Gazette November 17, 2022 Part A VOL. CLVII No. 120

Nov 17, 2022 | Part A

November 17, 2022

Resolution No. 23/2022 Ref. No. M.P.: 5213/106 Vol. I PARLIAMENT

WHEREAS the Government of Barbados has determined that there should be a Barbados Economic Recovery and Transformation (BERT) Plan 2022: FY2022/23 – FY2026/27 (BERT 2022).

AND WHEREAS BERT (2022) is the successor to Barbados Economic Recovery and Transformation 2018 (BERT 2018) and lays out the Government of Barbados’ economic and financial program for the next four years, which is focused on achieving inclusive and sustainable growth, while maintaining fiscal and debt sustainability.

AND WHEREAS the general strategy of the BERT Plan 2022 is to preserve the gains achieved under BERT (2018), and advance the reforms which were delayed because of the COVID-19 global pandemic. This will be done with refocused priorities on policies aimed at generating sustainable and inclusive growth while building resilience through climate adaptation and mitigation.

AND WHEREAS the Government of Barbados will advance a growth strategy within the context of limited fiscal space and maintaining fiscal stability that includes structural reforms to promote economic diversification, strengthen competitiveness and achieve a higher sustainable rate of economic growth that is private sector led and that will result in the enhancement of the economic well- being of every citizen.

AND WHEREAS the growth strategy having as its eight pillars:

Pillar 1: Incentivising the green transition and building climate resilient

infrastructure;

Pillar 2: Incentivising low and middle income housing; Pillar 3: Investing in skills training and education;

Pillar 4: Preserving financial stability and mobilising domestic savings for

local investment;

Pillar 5: Making Government an enabler to improving productivity, boosting competitiveness and exports, and enhancing service excellence;

Pillar 6: Establishing Barbados as a logistics hub;

Pillar 7: Promoting diversification through new niche economic activities centred around a new, high-skilled, knowledge-based economy that is more technologically advanced and carbon neutral and marine-conscious; and

Pillar 8: Adopting open labour market policies to support stronger, resilient growth together with expanding the population base and improving productivity and competitiveness.

November 17, 2022

OFFICIAL GAZETTE 3

BE IT RESOLVED that Parliament take note of and approve the Barbados Economic Recovery and Transformation (BERT) Plan 2022: FY2022/23 – FY2026/27.

APPROVED by the House of Assembly this 11th day of October,

2022.

A. HOLDER Speaker.

APPROVED by the Senate this 2nd day of November, 2022.

  1. FARLEY President.
    I  assent
  2. MASON

President of Barbados 2022-11-15.

17th November, 2022

2022-16

FINANCIAL SERVICES COMMISSION (AMENDMENT) ACT, 2022-16

Arrangement of Sections

  1. Short title
  2. Amendment of the First Schedule to Act 2010–21

FINANCIAL SERVICES COMMISSION (AMENDMENT) ACT,

2022-16 3

BARBADOS

I assent

S. MASON

President of Barbados 15th November, 2022.

2022-16

An Act to amend the Financial Services Commission Act, 2010

(Act 2010-21).

[Commencement: 17th November, 2022] ENACTED by the Parliament of Barbados as follows:

FINANCIAL SERVICES COMMISSION (AMENDMENT) ACT, 4 2022-16

Short title 1.

This Act may be cited as the Financial Services Commission

(Amendment) Act, 2022.

Amendment of the First Schedule to Act 2010–21

  1. The First Schedule of the Financial Services Commission Act,2010 (Act 2010-21) is amended by deleting paragraph 1(1) and substituting the following:

    “1.(1)(a)
    (b)
    The Commission shall comprisethe Director of Finance and Economic Affairs, ex officio or his nominee; andsix other persons,who shall be appointed by the Minister by instrument in writing in accordance with subparagraph (2).”.
    17th November, 20222022-17
    FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17
    Arrangement of Sections
    1. Short title
    2. Consequential amendments
    3. Repeals
    4. Validation

FIRST SCHEDULE

CONSEQUENTIAL AMENDMENTS

SECOND SCHEDULE

REPEALS

THIRD SCHEDULE

FEES

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 3

BARBADOS

I assent

S. MASON

President of Barbados 15th November, 2022.

2022-17

An Act to establish a new fee structure for persons regulated by the Financial Services Commission, to validate the charging and collection by the Commission of certain fees under the new fee structure and to provide for related matters.

[Commencement: 17th November, 2022] ENACTED by the Parliament of Barbados as follows:

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

4 PROVISIONS AND VALIDATION) ACT, 2022-17

Short title

1.

This Act may be cited as the Financial Services Commission

(Miscellaneous Provisions and Validation) Act, 2022.

Consequential amendments

  1. The enactments set out in Column 1 of the First Schedule are amendedin the manner set out opposite thereto in Column 2.
    Repeals
  2. The enactments set out in the Second Schedule are repealed.
    Validation4.the periodFees charged and collected by the Financial Services Commission for
    1. 1st April, 2019 to 31st December, 2019 in accordance with Part I of the Third Schedule;
    2. 1st January, 2020 to 31st December, 2020 in accordance with Part II of the Third Schedule; and
    3. 1st January, 2021 to the day immediately before the date of commencement of the Financial Services Commission (Fees) Order, 2022 (S. I. 2022 No. ) in accordance with the Financial Services Commission (Fees) Order, 2022,

shall be deemed to have been lawfully and validly charged and collected.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 5

Column 1

Enactments

FIRST SCHEDULE

CONSEQUENTIAL AMENDMENTS

Column 2

Amendments

(Section 2)

