S.L. 331.1 Art. 5Annual supervisory fee.

(1) A person that has been granted authorisation in accordance with article 43(3), (8), (13) and, or (15) of the Act shall, subject to the provisions of sub-regulation (2), pay to the Authority an annual supervisory fee which shall be the aggregate of the following:

(a) the annual supervisory fixed fee established in the Second Schedule, as applicable; and

(b) the annual supervisory service fee established in the Second Schedule, as applicable, with respect to every such authorisation held on the date when the annual supervisory fee is due in accordance with sub-regulation (2).

(2) The annual supervisory fee due in accordance with sub-regulation (1) shall be paid to the Authority on the date when a person is first granted authorisation in accordance with the relevant provisions and annually thereafter on the date when such original authorisation was granted.

(3) A person that has been granted registration in accordance with article 43B of the Act shall, subject to the provisions of sub-regulation (4), pay to the Authority an annual supervisory fee as established in the Second Schedule, as applicable.

(4) The annual supervisory fee due in accordance with sub-regulation (3) shall be paid to the Authority on the date when a person is granted the registration in accordance with the relevant provision and annually thereafter on the date when such registration was granted.

(5) A person that has been granted registration in accordance with regulation 4 of the Trusts and Trustees Act (Registration of Notaries to act as Qualified Persons) Regulations shall, subject to the provisions of sub-regulation (6), pay to the Authority an annual supervisory fee as established in the Second Schedule, as applicable.

(6) The annual supervisory fee due in accordance with sub-regulation (5) shall be paid to the Authority on the date when a person is granted the registration in accordance with the relevant provision and annually thereafter on the date when such registration was granted.