Notice on Periodic Basis for Transaction Levy Collected by Class 'A' Licensee (SI 2020 No. 54)

Summary

This is a short Financial Services Commission notice, issued under section 45A(3) of the Financing and Money Services Act 2009, setting the periodic basis on which Class 'A' licensees must remit the transaction levy they collect. It changes the default monthly payment cycle to a quarterly cycle.

• Who it affects: Class 'A' licensees under the Financing and Money Services Act, 2009 that collect a transaction levy under section 45A(1)
• What changes: The transaction levy collected by such licensees must be paid to the Commission on a quarterly basis instead of the default monthly basis
• Effective date: The quarterly payment basis applies with effect from 30th June, 2020

Key obligations

• Class 'A' licensees must pay the transaction levy collected under section 45A(1) of the Financing and Money Services Act, 2009 to the Commission on a quarterly basis, effective from 30th June, 2020

Applies to

Class 'A' licensees under the Financing and Money Services Act, 2009

Deadlines

• 30th June, 2020: Quarterly payment basis for the transaction levy takes effect from this date