1. Insurance Act, Cap. 310

  1. In section 2,
    1. in subsection (1)
      1. the definition of “actuary”
        1. in paragraph (b)(ii), delete the word “or”; and
        2. delete paragraph (c) and substitute the following:
          “(c) in the case of a person who works for an insurer which carries on insurance business of insuring risks located outside Barbados, and in respect of which premiums originate outside Barbados, is a fellow of an internationally recognised society or institute of actuaries;”;
      2. delete the definition of “Commission” appearing after the definition of “sub-agent”;FINANCIAL SERVICES COMMISSION (MISCELLANEOUS6 PROVISIONS AND VALIDATION) ACT, 2022-17
        First Schedule – (Cont’d)
        CONSEQUENTIAL AMENDMENTS – (Cont’d)
        Column 1
        Enactments
        1. Insurance Act, Cap. 310- (Cont’d)Column 2
          Amendments
      3. delete the definitions of “gross revenues from insurance premiums” and “international insurance business”; and
      4. in the definition of “prescribed securities” delete the words “by the Minister”; and
    2. insert after subsection (2), the following:

“(3) In this Act

  1. “registered”, in relation to an entity, includes a licensed entity;
  2. “certificate of registration” includes a licence issued under this Act; and
  3. “registration” includes the licensing of an entity or a licence issued to an entity under this Act, as the case may be.

(4) Where there is a conflict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.”.

  1. In section 3(1), delete paragraph (i).FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 7First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    1. Insurance Act, Cap. 310- (Cont’d)
  2. Delete section 4.
  3. In section 9,

Column 2

Amendments

  1. delete subsection (1) and substitute the following:”(1) Subject to subsection (4), no company may be registered to carry on in Barbados
    1. long-term insurance business unless it has a minimum paid-up share capital of not less than$3 000 000;
    2. general insurance business unless it has a minimum paid-up share capital of not less than $3 000 000;
    3. both long-term and general insurance business unless it has a minimum paid-up share capital of not less than $5 000 000;
    4. motor vehicle insurance business only, unless it has a minimum paid-up share capital of not less than $1 000 000;
    5. industrial life insurance business unless it has a minimum paid-up share capital of not less than$1 000 000; orFINANCIAL SERVICES COMMISSION (MISCELLANEOUS8 PROVISIONS AND VALIDATION) ACT, 2022-17
      First Schedule – (Cont’d)
      CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      1. Insurance Act, Cap. 310
      – (Cont’d)Column 2
      Amendments
    6. insurance business where the risks are located outside Barbados, and in respect of which premiums originate outside Barbados unless it has a minimum paid-up share capital of not less than $250 000 or such other amount as the Commission determines,
      or an equivalent sum in any other currency approved by the Commission, with the capital to be fully paid-up in cash.”;
  2. in subsection (2A), insert after the word “shall” the word “not”; and
  3. insert after subsection (5), the following:

“(5A) Subsection (5) shall apply only to an insurer which carries on insurance business of insuring risks located within Barbados and in respect of which premiums originate within Barbados.”.

  1. Delete section 10.
  2. In section 12(1)(b), delete the words “or the Fourth Schedule, as the case may be”.
  3. Delete sections 15A and 15B.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 9First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    1. Insurance Act, Cap. 310- (Cont’d)
      Column 2
      Amendments
  4. In section 23(5), delete the word “ensuring” and substitute the word “insuring”.
  5. Delete section 38(1) and substitute the following:
    “(1) Subject to this Act, where an insurance company carries on insurance business of one or more of the specified classes, the receipts and expenditure of each class of insurance business shall be entered in a separate account and shall be carried to, and form, a separate insurance fund with an appropriate name.”.
  6. In section 49A, delete the word “licensees” and substitute the words “and Class 2 licensees which carry on insurance business of insuring risks located outside Barbados and in respect of which premiums originate outside Barbados”.
  7. In section 70A, delete the word “Minister” wherever it appears and substitute the word “Commission”.
  8. In section 70H,
  1. in subsections (1) and (3), delete the word “Minister” wherever it appears and substitute the word “Commission”;FINANCIAL SERVICES COMMISSION (MISCELLANEOUS10 PROVISIONS AND VALIDATION) ACT, 2022-17
    First Schedule – (Cont’d)
    CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    1. Insurance Act, Cap. 310
    – (Cont’d)Column 2
    Amendments
  2. delete subsections (4) and (5) and substitute the following:
    “(4) Where the Commission is satisfied that a company is registrable under this section, the Commission shall, upon payment of the prescribed fee, issue to the company a certificate of registration containing
    1. the name and business address of the company; and
    2. the date of its regisration as a holding company.”;
    3. in subsection (6), delete the word “he” and substitute the words “the Commission”;
    4. in subsection (7), delete the word “Minister” and the word “Commission”; and
    5. delete subsection (8) and substitute the following: “(8) The Minister may suspend or revokea certificate of registration where a holding company
      1. fails to comply with a condition specified in the certificate; orFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 11First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
        Column 1
        Enactments
        1. Insurance Act, Cap. 310- (Cont’d)
        Column 2
        Amendments
      2. is in breach of any duty or obligation imposed upon it by or under this Part,

and sections 70I and 70J apply, with such adaptations as may be necessary, to the certificate of registration as they apply to a licence under this Part.”.

  1. In section 70I,
    1. in subsections (1), (2) and (5), delete the word “Minister” and substitute the word “Commission”; and
    2. delete subsections (3) and (4) and substitute the following:

“(3) Where the licensee fails to comply with the Commission’s directions, the Commission may suspend the licence for a period not exceeding 90 days; and its decision thereon is final.

