Banks and Trust Companies (Licence Applications and Fees) (Amendment) Regulations, 2024 (SL 66 of 2024)

Summary

This is an amendment to the Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision), made under the Banks and Trust Companies Act. It increases a range of fees that banks and trust companies pay to CIMA in connection with licence applications, licence renewals, registration of controlled subsidiaries, and registered office services, and it updates the schedule setting out application fees for new licences.

• First grant of a licence: Fees rise depending on licence category, e.g. from $600,000 to $750,000, $70,000 to $90,000, and $7,000 to $8,000.
• Renewal fees: Fees rise, e.g. from $90,000 to $95,500, and $7,000/$6,000 up to $8,000/$7,000.
• Controlled subsidiary registration fee: Increases from $7,000 to $8,000.
• Registered office services annual fee: Increases from $75 to $100.
• Licence application fee schedule: Replaced with new flat application fees of $10,000 for an 'A' licence, $4,000 for a 'B' licence, and $3,500 for a trust licence or any other single licence under the Act.

The Regulations do not take effect on a fixed calendar date; instead they come into force immediately after the Banks and Trust Companies (Amendment) Act, 2024 comes into force, meaning the effective date is tied to that separate Act's commencement rather than stated outright in this instrument.

Key obligations

• Applicants for a first grant of a bank or trust licence must pay the revised (increased) fees set out in amended regulation 5.
• Licensees renewing a bank or trust licence must pay the revised (increased) renewal fees set out in amended regulation 6.
• Entities registering a controlled subsidiary must pay the increased registration fee of $8,000 under amended regulation 7.
• Entities receiving registered office services must pay the increased annual fee of $100 under amended regulation 7A.
• Applicants for a licence under the Act must pay the new flat application fees specified in the amended Schedule ($10,000 for an 'A' licence, $4,000 for a 'B' licence, $3,500 for a trust licence or other single licence).

Applies to

banks, trust companies, controlled subsidiaries, licence applicants under the Banks and Trust Companies Act

Deadlines

• immediately after the Banks and Trust Companies (Amendment) Act, 2024 comes into force: Commencement date of these amendment Regulations, tied to the coming into force of a separate Act rather than a fixed date.

Related documents

• This document amends Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision)
• Banks and Trust Companies (Licence Applications and Fees) Regulations (2026 Revision) replaces this document