GOVERNMENT has announced increases in securities and exchange registration and licensing fees by 450% .
Under the newly-gazetted Securities and Exchange (Registration, Licensing and Corporate Governance) (Amendment) Rules, 2022 (No 4), initial registration of a securities exchange is now pegged at US$45 000 up from the US$10 000 published in Statutory Instrument (SI) 100 of 2010.
“Where a licensed person receives income in foreign currency in respect of services rendered, fees, levies and charges payable to the commission shall be paid in the currency in which the income was received,” part of the SI read.
Annual registration fees for securities exchange now cost US$25 000, up from US$5 000, while replacement of certificate of registration or licence as well as notification of change of name, address or prescribed particulars of holder of licence are pegged at US$120 each, up from US$50.
The application for a securities dealing licence, however, went down by more than half to US$3 400, compared to the previous US$8 000, while application for a securities dealer licence remained flat at US$2 000.
The securities (transfer) licence, which cost US$2 000, will now cost US$4 500, while the securities (trustee) licence, which was US$1 000, now costs US$4 500.
The securities (investment management) licence, previously pegged at US$10 000 is now US$7 000, while the securities (multiple) licence which was previously at US$10 000 is now US$25 000.
“Where a registered or licensed person fails, within the prescribed time, to furnish to the commission the return, prescribed by the commission as the case may be, shall be liable to pay to the commission a fee of US$100 for each day that the licensed person continues to be in default up to a maximum of 30 days, after which the licence may be cancelled in terms of section 48 of the Securities and Exchange Act [Chapter 24:25],” the SI read.
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