(sections 23 and 105)

(17th February, 2012)

ARRANGEMENT OF REGULATIONS

REGULATION

                1.         Citation

                2.         Supervisory levies

                3.         Basis of calculation of supervisory levies

                4.         Collection of supervisory levies

                5.         Interest on unpaid supervisory levies

                6.         Penalty levy

                7.         Licensing fees

                            SCHEDULES

S.I. 11, 2012.

1.       Citation

             These Regulations may be cited as the Non-Bank Financial Institutions Regulatory Authority (Supervisory Levies and Licensing Fees) Regulations.

2.       Supervisory levies

             The non-bank financial institutions specified in the first column of Schedule 1 shall, in each financial year, pay the supervisory levies set out in the second column of Schedule 1.

3.       Basis of calculation of supervisory levies

             The basis of calculation of supervisory levies for each financial year shall be the recovery of operational costs associated with carrying out supervisory activities in relation to non-bank financial institutions.

4.       Collection of supervisory levies

             The supervisory levies payable under regulation 3 shall be paid to the Regulatory Authority in two equal instalments; the first instalment being payable on or before 30th April of each financial year and the second instalment being payable on or before 31st October of each financial year.

5.       Interest on unpaid supervisory levies

             (1) A non-bank financial institution shall pay interest on any unpaid supervisory levies to the Regulatory Authority at the end of each financial year.

            (2) Any interest paid under subregulation (1) shall be at a rate equal to the prevailing prime interest rate.

6.       Penalty levy

             (1) The Regulatory Authority shall impose a penalty levy on a non- bank financial institution for cases where a misstatement or other non- compliance by a non-bank financial institution leads to an under- collection of a supervisory levy.

            (2) Any penalty levy imposed under subregulation (1) shall be at a rate equal to the prevailing prime interest rate per thousand Pula of the under- collection.

7.       Licensing fees

             The non-bank financial institutions specified in the first column of Schedule 2 shall pay the licensing fees set out in the second column of Schedule 2.

SCHEDULE 1
SUPERVISORY LEVIES

(reg 2)

First Column

Second Column

Non-Bank Financial Institution

Supervisory Levy

1   Asset managers (excluding International Financial Services Centre asset managers)

P25,000 and 0.035% of the total value of the investments managed by an Asset Manager at the end of each month of the financial year

2.  Central securities depositories for commodities

P150,000

3.  Commodities exchanges

P150,000

4.  Custodians of collective investment undertakings

P50,000

5.  Insurance brokers

P10,000 and 0.35% of the gross premiums earned, as reported in their most recently audited financial statements

6.  Insurance companies

P50,000 and 0.35% of the gross premiums written, as reported in their most recently audited financial statements

7.  Corporate insurance agents

P5,000

8.  International Financial Services Centre companies

P27,500

9.  Management companies of collective investment undertakings

P25,000 and 0.035% of the total value of the assets controlled by a management company in respect of each scheme at the end of each month of the financial year

10.        Micro lenders

0.5% of a micro lenders total loanbook at the end of each month of the financial year

11.        Pension or provident funds

P200 and P30 in respect of each member, at the end of the financial year

12.        Trustees of collective investment undertakings

P50,000

SCHEDULE 2
LICENSING FEES

(reg 7)

First Column

Second Column

Non-Bank Financial Institution

Licensing Fee

1.  Asset managers

Application for licence fee

P10,000

2.  Custodians and trustees

Application for licence fee

P10,000

3.  Central securities depositories for commodities

Application for licence fee

P80,000

4.  Securities exchanges

Application for licence fee

P80,000

5.  International Financial Services Centre registered companies

Application for licence fee

P10,500

6.  Insurance brokers

Application for licence fee

P4,500

Renewal of licence fee

P2,700

7.  Insurance companies

Application for licence fee

P20,000

Renewal of licence fee

P12,000

8.  Individual insurance agents

Application for licence fee

P200

Renewal of licence fee

P130

9.  Corporate insurance agents

Application for licence fee

P1,000

Renewal of licence fee

P600

10.        Management companies of collective investment undertakings

Application for licence fee

P10,000

Licence fee for each additional fund

P2,000

11.        Micro lenders

Application for licence fee

P5,000

Licence fee for each additional branch

P1,000

12.        Pension or provident funds

Application for licence fee

P200