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Financial Services Provider Regulations

This document outlines the key points related to licensing and fees for financial services providers (FSPs) in the Marshall Islands.

Section 12: Financial Service Provider License

Terms of license: The Commissioner may specify terms for a Financial Services Provider (FSP) license. Name restrictions: No FSP can be licensed with a name that might mislead or confuse clients. License fee and other fees: The license must be paid, along with associated fees specified in Schedule 1 of these Regulations. Business scope: An FSP cannot engage in services outside those specified on their license, unless approved by the Commissioner. License validity: A license remains valid until revoked, suspended, or varied in accordance with Section 128 of the Act.

Section 13: Assessment of Civil Money Penalties

Contravention penalties: Anyone who contravenes provisions of the Act or fails to comply may be liable for a fine not exceeding $10,000. Enforcement: The Banking Commissioner will refer violations to the Office of the Attorney General for enforcement proceedings in the High Court.

Schedule 1: License Fees and Other Fees

The following fees are related to FSP licenses:

• Annual license fees for domestic and foreign banks
• Fees for opening or closing branches, agencies, or offices
• Fees for acquiring businesses or interests in other banks
• Fees for establishing subsidiaries or reducing paid-up capital
• Fees for changing directors or officers

These regulations aim to ensure the proper regulation of financial services providers in the Marshall Islands, including licensing requirements, fees, and penalties for non-compliance.