On 24 July 2015, the Financial Services Commission (FSC) has amended the system of levying charges for late payment of annual fees by licensees under the Rule 8(4) of the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2008 and this is effective as from 2 July 2015.
Prior to the above change, the fee system for late payment of annual fees was as follows:
- A charge of 25% of the annual fees if the licensee fails to pay its annual fees by the due date (starting July); and
- An additional charge of 15% of the annual fees for each additional month (starting August) during which the fees remain unpaid.
In line with the amendment, the system of levying charges for late payment of annual fees under Rule 8(4) of the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2008 will now be as follows:
- A charge of 25% of the annual fees if the licensee fails to pay its annual fees by the due date; and
- An additional charge of 1% of the annual fees for each additional month or part of the month during which the fees remain unpaid.
The above is only applicable for entities licensed to provide financial services.
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