Section 255
( 1)
of Securities Markets Order, 2013
Every person to whom a licence is first granted, shall, on the date of such grant, pay to the Authority the annual licence fee as determined by the
Authority.
(2)
Every licensee shall on or before 31st January in every year following the year in which the licence was granted pay the annual licence fee as determined by the Authority.
(3)
Every licensee shall pay such periodical fees or administrative charges to the Authority as it may determine.
(4)
A licensee who fails to pay the annual licence fee by the date specified in subsection (2) or any periodical fees by any date determined shall, in addition thereto, pay a late payment penalty in an amount not exceeding $5,000,000, and in the case of a continuing offence, to a further fine not exceeding $500,000 for every day after or part thereof during which the offence continues after conviction.
Fees collected to be paid into funds of Authority.