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    <title>Consequences of Default in Payment of Regulatory Fees</title>
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    <description>Regulation 44 preserves the primary liability of stock brokers, clearing members and self-clearing members to pay regulatory fees and confirms the Board&#039;s power to recover unpaid fees directly. It mandates a 1 per cent per month interest penalty for fees unpaid or paid late due to a broker&#039;s or member&#039;s default, without prejudice to other enforcement actions, and requires brokers and members to furnish information or explanations to the Board regarding fees paid or payable.</description>
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