Section 7Part 1 — Securities Investment Business Act
Fees and returns
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Every person to whom a licence is first granted shall at the date of such grant pay the prescribed fee.
The holder of a licence shall, on or before the 15th January in each year, pay the prescribed renewal fee, and there shall be payable by a licensee who fails to pay the prescribed renewal fee by that date a surcharge of one-twelfth of that fee for every month or part of a month after the 15th January in each year that the fee is not paid.
A licence in respect of which the prescribed renewal fee remains unpaid for three full months after the 15th January in any year shall lapse forthwith but if, within a period of one month after the date of lapse, the person who held the licence prior to its lapse pays —
the prescribed renewal fee;
the surcharges due under subsection (2); and
an administration fee of ten per cent of the prescribed renewal fee, the licence may be renewed for the period from the 1st January to the 31st December, inclusive, of the year in question.
A holder of a licence under this Law shall inform the Authority of any changes made relating to any of the information furnished in accordance with section 6(4) within seven days after any such change has occurred. 8. Shares not to be issued or transferred without the prior approval of the Authority 8 . (1) No shares in a company or interests in a partnership which is a licensee under this Law shall be issued, and no issued shares or interests shall be voluntarily transferred or disposed of, without the prior approval of the Authority. 9 (1A) Shares in a company or interests in a limited liablity company or a partnership which is a registered person under this Law shall not be issued and issued shares or interests shall not be voluntarily transferred or disposed of without the Authority being notified within twenty-one days of the transfer or disposal. (2) Notwithstanding subsection (1), the Authority may exempt from the provisions of this section a licensee whose shares or interests are publicly traded on a recognised securities exchange, and any such exemption —
shall be subject to a condition that the licensee shall, as soon as reasonably practicable, notify the Authority of —
any change in control of the licensee;
the acquisition by any person or group of persons of shares representing more than ten per cent of the licensee ’ s issued share capital or total voting rights; or
the acquisition by any person or group of persons of shares representing more than ten per cent of the issued share capital or total voting rights of the licensee ’ s parent company;
shall be subject to a condition that the licensee shall, as soon as reasonably practicable, provide such information to the Authority, and within such period of time, as the Authority may require for the purpose of enabling an assessment as to whether persons acquiring control or ownership of the licensee in the circumstances set out in paragraph (a) are fit and proper persons to have such control or ownership; and
shall be subject to such other terms and conditions as the Authority may deem necessary. (3) In subsections (1) and (1A), the reference to shares or interests being transferred or disposed of includes the transfer or disposal of the legal or the beneficial interest in the shares or interests. (4) In the event of shares in a company or the interests in a partnership which is licensed or registered under this Law vesting involuntarily or through process of law in a person, the company or partnership, as soon as it becomes aware of such vesting, shall inform the Authority of the number of shares or interests and the identity of the person in whom they have vested, and the company or partnership and the person in whom they have vested shall comply with any instructions as to the licence, registration or the business of the company or partnership as may be given by the Authority.