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Financial Services (Fees) (Amendment) Order 2008 1 October 2008

The aim of the Financial Services (Fees) Order 2008 (“the Order”), which was made under the Financial Services Act 2008 and brought into effect on 1 August 2008, was to replicate the fees currently in place for the Financial Supervision Commission’s licenceholders. In the case of new regulated activities (such as Money Transmission Services) a new fee was introduced.

It has since become apparent that the Schedule to the Order did not make it possible to calculate all relevant fees, and there were some typographical errors. An amendment Order has therefore been prepared to insert additional definitions and replace the Schedule. The substituted Schedule 1 amends some of the descriptions of regulated activities in column 2 of Table 1 and the headings to columns 3 and 4 in Table 2. As far as possible the Order still replicates the fees paid by licenceholders before the Financial Services Act 2008 was brought into effect.

Subject to any views of the Treasury, the Financial Services (Fees) (Amendment) Order 2008 will come into effect on 1st November.

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