribed fee in respect of the registration of the amendment is

paid.".

3. Delete regulation 60(2)(b) and substitute the following:

"(b) shall be submitted by the administrator of the pension plan to the Financial Services Commission.".

4. Delete regulation 72(3) and substitute the following:

"(3) Where the Financial Services C o m m i s s i o n d e t e r m i n e s u p o n a n examination of all pertinent factors and circumstances, including the protection of the interest of the existing members, that there is no reason that the transfer of the funds should not be approved, the Commission shall give its approval in writing to the applicant.".

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Cont'd)

First Schedule - (Cont'd)

Column 1

Enactments

11. Occupational Pensions Benefi ts Regulations, 2011 (S. I. 2011 No. 11) - (Cont'd)

Column 2

Amendments

5. Delete the Second Schedule and

(a) rename the First Schedule as the Schedule; and

(b) in regulations 3, 7, 20, 21D, 22, 23, 30 and 50, delete the words "First Schedule" wherever they appear and

substitute the word "Schedule".

6. In the Schedule as renamed,

(a) in Form 1,

(i) under the heading "Instructions"

(A) delete paragraph (a) and substitute the following:

"(a) Applications are to be made to the Financial Services Commission."; and

(B) delete paragraph (f) and substitute the following:

"(f) The dupl ica te wi l l be stamped by the Financial Services Commission and

returned to the applicant.";

THE LAWS OF BARBADOS Printed by the Government Printer, Bay Street, St. Michael

by the authority of the Government of Barbados

CONSEQUENTIAL AMENDMENTS - (Concl'd)

First Schedule - (Concl'd)

Column 1

Enactments

11. Occupational Pensions Benefi ts Regulations, 2011 (S. I. No. 11 of 2011) - (Concl'd)

Column 2

Amendments

(ii) in Part I, under the heading "DOCUMENTS SUBMITTED WITH THE APPLICATION", in paragraph 2(b), delete the words "of Pensions"; and

(iii) in Part III, delete the word "Supervisor’s" and substitute the words "the Financial Services Commission’s";

(b) in Form 2, delete the signatory and substitute "Financial Services Commission";

(c) in Form 4, under the heading "Confirmation of compliance", in paragraph (d), delete from the word "with" to the word "Bridgetown" and substitute the words "with the Financial Services Commission.";

(d) in Form 5, under the heading "General Instructions", under

(i) the sub-heading "Section 1. – Name of Pension Plan" delete the words "of Pensions"; and

(ii) the sub-heading "Section 12. – Normal and Special Payments", in paragraph 12.2(b),

dele te the words "of Pensions"; and

(e) in Form 11, in paragraph 10(1)(a), delete the words "of Pensions".

L.R.O. 1998

SECOND SCHEDULE

(Section 3)

REPEALS

1. Insurance (Qualifying Insurance Company) Order, 1998 (S.I. No. 140 of 1998)

2. Insurance (Qualifying Insurance) (Tax Concessions) Regulations, 1998 (S.I. No. 141 of 1998)

3. Mutual Funds (Fees) Regulations, 2002 (S. I. No. 84 of 2000)

L.R.O. 1998

THIRD SCHEDULE

(Section 4)

Fees

Part I

Division I

Initial and Annual Registration and Licensing Fees Payable for the Period 1st April, 2019 to 31st December, 2019

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

1. Under the Co-operative Societies Act, Cap. 378A: Credit union:

$500 $500 0.03% of total assets (subject to a minimum annual fee of $500 and a maximum annual fee of $500 000)

Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$25 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance

Minimum annual fee or 10% of annual fee payable, whichever is higher

2. Under the Insurance Act, Cap. 310:

(a) Class 1 licensee (Insurance company (including incorporated cell company or segregated cell company)):

L.R.O. 1998 Schedule - (Cont'd)

(b) Class 2 licensee:

(i) Insurance company (including incorporated cell company or segregated cell company) that has assets of less than one billion dollars and holds a foreign currency permit:

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$30 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance

$30 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance

Minimum annual fee or 10% of annual fee payable, whichever is higher

(ii) Insurance company (including incorporated cell company or segregated cell company) that has assets equal to or greater than one billion dollars and holds a foreign currency permit:

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance

$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance

Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part I - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