(4) Where the Commission intends to revoke or suspend a licence under this section, the Commission shall give the licensee notice of its intention to do so and a reasonable opportunity to show cause why the licence should not be revoked or suspended, as the case may be.”.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

12 PROVISIONS AND VALIDATION) ACT, 2022-17

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

  1. Insurance Act, Cap. 310

– (Cont’d)

  1. In section 70J,Column 2
    Amendments
    1. delete the word “Minister” wherever it appears and substitute the word “Commission”; and
    2. in subsection (1), delete the words “section 12” and substitute the words “section 70I”.
  2. Delete section 146G(ii).
  3. In section 152(3), delete the words “, but the Minister” and substitute the word “and”.
  4. In section 155,
    1. delete the word “Minister” wherever it appears and substitute the word “Commission”;
    2. in subsection (3), delete the word “he” and substitute the words “the Commission”; and
    3. in subsection (5), delete the word “he” and substitute the words “the Commission”.
  5. In section 182,
    1. in subsection (1), delete the words “Minister may” and substitute the words “Commission may, with the approval of the Minister,”; and
    2. in subsection (3), delete the word “Minister” and substitute the word “Commission”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 13First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      1. Insurance Act, Cap. 310- (Concl’d)
  6. In section 183,
    Column 2
    Amendments
    2. Securities Act, Cap. 318A
    1. delete the words “Minister may” and substitute the words “the Commission may, with the approval of the Minister,”; and
    2. delete the word “he” wherever it appears and substitute the words “the Commission”.
  7. Delete section 183A.
  1. In the long title, delete paragraph (a) and renumber paragraphs (b), (c) and (d) as paragraphs (a), (b) and (c).
  2. In section 2(1),
    1. delete the definition of “Commission” and substitute the following:” “Commission” means the Financial Services Commission established by section 3 of the Financial Services Commission Act, 2010 (Act 2010-21);”; and
    2. in the definition of “regulation” delete the words”by the Minister”.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

14 PROVISIONS AND VALIDATION) ACT, 2022-17

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

  1. Securities Act, Cap. 318A- (Cont’d)Column 2
    Amendments
  2. Delete the heading of Part I and substitute the following: “PART IFINANCIAL SERVICES COMMISSION”.
  3. Delete section 3 and substitute the following:
    “Financial Services Commission Act, 2010 to apply
    3. Where there is a conflict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.”.
  4. Delete sections 7, 10 and 12.
  5. Delete the subheading “Staff”.
  6. Delete sections 14, 15, 16 and 17.
  7. Delete the subheading “Finances of Commission” and sections 18, 19, 20, 21 and 22.
  8. In section 46,
    1. delete subsections (4), (5), (6), (7), (8) and (9); andFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 15First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments2. Securities Act, Cap. 318A- (Concl’d)
      Column 2
      Amendments
    2. renumber subsection (10) as subsection (4).
  9. In section 126,
    1. in subsection (1),
      1. delete the words “The Minister may, on the recommendation of the Commission” and substitute the words “The Commission may, with the approval of the Minister”; and
      2. delete paragraph (j);
    2. delete subsections (2) and (3) and substitute the following:
      “(2) The Commission may, with the approval of the Minister, make regulations governing take-overs in respect of public companies.”; and
    3. delete subsection (7).
  10. In section 127(1)(a), insert after the word “Minister”, the words “for approval”.
  11. Delete section 127A.
  12. Delete the Schedule.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

16 PROVISIONS AND VALIDATION) ACT, 2022-17

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

3. Mutual Funds Act,

Cap. 320B

  1. In section 2(1),Column 2
    Amendments
    1. insert in alphabetical order, the following definition:
      ” “Commission” means the Financial Services Commission established by section3of the Financial Services Commission Act, 2010 (Act 2010-21);”; and
    2. delete the definition of “Securities Commission”.
  2. Insert after section 2, the following:
    “Financial Services Commission Act, 2010 to apply
    2A. Where there is a conflict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.”.
  3. Delete section 12 and substitute the following:

“Annual fee

12. A mutual fund shall pay its annual fee by the prescribed date each year.”.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 17

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

  1. Mutual Funds Act,Cap. 320B – (Cont’d)
    Column 2
    Amendments
  2. Delete section 27(2), (3) and (4) and substitute the following:
    “(2) A mutual fund administrator shall, by the prescribed date each year, pay
    1. its annual fee; and
    2. the annual fee of any mutual fund for which it provides the principal office.”.
  3. In the heading immediately after section 38, delete the word “SECURITIES” and substitute the words “FINANCIAL SERVICES”.
  4. In section 44(2),
    1. in paragraph (a), delete subparagraph (i) and substitute the following:
      “(i) to give the Commission notice that it has started to provide the principal office of a mutual fund in accordance with subsection
      1. of section 27 or to pay the prescribed annual fees in accordance with subsection
      2. of section 27;”; and
    2. in paragraphs (b), (c) and (d), delete the words “Securities” wherever it appears.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

18 PROVISIONS AND VALIDATION) ACT, 2022-17

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

3. Mutual Funds Act,

Cap. 320B – (Concl’d)

Column 2

Amendments

  1. Delete section 56 and substitute the following:”Regulations56. The Commission may, with the approval of the Minister, make regulations generally for giving effect to this Act and in particular for
    1. the operation of mutual funds;
    2. the compliance requirements of exempt mutual funds;
    3. the role of trustees, custodians and mutual fund administrators in relation to mutual funds;
    4. the type and content of advertisement published by mutual funds;
    5. the filing of document; and
    6. prescribing any other matter that is required to be prescribed under this Act.”.
  2. Throughout the Act, delete the words “Securities Commission” wherever they appear and substitute the word “Commission”.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 19

