Clause 19

by deleting subsection (1) and substituting the following subsection:“(1) The holder of a capital markets services licence shall on a yearly basis on such date as the Authority may specify pay such licence fee for each regulated activity to which the licence relates as the Authority may prescribe.”;

by deleting paragraph (b) of subsection (2);

by deleting paragraphs (c) and (d) of subsection (2) and substituting the following paragraphs:“(c)the holder of a capital markets services licence ceases to carry on business in that regulated activity during the period to which the licence fee relates; or

a prohibition order has been made against the holder of a capital markets services licence under section 101A.”; and

by inserting, immediately after subsection (3), the following subsection:“(4) Where the holder of a capital markets services licence fails to pay the licence fee by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part thereof that the payment is late and both fees shall be recoverable by the Authority as a judgment debt.”.