116. (1) Subject to subsections (2) and (6), the Minister may by regulations specify the fees to be paid to the MARA for relevant applications and, for that purpose—

(a) different amounts may be specified for such applications which fall within different classes of such applications specified in the regulations, and

(b) the regulations may specify the circumstances in which—

(i) an exemption from the payment of such a fee applies, or

(ii) a waiver, remission or refund (whether in whole or in part) of such fee applies.

(2) The Minister shall, when specifying, in regulations made under subsection (1), the fees to be paid to the MARA for relevant applications, have regard to the administrative costs associated with processing applications, including the costs of determining whether the requirements for making the relevant applications have been met.

(3) Subject to subsections (4) to (6), the Minister may by regulations specify the fee or fees to be paid to the MARA by holders of licences and, for that purpose—

(a) different amounts may be prescribed for such holders which fall within different classes of such holders specified in the regulations, and

(b) the regulations may specify the circumstances in which—

(i) an exemption from the payment of such a fee applies, or

(ii) a waiver, remission or refund (whether in whole or in part) of such a fee applies.

(4) The Minister shall, when specifying, in regulations made under subsection (3), the fee or fees to be paid to the MARA by the holders of licences, have regard to the need to defray the costs incurred by the MARA in the performance of its functions in relation to the holder concerned.

(5) A fee specified in regulations made under subsection (3) may be a one-off fee or an annual fee and, if the former, shall be paid to the MARA upon the grant of the licence concerned and, if the latter, shall be paid to the MARA not later than each anniversary of the date specified for the purpose in the licence concerned.

(6) On and after the establishment day, the Minister shall not make regulations under subsection (1) or (3) except after consultation with the MARA.

(7) In this section, “relevant applications” means—

(a) applications under section 115,

(b) licence applications, or

(c) applications under section 126.