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

4. Occupational Pensions Benefits Act, Cap. 350B

  1. In section 2(1),
    Column 2
    Amendments
    1. insert in alphabetical order, the following definitions:
      ” “Barbados RevenueAuthority” means the body established by section 3 of the Barbados Revenue Authority Act, 2014 (Act 2014-1);
      “Commission” means the Financial Services Commission established by section 3 of the Financial Services Commission Act, 2010 (Act 2010-21);”; and
    2. delete the definitions of “prescribed” and “Supervisor”.
  2. Insert after section 3, the following:
    “Financial Services Commission Act, 2010 to apply
    3A. Where there is a conflict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21) the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS20 PROVISIONS AND VALIDATION) ACT, 2022-17
    First Schedule – (Cont’d)
    CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    4. Occupational Pensions Benefits Act, Cap. 350B – (Cont’d)Column 2
    Amendments
  3. Delete sections 5(3)(a) and substitute the following: “(a) the prescribed fee;”.
  4. In section 8(1), delete the words “The Supervisor shall not register a pension plan unless he” and substitute the words “The Commission shall not register a pension plan unless the Commission”.
  5. Delete section 10 and substitute the following:
    “Certificate of registration
    10. Where the Commission is satisfied that a pension plan meets the requirements for registration under this Act, the Commission shall register the plan and issue to the person responsible for the administration of the plan a certificate of registration in the prescribed form.”.
  6. In section 15(2), delete the words “Commissioner of Inland Revenue” wherever they appear and substitute the words “Barbados Revenue Authority”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 21First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments4. Occupational Pensions Benefits Act, Cap. 350B –
  7. In section 26,
    Column 2
    Amendments(Cont’d)
    1. in subsection (1), delete the words “Supervisor, wherehe” and substitute the words “Commission, where the Commission”; and
    2. in subsection (2), delete the word “Supervisor” and substitute the word “Commission”.
  8. Delete section 62(2) and (3) and substitute the following:
    “(2) Where a pension plan that is to be wound-up in whole or in part does not have an administrator or the administrator fails to act, the Commission may appoint a person to carry out the winding-up and that person shall have the powers, functions and duties of an administrator.
    (3) The Commission may terminate the appointment of an administrator appointed by the Commission where the Commission considers it reasonable to do so.”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS22 PROVISIONS AND VALIDATION) ACT, 2022-17
    First Schedule – (Cont’d)
    CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    4. Occupational Pensions Benefits Act, Cap. 350B – (Cont’d)Column 2
    Amendments
  9. In section 69(6), delete the words “the Supervisor may give his” and substitute the words “the Commission may give its”.
  10. In section 74(4)(a), delete the word “Supervisor’s” and substitute the word “Commission’s”.
  11. In the heading immediately after section 76, delete the words “SUPERVISOR OF PENSIONS” and substitute the words “GENERAL FUNCTIONS OF COMMISSION”.
  12. Delete sections 77 and 78.
  13. In section 79
    1. delete the word “Supervisor” and substitute the word “Commission”; and
    2. in paragraph (a), delete the word “him” and substitute the words “the Commission”.
  14. In section 80(1),
    1. delete the word “Supervisor” and substitute the word “Commission”; andFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 23First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      4. Occupational Pensions Benefits Act, Cap. 350B – (Cont’d)
      Column 2
      Amendments
    2. in paragraph (b), delete the word “him” and substitute the words “the Commission”.
  15. In section 82,
    1. delete the word “Supervisor” wherever it appears and substitute the word “Commission”; and
    2. in subsection (3), delete the word “Supervisor’s” and substitute the word “Commission’s”.
  16. In section 84,
    1. delete the word “Supervisor” wherever it appears and substitute the word “Commission”;
    2. delete subsection (1)(a) and substitute the following: “(a) require the administrator or trusteesof a pension fund to
      1. produce for inspection any books, accounts, documents or statistics relating to the pension plan or pension fund; andFINANCIAL SERVICES COMMISSION (MISCELLANEOUS24 PROVISIONS AND VALIDATION) ACT, 2022-17
        First Schedule – (Cont’d)
        CONSEQUENTIAL AMENDMENTS – (Cont’d)
        Column 1
        Enactments
        4. Occupational Pensions Benefits Act, Cap. 350B – (Cont’d)Column 2
        Amendments
      2. allow the Commission or the inspector to take extracts from, or make copies of, such books, accounts, documents or statistics as is considered fit;”; and
    3. delete subsection (2) and substitute the following: “(2) A person specified in paragraph
      1. of subsection (1) shall upon request
        1. produce to the Commission or the inspector, any books, accounts, documents or statistics relating relating to the pension plan or pension fund and available to the person; and
        2. give to the Commission or the inspector, any information in his his possession relating to the pension plan or pension fund.”.
      FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 25First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      4. Occupational Pensions Benefits Act, Cap. 350B –
  17. In section 87,
    Column 2
    Amendments(Concl’d)
    5. Co-operative Societies Act, Cap. 378A
    1. in paragraph (a), delete the word “him” and substitutethe words “the Commission”; and
    2. in paragraph (b), delete the word “he” and substitute the words “the Commission”.
  18. In section 94, delete the word “Minister” and substitute the words “the Commission may, with the approval of the Minister,”.
  19. Throughout theAct, delete the word “Supervisor” wherever it appears and substitute the word “Commission”.
  1. Insert after section 3(2), the following:
    “(3) Where, in so far as this Act relates to credit unions, there is a conflict between this Act and the Financial Services Commission Act, 2010 (Act 2010-21), the Financial Services Commission Act, 2010 (Act 2010-21) shall apply.”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS26 PROVISIONS AND VALIDATION) ACT, 2022-17
    First Schedule – (Cont’d)
    CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    1. Co-operative Societies Act, Cap. 378A – (Concl’d)
    2. Financial Services Commission Act, 2010 (Act 2010-21)Column 2
      Amendments
  2. In section 260, delete the words “Supervisor of Insurance” wherever they appear and substitute the words “Financial Services Commission”.
  1. In section 20
    1. in subsection (1)(c), delete subparagraph (ii) and substitute the following:
      “(ii) after consultation with the Minister,
      1. appoint a person who, in the opinion of the Commission, has had training and experience in the business of the financial institution concerned to advise the financial institution on the action to be taken to remedy the situation; or
      2. suspend the registration or licence of the financial institution for a period not exceeding 3 months.”; and
    2. in subsection (2), delete the words “(1)(b)(ii)” and substitute the words “(1)(c)(ii)”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 27First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      6. Financial Services Commission Act, 2010 (Act 2010-21) – (Concl’d)
      Column 2
      Amendments
  2. Insert after section 25(1), the following:
    “(1A) The Commission may, where the annual fee payable by a financial institution remains unpaid for more than
    1. 30 days after the time for payment, suspend the registration or licence of the financial institution; and
    2. 90 days after the time for payment, cancel the registration or revoke the licence of the financial institution,but the Commission shall not do so unless it first gives notice in writing to the financial institution.”.
  3. Insert after section 44(2), the following:

“(2A) The Commission may, in extenuating circumstances waive the payment of any late fee payable to the Commission.”.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

28 PROVISIONS AND VALIDATION) ACT, 2022-17

First Schedule – (Cont’d)

CONSEQUENTIAL AMENDMENTS – (Cont’d)

Column 1

Enactments

  1. Insurance (Forms and Fees) Regulations, 1998, (S. I. 1998 No. 76)
  2. Securities Regulations, 2002 (S. I. 2002 No. 119)

Column 2

Amendments

  1. In regulation 1, delete the words “and Fees”.
  2. In regulation 2, delete the word “First”.
  3. Delete regulations 3, 4, 5, 6, 7, 8 and 9.
  4. Delete the Second Schedule and rename the First Schedule

as the Schedule.

  1. Delete regulation 2.
  2. Delete regulation 4(1)(b) and substitute the following:
    “(b) the Chief Executive Officer; and”.
  3. Delete the First Schedule and
    1. renumber the Second and Third Schedules as theFirst and Second Schedules;
    2. in regulations 3, 9, 13 and 53, delete the words “Second Schedule” wherever they appear and substitute the words “First Schedule“; and
    3. in regulation 60, delete the words “Third Schedule” and substitute the words “Second Schedule“.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 29First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      1. Securities Regulations, 2002 (S. I. 2002 No. 119)- (Concl’d)
      2. Mutual Funds Regulations, 2002 (S. I. 2002 of 143)
      3. Co-operative Societies Regulations, 2008
      (S. I. 2008 No. 4)
      Column 2
      Amendments
  4. Throughout the Regulations, delete the words “Securities Commission” wherever they appear and substitute the words “Financial Services Commission”.

Throughout the Regulations, delete the words “Securities Commission” wherever they appear and substitute the word “Commission”.

  1. Delete regulation 4 and substitute the following:
    “Fees4. (1) The fees set out in the Second Schedule are payable in respect of the matters therein.
    (2) Paragraph (1) does not apply in relation to credit unions.”.
  2. In the Second Schedule
    1. delete item 2 and substitute the following:
      “2. For a certificate of registration for a registered society other than a Junior Co-operative Society … … … …200.00”;FINANCIAL SERVICES COMMISSION (MISCELLANEOUS30 PROVISIONS AND VALIDATION) ACT, 2022-17
      First Schedule – (Cont’d)
      CONSEQUENTIAL AMENDMENTS – (Cont’d)
      Column 1
      Enactments
      1. Co-operative Societies Regulations, 2008(S. I. 2008 No. 4) -(Concl’d)
      2. Occupational Pensions Benefits Regulations, 2011 (S. I. 2011 No. 11)
      Column 2
      Amendments
    2. delete item 6 and substitute the following:
      “6. For restoring name to register … …125.00”;
    3. delete item 7(b) and substitute the following:
      “(b) for each day after the due date, a late filing fee of 5.00 (to a maximum of200.00)”; and
    4. in the Note immediately after item 17, delete the words, “, other than a credit union”.
  1. In regulation 3,
    1. delete paragraph (2)(c) and substitute the following: “(c) prescribed fee.”; and
    2. in paragraph (3), delete the word “he” and substitute the words “the Commission”.
  2. Delete regulation 5(3) and (4) and substitute the following:
    “(3) The Commission shall register the amendment to the pension plan whereFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 31First Schedule – (Cont’d)CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    1. Occupational Pensions Benefits Regulations, 2011 (S. I. 2011 No. 11)- (Cont’d)
      Column 2
      Amendments
      1. the Commission is satisfied that the amendment is in conformity with the Act; and
      2. the prescribed fee in respect of the registration of the amendment is paid.”.
  3. Delete regulation 60(2)(b) and substitute the following:”(b) shall be submitted by the administrator of the pension plan to the Financial Services Commission.”.
  4. Delete regulation 72(3) and substitute the following:
    “(3) Where the Financial Services Commission determines upon an examination of all pertinent factors and circumstances, including the protection of the interest of the existing members, that there is no reason that the transfer of the funds should not be approved, the Commission shall give its approval in writing to the applicant.”.FINANCIAL SERVICES COMMISSION (MISCELLANEOUS32 PROVISIONS AND VALIDATION) ACT, 2022-17
    First Schedule – (Cont’d)
    CONSEQUENTIAL AMENDMENTS – (Cont’d)
    Column 1
    Enactments
    11. Occupational Pensions Benefits Regulations, 2011 (S. I. 2011 No. 11) – (Cont’d)Column 2
    Amendments
  5. Delete the Second Schedule and
    1. rename the First Schedule as the Schedule; and
    2. in regulations 3, 7, 20, 21D, 22, 23, 30 and 50, delete the words “First Schedule” wherever they appear and substitute the word “Schedule“.
  6. In the Schedule as renamed,
    1. in Form 1,
      1. under the heading “Instructions”
        1. delete paragraph (a) and substitute the following:
          “(a) Applications are to be made to the Financial Services Commission.”; and
        2. delete paragraph (f) and substitute the following:
          “(f) The duplicate will be stamped by the Financial Services Commission and returned to the applicant.”;FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 33First Schedule – (Concl’d)CONSEQUENTIAL AMENDMENTS – (Concl’d)
          Column 1
          Enactments
          11. Occupational Pensions Benefits Regulations, 2011 (S. I. No. 11 of 2011)- (Concl’d)
          Column 2
          Amendments
      2. in Part I, under the heading “DOCUMENTS SUBMITTED WITH THE APPLICATION”, in paragraph 2(b), delete the words “of Pensions”; and
      3. in Part III, delete the word “Supervisor’s” and substitute the words “the Financial Services Commission’s”;
    2. in Form 2, delete the signatory and substitute “Financial Services Commission”;
    3. in Form 4, under the heading “Confirmation of compliance”, in paragraph (d), delete from the word “with” to the word “Bridgetown” and substitute the words “with the Financial Services Commission.”;
    4. in Form 5, under the heading “General Instructions”, under
      1. the sub-heading “Section 1. – Name of Pension Plan” delete the words “of Pensions”; and
      2. the sub-heading “Section 12. – Normal and Special Payments”, in paragraph 12.2(b), delete the words “of Pensions”; and
    5. in Form 11, in paragraph 10(1)(a), delete the words “of Pensions”.

