(1)  The Regulator must require a regulated entity to pay to the Minister such amount, by way of an annual licence fee, as the Minister may from time to time determine in respect of the following:

(a) a licence;

(b) an interim licence granted under section 89 .

(2)  The Minister is to notify the Regulator of the amount of the annual licence fee determined under subsection (1) .

(3)  The Regulator is to notify the regulated entity in writing of the amount of the annual licence fee as soon as practicable after the receipt of notification under subsection (2) from the Minister.

(4)  The amount so determined by the Minister is to be an amount that the Minister considers to be a reasonable contribution towards the cost of administering this Act, including any of the following:

(a) the costs to be incurred by the Regulator in performing his or her functions and exercising his or her powers, under this Act;

(b) the costs to be incurred by the Ombudsman in investigating complaints under section 76 ;

(c) the costs which will arise from the regulation, by prescribed persons, of activities specified in the licence –

during the year to which the fee relates, in relation to a regulated entity.

(5)  It is a condition of a regulated entity's licence or interim licence, under which the regulated entity provides regulated services to customers, that the regulated entity must comply with any requirement under this section.