Financial Institutions (Fees) Regulations, 2003

L.N. 217 of 2003

FINANCIAL INSTIUTIONS ACT

(CAP. 376)

Financial Institutions (Fees) Regulations, 2003

In exercise of the powers conferred by subarticle (2) of article 12

of the Financial Institutions Act, the Minister of Finance and Economic

Affairs has made the following regulations>-

(1) These regulations may be cited as the Financial Citation and date of

commencement.

Institutions (Fees) Regulations, 2003.

(2) These regulations shall come into force on the 1 st

January, 2004.

In these regulations, unless the context otherwise requires>-

Interpretation.

“the Act” means the Financial Institutions Act<

and the words and expressions which are also used in the Act shall have

the same meaning as in the Act.

A financial institution applying to the competent authority for Application and

processing fee.

a licence under the Act shall, upon submission of the application,

irrespective of whether the licence is eventually granted or not, pay to

the competent authority the sum of Lm300 as an application and

processing fee.

A financial institution which has been granted a licence in Licensing fee.

terms of the Act shall pay a licensing fee of Lm 500 to the competent

authority upon the granting of such licence.

A financial institution licensed under the Act shall pay to the Supervision fee.

competent authority an annual supervision fee equivalent to 0.000142

of the total of the items in the balance sheet as reported to the competent

authority in terms of Banking Directive BD#06 at the end of the year

preceding the year immediately before the year in which the fee is

payable>

Provided that the annual amount payable by a financial institution

by way of supervision fee shall in no case be less than Lm750>

Provided further that the first supervision fee payable by a financial

institution licensed after 1st January, 2004 shall be equal to a proportion

of such fee that would have been otherwise payable in respect of the

whole calendar year in which the licence was granted. The fee payable

shall be proportionate to the period remaining between the date of the

granting of the licence and the end of that calendar year.

The annual supervision fee due in terms of regulation 5 shall

be payable to the competent authority on the 1st January of every year.

In calculating the supervision fee due in the first year, the

competent authority shall credit the financial institution with a proportion

of the annual licence fee already paid by the financial institution in

2003 under the regulations as in force during that year. The proportion

of the fee to be credited shall be the proportion of the fee so paid in

relation to the period from 1st January to 31st August, 2004.

None of the fees established in terms of regulations 3, 4 and 5

shall, once paid, be refundable under any circumstances.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press