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

34 PROVISIONS AND VALIDATION) ACT, 2022-17

SECOND SCHEDULE

REPEALS

(Section 3)

  1. Insurance (Qualifying Insurance Company) Order, 1998 (S.I. No. 140 of 1998)
  2. Insurance (Qualifying Insurance) (Tax Concessions) Regulations, 1998 (S.I. No. 141 of 1998)
  3. Mutual Funds (Fees) Regulations, 2002 (S. I. No. 84 of 2000)FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 35
    THIRD SCHEDULE
    Fees Part I Division IInitial and Annual Registration and Licensing Fees Payable for the Period 1st April, 2019 to 31st December, 2019
    (Section 4)
    Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
    1. Under the Co-operative Societies Act, Cap. 378A: Credit union:
      $500$5000.03% of total assets (subject to a minimum annual fee of $500 and a maximum annual fee of$500 000)Minimum annual fee or 10% of annual fee payable, whichever is higher
    2. Under the Insurance Act, Cap. 310:
      1. Class 1 licensee (Insurance company (including incorporated cell company or segregated cell company)):
        $1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$25 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance$25 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of$25 000 for large complex arrangements with shared reinsuranceMinimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS36 PROVISIONS AND VALIDATION) ACT, 2022-17

        Schedule – (Cont’d)
        Part I – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
      2. Class 2 licensee:
        1. Insurance company (including incorporated cell company or segregated cell company) that has assets of less than one billion dollars and holds a foreign currency permit:$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$30 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance$30 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of$25 000 for large complex arrangements with shared reinsuranceMinimum annual fee or 10% of annual fee payable, whichever is higher
        2. Insurance company (including incorporated cell company or segregated cell company) that has assets equal to or greater than one billion dollars and holds a foreign currency permit:
          $1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of$25 000 for large complex arrangements with shared reinsuranceMinimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 37Schedule – (Cont’d)
          Part I – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
        3. Insurance company (including incorporated cell company or segregated cell company) that does not hold a foreign currency permit:
          $1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$30 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance0.03% of total assets subject to a minimum annual fee of $30 000 and a maximum annual fee of $500 000Minimum annual fee or 10% of annual fee payable, whichever is higher
        4. Insurance company that is winding up or dormant:
          -$3 000$3 000-
      3. Class 3 licensee:
        1. Association of underwriters:
          $1 000$20 000$20 000Minimum annual fee or 10% of annual fee payable, whichever is higher
        2. Individual broker or a company or firm of brokers:
          $500$3 500$3 500Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS38 PROVISIONS AND VALIDATION) ACT, 2022-17

          Schedule – (Cont’d)
          Part I – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
        3. Individual agent or sub-agent or a company or firm of agents or sub-agents:
          $300$2 500$2 500Minimum annual fee or 10% of annual fee payable, whichever is higher
        4. Salesman:
          $250$250$250Minimum annual fee or 10% of annual fee payable, whichever is higher
        5. Individual loss assessor, adjuster or insurance surveyor or a company or firm of loss assessors, adjusters or insurance surveyors:$700$750$750Minimum annual fee or 10% of annual fee payable, whichever is higher
        6. Management company:
          $1 000$25 000$25 000Minimum annual fee or 10% of annual fee payable, whichever is higher(vi) Holding company:
          $1 000$25 000$25 000Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 39Schedule – (Cont’d)
          Part I – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
    3. Under the Occupational Pension Benefits Act, Cap. 350B: Pension plan:$1 000$10 per member subject to a minimum fee of$500$10 per member subject to a minimum annual fee of $500Minimum annual fee or 10% of annual fee payable, whichever is higher
    4. Under the Securities Act, Cap. 318A:
      1. Broker:
        $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      2. Investment adviser:
        $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      3. Dealer:
        $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      4. Trader:
        $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS40 PROVISIONS AND VALIDATION) ACT, 2022-17

        Schedule – (Cont’d)
        Part I – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
      5. Securities company:
        $1 000$12 500$12 500Minimum annual fee or 10% of annual fee payable, whichever is higher
      6. Underwriter of securities:
        $1 000$12 500$12 500Minimum annual fee or 10% of annual fee payable, whichever is higher
      7. Stock Exchange:
        $1 000$50 0000.02% of value of transactions in the previous year, subject to a minimum annual fee of $50 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      8. Securities Depository:
        $1 000$10 000$10 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      9. Companies engaged in repurchase agreements:
        -$2 5000.01% of total repurchase agreement assets, subject to a minimum annual fee of $2 500Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 41Schedule – (Cont’d)
        Part I – (Cont’d)Division I – (Concl’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
      10. Companies engaged in portfolio management business:
        -$2 5000.01% of total assets under management, subject to a minimum annual fee of$2 500Minimum annual fee or 10% of annual fee payable, whichever is higher
    5. Under the Mutual Funds Act, Cap. 320B:
      1. Mutual fund – general/exempt/limited:$1 000$10 0000.01% of total assetsunder management, subject to a minimum annual fee of $7 500 and a maximum annual fee of $25 000Minimum annual feeor 10% of annual fee payable, whichever is higher
      2. Additional sub-fund or cell (in the case of segregated cell company or incorporated cell company):
        $1 000$10 000-Minimum annual fee or 10% of annual fee payable, whichever is higher
      3. Mutual fund administration (general):
        $1 000$10 000$5 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      4. Mutual fund administration (restricted):
$1 000$5 000$2 500Minimum annual fee or 10% of annual fee payable, whichever is higher

