(a) The following initial license application fees and initial annual license fees, subject to regulation and with full discretion of the SAM, must be charged by and collected by the SAM and deposited in the Alternative Market Revolving Fund:
(1) Annual License Fees:
(A) Qualified Manager: 5% of net revenue (gross revenues less expenses).
(B) A complete list of fees will be posted on the website of the SAM.
(b) The SAM by regulation may set and alter reasonable fees, pursuant to the notice requirements of title 3 Virgin Islands Code, chapter 35.