S.L. 514.10 Art. 5Fees in relation to service providers.  Cap. 371. Cap. 370.

(1) A person applying to the competent authority for one (1) or more licences to provide any of the services established in the First Schedule of the Act in accordance with article 6 of the said Act shall, upon submission of an application to the competent authority in accordance with article 8 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to every such licence being applied for:

Provided that where such person is already licensed under the Banking Act or the Investment Services Act to provide any of the services for which a licence is being applied for under the Act, the reduced application fee established in the First Schedule, as applicable, shall apply with respect to every such licence being applied for.

(2) Notwithstanding the provisions of sub-regulation (1), where a person applies to the competent authority for two (2) or more licences or to provide any of the services established in the First Schedule of the Act, the application fee due by such person with respect to every such licence in accordance with sub-regulation (1), other than the highest application fee, shall be reduced by twenty-five per cent (25%).

(3) Where a person that holds one (1) or more licences under the Act to provide any of the services established in the First Schedule of the said Act intends to provide one (1) or more services in addition to those which it is licensed to provide, it shall, upon the submission of an application to the competent authority for every additional licence, pay to the competent authority the application fee established in sub-regulation (1) with respect to every such licence being applied for, which application fee shall be reduced by twenty-five per cent (25%).

(4) A person that holds one (1) or more licences under the Act to provide any of the services established in the First Schedule of the said Act shall pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such service which it is licensed to provide:

Provided that where such person holds more than one

(1) licence as referred to in this sub-regulation, the annual supervisory fees due by such person in accordance with this sub-regulation with respect to every service which it is licensed to provide, other than the highest of the said annual supervisory fees, shall be reduced to seventy-five per cent (75%) of the relevant annual supervisory fees established in the Second Schedule, as applicable.

(5) Without prejudice to the provisions of sub-regulation (4), where a service provider is licensed to provide investment management services under the Act, the annual supervisory fee due with respect to such services in accordance with the said sub-regulation shall be the following:

(a) the annual supervisory fee established in the Second Schedule, as applicable, for the first two hundred and fifty thousand euro (€250,000) in net revenue; and

(b) where applicable, the annual supervisory fee established in the Second Schedule, as applicable, for every additional two hundred and fifty thousand euro (€250,000) in net revenue or part thereof:

Provided that, in any case, the annual supervisory fee due with respect to such services shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable.

(6) Notwithstanding the provisions of sub-regulations (4) and (5), the first annual supervisory fee due to the competent authority by a service provider licensed to provide investment management services under the Act shall be the aggregate of the following:

(a) the minimum annual supervisory fee established in the Second Schedule, as applicable, with respect to such services prorated according to the period remaining between the date when the service provider is granted a licence under the Act to provide the said services and the end of the calendar year in which such licence was granted; and

(b) the minimum annual supervisory fee established in the Second Schedule, as applicable, with respect to such services prorated according to the period between the start of the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation (7).

(7) The annual supervisory fee due in accordance with sub-regulation (4) shall be paid to the competent authority on the date when a service provider is granted a licence under the Act and annually thereafter on the date when such a licence was granted:

Provided that the first annual supervisory fee due by a service provider licensed to provide investment management services under the Act in accordance with sub-regulation (6) shall be paid to the competent authority on the date when such service provider is granted a licence under the Act to provide such services, and every annual supervisory fee following the first annual supervisory fee which is due by such service provider in accordance with sub-regulations (4) and (5) shall be paid to the competent authority one

(1) month from the date of submission of the annual audited financial statements as established by law.