Section 10 — Annual fees of licensees

(1)A licensee must pay to the Authority a prescribed annual fee in such manner as the Authority may specify by written notice.

(2)The Authority may prescribe different annual fees for different classes of licensees, depending on the type and number of payment services that a licensee in such a class is entitled to carry on a business of providing, the volume of transactions accepted, processed or executed by a licensee in such a class, and all other factors which the Authority may consider relevant.

(3)The Authority may, where the Authority considers it to be appropriate in a particular case, waive, refund or remit the whole or any part of any annual fee paid or payable to the Authority.