Financial Leasing (Licensing) Regulations, 2014

Statutory Instrument 114 of 2014

Citation
Statutory Instrument 114 of 2014
Primary work
Financial Leasing Act, 2013
Date
31 December 2015
Language
English
Type
Statutory Instrument
Seychelles
Financial Leasing Act, 2013

Financial Leasing (Licensing) Regulations, 2014

Statutory Instrument 114 of 2014

  • Published on 29 December 2014
  • Assented to on 15 December 2014
  • Commenced on 29 December 2014
  • [This is the version of this document at 31 December 2015.]
[SI 114 of 2014]

1. Citation

These regulations may he cited as the Financial Leasing (Licensing) Regulations, 2014.

2. Interpretation

In these Regulations—“Act” means the Financial Leasing Act, 2013;"applicant" means a person having the eligibility specified under section 31(2) of the Act and who intends to engage in financial leasing business.

3. Application

Unless otherwise provided, these regulations shall apply to—
(1)persons referred to in section 31 of the Act and licenced to engage in financial leasing business; and
(2)Banks licenced under the Financial Institutions Act and authorised under the Financial Leasing Act to conduct financial leasing business.

4. Application for licence

(1)A person eligible under section 31 of the Act may, upon payment of a non-refundable application fee of SCR30,000 or the equivalent in any freely convertible currency make an application to the Central Bank for the grant of a licence to conduct financial leasing business.
(2)A licensee may, upon payment of an application fee of SCR20,000 or the equivalent in any freely convertible currency, apply for an extension of its licence under section 32(2) of the Act to accept deposits from the public.

5. Incomplete application

(1)The Central Bank may return an application to the applicant if the application is incomplete or does not fulfil the requirements set out in the Act.
(2)The Central Bank may at any time during the scrutiny and processing of the application, require the applicant to furnish within a specified reasonable period, any additional information which the Central Bank considers necessary.
(3)If the applicant fails to furnish the additional information required under subregulation (2) within the specified reasonable period, the Central Bank may reject the application.

6. Banks to engage in financial lease

A bank applying for approval to engage in financial leasing as part of its existing banking business licence in accordance with section 36 of the Act shall pay a non-refundable application fee of SCR50,000 along with the application.

7. Payment of relevant application fee required

An application not accompanied by the proof of payment of the relevant application fee may be summarily rejected.

8. Annual licence fee

(1)A licensee shall, upon grant of a financial leasing licence, before the commencement of business and thereafter annually, pay an annual licence fee specified in the Schedule to these regulations.
(2)The first payment upon grant of a financial leasing licence shall be calculated on a proportional basis, commensurate to the number of days remaining up to the 31st day of December of that year.

9. Banks annual licence fee

Without prejudice to regulation 8, a bank which has been granted approval to engage in financial leasing as part of its existing banking business licence in accordance with section 36 of the Act shall adhere to the Financial Institutions (Bank Licence Fees) Regulations, 2010, in respect of its annual banking licence fee.

Schedule (Regulation 8)

Annual financial leasing licence fees

Class of financial leasing institutionsAnnual fees
Non-deposit-takingSCR 50,000
Deposit-takingSCR 125,000
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History of this document

31 December 2015 this version
Consolidation
29 December 2014
Commenced
15 December 2014
Assented to