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

42 PROVISIONS AND VALIDATION) ACT, 2022-17

Schedule – (Cont’d)

Part I – (Cont’d)

Division 2

General Fees Payable for the Period 1st April, 2019 to 31st December, 2019

MatterFee
1. Request for letter confirming status of registration or licence$250
2. Application for certified copy of certificate of registration or licence$500
3. Request for amendment to certificate or licence$500
4. Issuance of amended certificate or licence$500
5. Replacement certificate or licence$500
6. Request for exemption from a requirement of the Financial Services Commission Act, 2010 or a specified enactment$500
7. Application for extension of deadline to file returns, statements, reports, notices, forms or other documents (whether annual, quarterly, interim or otherwise) required to be filed or submitted within a specified period by the Financial Services Commission Act, 2010 or a specified enactment$500
8. Late filing of returns, statements, reports, notices, forms or other documents (whether annual, quarterly, interim or otherwise) required to be filed or submitted within a specified period by the Financial Services Commission Act, 2010 or a specified enactment$100 per business day, subject to a maximum fee of $5 000 for all documents within one financial year
Application forcancellation or voluntary surrender of registration or licenceapproval of dissolution or winding-up$250
10. Inspection of register of registrants or licensees$25
11. Copy of public information from, or extract of, register, per page$5
12. Certification of copy of document filed with the Commission$10
13. Request to re-file annual or quarterly return or filing$500

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 43

Schedule – (Cont’d)

Part I – (Concl’d)

Division 2 – (Concl’d)

General Fees Payable for the Period 1st April, 2019 to 31st December, 2019 – (Concl’d)

MatterFee

Under the Securities Act, Cap. 318A:

14. Filing of registration statement (issuers)$1 500
15. Filing of amended registration statement$1 500
16. Filing of registration statement for additional securities$750
17. Filing of prospectus$5 000
18. Filing of supplementary or amended prospectus$750
19. Filing of block distribution circular$5 000
20. Filing of notice pursuant to section 69(1)(f)(i) of the Act$250
21. Filing of report by person who sells a security pursuant to an exemption under section 69 of the Act$500
22. Filing of statement pursuant to regulation 4(2) of the Companies (Take-Over Bid) Regulations, 2002 (S.I. 2002 No. 68)$5 000
23. Filing of take-over bid circular$5 000
24. Application for de-listing of security$750

Under the Mutual Funds Act, Cap. 320B:

25. Filing of amended offering document (funds)$750

Under the Occupational Pensions Benefits Act, Cap. 350B:

26. Registration of amendment to pension plan$250

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

44 PROVISIONS AND VALIDATION) ACT, 2022-17

Schedule – (Cont’d)

Part II Division I

Initial and Annual Registration and Licensing Fees Payable for the Period 1st January, 2020 to 31st December, 2020

Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
  1. Under the Co-operative Societies Act, Cap. 378A: Credit union:
    $500$7500.04% of total assets (subject to a minimum annual fee of $750 and a maximum annual fee of$500 000)Minimum annual fee or 10% of annual fee payable, whichever is higher
  2. Under the Insurance Act, Cap. 310:
    1. Class 1 licensee (Insurance company (including incorporated cell company or segregated cell company)):
      $1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$25 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large complex arrangements with shared reinsurance$25 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of$25 000 for large complex arrangements with shared reinsuranceMinimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 45Schedule – (Cont’d)
      Part II – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
    2. Class 2 licensee:
      1. Insurance company (including incorporated cell company or segregated cell company) that has assets of less than one billion dollars and holds a foreign currency permit:$1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$40 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance$40 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of$25 000 for large complex arrangements with shared reinsuranceMinimum annual fee or 10% of annual fee payable, whichever is higher
      2. Insurance company (including incorporated cell company or segregated cell company) that has assets equal to or greater than one billion dollars and holds a foreign currency permit:
        $1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance$100 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of$25 000 for large complex arrangements with shared reinsuranceMinimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS46 PROVISIONS AND VALIDATION) ACT, 2022-17

        Schedule – (Cont’d)
        Part II – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
      3. Insurance company (including incorporated cell company or segregated cell company) that does not hold a foreign currency permit:
        $1 000 and in the case of incorporated cell company or segregated cell company, an additional $500 for each cell$40 000 and in the case of incorporated cell company or segregated cell company, an additional $2 500 for each cell or a group rate of $25 000 for large, complex arrangements with shared reinsurance0.04% of total assets subject to a minimum annual fee of $40 000 and a maximum annual fee of $500 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      4. Insurance company that is winding up or dormant:
        -$3 000$3 000-
    3. Class 3 licensee:
      1. Association of underwriters:
        $1 000$20 000$20 000Minimum annual fee or 10% of annual fee payable, whichever is higher
      2. Individual broker or a company or firm of brokers:
        $500$3 500$3 500Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 47Schedule – (Cont’d)
        Part II – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
      3. Individual agent or sub-agent or a company or firm of agents or sub-agents:
        $300$2 500$2 500Minimum annual fee or 10% of annual fee payable, whichever is higher
      4. Salesman:
        $250$250$250Minimum annual fee or 10% of annual fee payable, whichever is higher
      5. Individual loss assessor, adjuster or insurance surveyor or a company or firm of loss assessors, adjusters or insurance surveyors:$700$750$750Minimum annual fee or 10% of annual fee payable, whichever is higher
      6. Management company:
        $1 000$25 000$25 000Minimum annual fee or 10% of annual fee payable, whichever is higher(vi) Holding company:
        $1 000$25 000$25 000Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS48 PROVISIONS AND VALIDATION) ACT, 2022-17