(iii) Insurance company (including incorporated cell company or segregated cell company) that does not hold a foreign currency permit:

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$30 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance

0.03% of total assets subject to a minimum annual fee of $30 000 and a maximum annual fee of $500 000

Minimum annual fee or 10% of annual fee payable, whichever is higher

(iv) Insurance company that is winding up or dormant:

- $3 000 $3 000 -

(i) Association of underwriters:

$1 000 $20 000 $20 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(ii) Individual broker or a company or fi rm of brokers:

$500 $3 500 $3 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part I - (Cont'd) Division I - (Cont'd)

L.R.O. 1998

(iii) Individual agent or sub-agent or a company or fi rm of agents or sub-agents:

$300 $2 500 $2 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

(iv) Salesman:

$250 $250 $250 Minimum annual fee or 10% of annual fee payable, whichever is higher

Schedule - (Cont'd)

(v) Individual loss assessor, adjuster or insurance surveyor or a company or fi rm of loss assessors, adjusters or insurance surveyors:

$700 $750 $750 Minimum annual fee or 10% of annual fee payable, whichever is higher

(vi) Management company:

$1 000 $25 000 $25 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(vi) Holding company:

$1 000 $25 000 $25 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part I - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

3. Under the Occupational Pension Benefi ts Act, Cap. 350B:

Pension plan:

$1 000 $10 per member subject to a minimum fee of $500

$10 per member subject to a minimum annual fee of $500

Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 $3 000 $3 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(d) Trader:

4. Under the Securities Act, Cap. 318A:

(a) Broker:

$1 000 $3 000 $3 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(b) Investment adviser:

$1 000 $3 000 $3 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part I - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

$1 000 $12 500 $12 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

(e) Securities company:

- $2 500 0.01% of total repurchase agreement assets, subject to a minimum annual fee of $2 500

Minimum annual fee or 10% of annual fee payable, whichever is higher

(i) Companies engaged in repurchase agreements:

$1 000 $12 500 $12 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

(f) Underwriter of securities:

$1 000 $50 000 0.02% of value of transactions in the previous year, subject to a minimum annual fee of $50 000

Minimum annual fee or 10% of annual fee payable, whichever is higher

(g) Stock Exchange:

$1 000 $10 000 $10 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(h) Securities Depository:

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part I - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

- $2 500 0.01% of total assets under management, subject to a minimum annual fee of $2 500

Minimum annual fee or 10% of annual fee payable, whichever is higher

(j) Companies engaged in portfolio management business:

5. Under the Mutual Funds Act, Cap. 320B:

(a) Mutual fund - general/exempt/limited: $1 000 $10 000 0.01% of total assets

under management, subject to a minimum annual fee of $7 500 and a maximum annual fee of $25 000

Minimum annual fee or 10% of annual fee payable, whichever is higher

(b) Additional sub-fund or cell (in the case of segregated cell company or incorporated cell company):

$1 000 $10 000 - Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 $10 000 $5 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(d) Mutual fund administration (restricted):

$1 000 $5 000 $2 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part I - (Cont'd) Division I - (Concl'd)

L.R.O. 1998 Schedule - (Cont'd)

Part I - (Cont'd)

Division 2

General Fees Payable for the Period 1st April, 2019 to 31st December, 2019

Matter

1. Request for letter confi rming status of registration or licence

2. Application for certifi ed copy of certifi cate of registration or licence

3. Request for amendment to certifi cate or licence

4. Issuance of amended certifi cate or licence

5. Replacement certifi cate or licence

6. Request for exemption from a requirement of the Financial Services Commission Act, 2010 or a specifi ed enactment

7. Application for extension of deadline to fi le returns, statements, reports, notices, forms or other documents (whether annual, quarterly, interim or otherwise) required to be fi led or submitted within a specifi ed period by the Financial Services Commission Act, 2010 or a specifi ed enactment

8. Late fi ling of returns, statements, reports, notices, forms or other documents (whether annual, quarterly, interim or otherwise) required to be fi led or submitted within a specifi ed period by the Financial Services Commission Act, 2010 or a specifi ed enactment

