Monetary Authority (Amendment and Validation) Act, 2024
An act that standardizes fees for administrative services provided by CIMA and validates previously collected fees.
Monetary_Authority_(Amendment_and_Validation)_Act, _2024.pdf
2026-04-28
The Monetary Authority (Amendment and Validation) Act, 2024 introduces a standardized schedule of non-refundable fees for various administrative services provided by cima to registered persons and licensees under the regulatory laws. This amendment replaces the previous fee structures within the monetary-authority-act-2020.
Administrative Services Fees
The Act introduces a new Schedule 2, outlining fees for services such as:
- Approval of the appointment of a new Director or Senior Officer ($1,250).
- Application for a change in shareholding ($1,250).
- Voluntary surrender of a licence or registration ($750).
- Application for the use of a restricted word ($750).
- Extensions for filing audited financial statements or annual returns ($625).
- Application for extensions for remediating inspection findings (ranging from $125 for the first extension to $500 for subsequent ones).
Validation
A key component of the Act is its validation provision, which retroactively legalizes the payment and collection of fees for administrative services provided by CIMA prior to the commencement of this Act, ensuring they are taken to have been lawfully charged and collected.