        Schedule – (Cont’d)
        Part II – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
  3. Under the Occupational Pension Benefits Act, Cap. 350B: Pension plan:$1 000$10 per member subject to a minimum fee of$500$10 per member subject to a minimum annual fee of $500Minimum annual fee or 10% of annual fee payable, whichever is higher
  4. Under the Securities Act, Cap. 318A:
    1. Broker:
      $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higher
    2. Investment adviser:
      $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higher
    3. Dealer:
      $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higher
    4. Trader:
      $1 000$3 000$3 000Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 49Schedule – (Cont’d)
      Part II – (Cont’d)Division I – (Cont’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
    5. Securities company:
      $1 000$12 500$12 500Minimum annual fee or 10% of annual fee payable, whichever is higher
    6. Underwriter of securities:
      $1 000$12 500$12 500Minimum annual fee or 10% of annual fee payable, whichever is higher
    7. Stock Exchange:
      $1 000$50 0000.02% of value of transactions in the previous year, subject to a minimum annual fee of $50 000Minimum annual fee or 10% of annual fee payable, whichever is higher
    8. Securities Depository:
      $1 000$10 000$10 000Minimum annual fee or 10% of annual fee payable, whichever is higher
    9. Companies engaged in repurchase agreements:
      -$2 5000.01% of total repurchase agreement assets, subject to a minimum annual fee of $2 500Minimum annual fee or 10% of annual fee payable, whichever is higherFINANCIAL SERVICES COMMISSION (MISCELLANEOUS50 PROVISIONS AND VALIDATION) ACT, 2022-17

      Schedule – (Cont’d)
      Part II – (Cont’d)Division I – (Concl’d)Application for Registration or LicenceInitial Registration or Licence FeeAnnual Registration or Licence FeeLate Payment of Annual Registration or Licence Fee
    10. Companies engaged in portfolio management business:
      -$2 5000.01% of total assets under management, subject to a minimum annual fee of$2 500Minimum annual fee or 10% of annual fee payable, whichever is higher
  5. Under the Mutual Funds Act, Cap. 320B:
    1. Mutual fund – general/exempt/limited:$1 000$10 0000.01% of total assetsunder management, subject to a minimum annual fee of $7 500 and a maximum annual fee of $25 000Minimum annual feeor 10% of annual fee payable, whichever is higher
    2. Additional sub-fund or cell (in the case of segregated cell company or incorporated cell company):
      $1 000$10 000-Minimum annual fee or 10% of annual fee payable, whichever is higher
    3. Mutual fund administration (general):
      $1 000$10 000$5 000Minimum annual fee or 10% of annual fee payable, whichever is higher
    4. Mutual fund administration (restricted):
$1 000$5 000$2 500Minimum annual fee or 10% of annual fee payable, whichever is higher

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS PROVISIONS AND VALIDATION) ACT, 2022-17 51

Schedule – (Cont’d)

Part II – (Cont’d)

Division 2

General Fees Payable for the Period 1st January, 2020 to 31st December, 2020

MatterFee
1. Request for letter confirming status of registration or licence$250
2. Application for certified copy of certificate of registration or licence$500
3. Request for amendment to certificate or licence$500
4. Issuance of amended certificate or licence$500
5. Replacement certificate or licence$500
6. Request for exemption from a requirement of the Financial Services Commission Act, 2010 or a specified enactment$500
7. Application for extension of deadline to file returns, statements, reports, notices, forms or other documents (whether annual, quarterly, interim or otherwise) required to be filed or submitted within a specified period by the Financial Services Commission Act, 2010 or a specified enactment$500
8. Late filing of returns, statements, reports, notices, forms or other documents (whether annual, quarterly, interim or otherwise) required to be filed or submitted within a specified period by the Financial Services Commission Act, 2010 or a specified enactment$100 per business day, subject to a maximum fee of $5 000 for all documents within one financial year
Application forcancellation or voluntary surrender of registration or licenceapproval of dissolution or winding-up$250
10. Inspection of register of registrants or licensees$25
11. Copy of public information from, or extract of, register, per page$5
12. Certification of copy of document filed with the Commission$10
13. Request to re-file annual or quarterly return or filing$500

FINANCIAL SERVICES COMMISSION (MISCELLANEOUS

52 PROVISIONS AND VALIDATION) ACT, 2022-17

Schedule – (Concl’d)

Part II – (Concl’d)

Division 2 – (Concl’d)

General Fees Payable for the Period 1st January, 2020 to 31st December, 2020 – (Concl’d)

MatterFee

Under the Securities Act, Cap. 318A:

14. Filing of registration statement (issuers)$1 500
15. Filing of amended registration statement$1 500
16. Filing of registration statement for additional securities$750
17. Filing of prospectus$5 000
18. Filing of supplementary or amended prospectus$750
19. Filing of block distribution circular$5 000
20. Filing of notice pursuant to section 69(1)(f)(i) of the Act$250
21. Filing of report by person who sells a security pursuant to an exemption under section 69 of the Act$500
22. Filing of statement pursuant to regulation 4(2) of the Companies (Take-Over Bid) Regulations, 2002 (S.I. 2002 No. 68)$5 000
23. Filing of take-over bid circular$5 000
24. Application for de-listing of security$750

Under the Mutual Funds Act, Cap. 320B:

25. Filing of amended offering document (funds)$750

Under the Occupational Pensions Benefits Act, Cap. 350B:

26. Registration of amendment to pension plan$250

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Printed and Published by

the Barbados Government Printing Department