9. Application for

(a) cancellation or voluntary surrender of registration or licence

(b) approval of dissolution or winding-up

10. Inspection of register of registrants or licensees

11. Copy of public information from, or extract of, register, per page

12. Certifi cation of copy of document fi led with the Commission

13. Request to re-fi le annual or quarterly return or fi ling

Fee

$250

$500

$100 per business day, subject to a maximum fee of $5 000 for all documents within one fi nancial year

$250

$25

$10

$500

L.R.O. 1998 Schedule - (Cont'd)

Part I - (Concl'd)

Division 2 - (Concl'd)

General Fees Payable for the Period 1st April, 2019 to 31st December, 2019 - (Concl'd)

Matter

Under the Securities Act, Cap. 318A:

14. Filing of registration statement (issuers)

15. Filing of amended registration statement

16. Filing of registration statement for additional securities

17. Filing of prospectus

18. Filing of supplementary or amended prospectus

19. Filing of block distribution circular

20. Filing of notice pursuant to section 69(1)(f)(i) of the Act

21. Filing of report by person who sells a security pursuant to an exemption under section 69 of the Act

22. Filing of statement pursuant to regulation 4(2) of the Companies (Take-Over Bid) Regulations, 2002 (S.I. 2002 No. 68)

23. Filing of take-over bid circular

24. Application for de-listing of security

Under the Mutual Funds Act, Cap. 320B:

25. Filing of amended off ering document (funds)

Under the Occupational Pensions Benefi ts Act, Cap. 350B:

26. Registration of amendment to pension plan

Fee

$1 500

$750

$5 000

$750

$5 000

$250

$500

$5 000

$750

$250

L.R.O. 1998Schedule - (Cont'd)

1. Under the Co-operative Societies Act, Cap. 378A: Credit union:

$500 $750 0.04% of total assets (subject to a minimum annual fee of $750 and a maximum annual fee of $500 000)

Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$25 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance

Minimum annual fee or 10% of annual fee payable, whichever is higher

2. Under the Insurance Act, Cap. 310:

(a) Class 1 licensee (Insurance company (including incorporated cell company or segregated cell company)):

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II

Division I

Initial and Annual Registration and Licensing Fees Payable for the Period 1st January, 2020 to 31st December, 2020

L.R.O. 1998 Schedule - (Cont'd)

(b) Class 2 licensee:

(i) Insurance company (including incorporated cell company or segregated cell company) that has assets of less than one billion dollars and holds a foreign currency permit:

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$40 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance

$40 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance

Minimum annual fee or 10% of annual fee payable, whichever is higher

(ii) Insurance company (including incorporated cell company or segregated cell company) that has assets equal to or greater than one billion dollars and holds a foreign currency permit:

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance

$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance

Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II - (Cont'd) Division I - (Cont'd)

L.R.O. 1998

(iii) Insurance company (including incorporated cell company or segregated cell company) that does not hold a foreign currency permit:

$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell

$40 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance

0.04% of total assets subject to a minimum annual fee of $40 000 and a maximum annual fee of $500 000

Minimum annual fee or 10% of annual fee payable, whichever is higher

(iv) Insurance company that is winding up or dormant:

- $3 000 $3 000

(i) Association of underwriters:

$1 000 $20 000 $20 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(ii) Individual broker or a company or fi rm of brokers:

$500 $3 500 $3 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

Schedule - (Cont'd)

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II - (Cont'd) Division I - (Cont'd)

L.R.O. 1998

(iii) Individual agent or sub-agent or a company or fi rm of agents or sub-agents:

$300 $2 500 $2 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

(iv) Salesman:

$250 $250 $250 Minimum annual fee or 10% of annual fee payable, whichever is higher

(v) Individual loss assessor, adjuster or insurance surveyor or a company or fi rm of loss assessors, adjusters or insurance surveyors:

$700 $750 Minimum annual fee or 10% of annual fee payable, whichever is higher

(vi) Management company:

$1 000 $25 000 $25 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(vi) Holding company:

$1 000 $25 000 $25 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

Schedule - (Cont'd)

$750

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

3. Under the Occupational Pension Benefi ts Act, Cap. 350B:

Pension plan:

$1 000 $10 per member subject to a minimum fee of $500

$10 per member subject to a minimum annual fee of $500

Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 $3 000 $3 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(d) Trader:

4. Under the Securities Act, Cap. 318A:

(a) Broker:

$1 000 $3 000 $3 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(b) Investment adviser:

$1 000 $3 000 $3 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

$1 000 $12 500 $12 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

(e) Securities company:

- $2 500 0.01% of total repurchase agreement assets, subject to a minimum annual fee of $2 500

Minimum annual fee or 10% of annual fee payable, whichever is higher

(i) Companies engaged in repurchase agreements:

$1 000 $12 500 $12 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 $50 000 0.02% of value of transactions in the previous year, subject to a minimum annual fee of $50 000

Minimum annual fee or 10% of annual fee payable, whichever is higher

(g) Stock Exchange:

$1 000 $10 000 $10 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(h) Securities Depository:

(f) Underwriter of securities:

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II - (Cont'd) Division I - (Cont'd)

L.R.O. 1998 Schedule - (Cont'd)

- $2 500 0.01% of total assets under management, subject to a minimum annual fee of $2 500

Minimum annual fee or 10% of annual fee payable, whichever is higher

(j) Companies engaged in portfolio management business:

5. Under the Mutual Funds Act, Cap. 320B:

(a) Mutual fund - general/exempt/limited: $1 000 $10 000 0.01% of total assets

under management, subject to a minimum annual fee of $7 500 and a maximum annual fee of $25 000

Minimum annual fee or 10% of annual fee payable, whichever is higher

(b) Additional sub-fund or cell (in the case of segregated cell company or incorporated cell company):

$1 000 $10 000 - Minimum annual fee or 10% of annual fee payable, whichever is higher

$1 000 $10 000 $5 000 Minimum annual fee or 10% of annual fee payable, whichever is higher

(d) Mutual fund administration (restricted):

$1 000 $5 000 $2 500 Minimum annual fee or 10% of annual fee payable, whichever is higher

Application for Registration or

Licence

Initial Registration or Licence Fee

Annual Registration or Licence Fee

Late Payment of Annual Registration

or Licence Fee

Part II - (Cont'd) Division I - (Concl'd)

L.R.O. 1998 Schedule - (Cont'd)

Part II - (Cont'd)

Division 2

General Fees Payable for the Period 1st January, 2020 to 31st December, 2020

Matter

1. Request for letter confi rming status of registration or licence

2. Application for certifi ed copy of certifi cate of registration or licence

3. Request for amendment to certifi cate or licence

4. Issuance of amended certifi cate or licence

5. Replacement certifi cate or licence

6. Request for exemption from a requirement of the Financial Services Commission Act, 2010 or a specifi ed enactment

9. Application for

(a) cancellation or voluntary surrender of registration or licence

(b) approval of dissolution or winding-up

10. Inspection of register of registrants or licensees

11. Copy of public information from, or extract of, register, per page

12. Certifi cation of copy of document fi led with the Commission

13. Request to re-fi le annual or quarterly return or fi ling

Fee

$250

$500

$100 per business day, subject to a maximum fee of $5 000 for all documents within one fi nancial year

$250

$25

$10

$500

L.R.O. 1998 Schedule - (Concl'd)

Part II - (Concl'd)

Division 2 - (Concl'd)

General Fees Payable for the Period 1st January, 2020 to 31st December, 2020 - (Concl'd)

Matter

Under the Securities Act, Cap. 318A:

14. Filing of registration statement (issuers)

15. Filing of amended registration statement

16. Filing of registration statement for additional securities

17. Filing of prospectus

18. Filing of supplementary or amended prospectus

19. Filing of block distribution circular

20. Filing of notice pursuant to section 69(1)(f)(i) of the Act

21. Filing of report by person who sells a security pursuant to an exemption under section 69 of the Act

22. Filing of statement pursuant to regulation 4(2) of the Companies (Take-Over Bid) Regulations, 2002 (S.I. 2002 No. 68)

23. Filing of take-over bid circular

24. Application for de-listing of security

Under the Mutual Funds Act, Cap. 320B:

25. Filing of amended off ering document (funds)

Under the Occupational Pensions Benefi ts Act, Cap. 350B:

26. Registration of amendment to pension plan

Fee

$1 500

$750

$5 000

$750

$5 000

$250

$500

$5 000

$750

$250

Read three times and passed the House of Assembly this day of , 2022.

Speaker

Read three times and passed the Senate this day of , 2022.

President