Entire Section

  • Fees Module (FER) [VER24/11-20]

    • FER 1 FER 1 Introduction

      • FER 1.1 FER 1.1 Application

        • FER 1.1.1

          This module applies to a Person to whom a provision in legislation administered by the DFSA applies.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM83/2011 (Made 30th November 2011). [VER5/11-11]
          [Amended] DFSA RM122/2013 (Made 14th July 2013). [VER7/07-13]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 1.1.2 FER 1.1.2 [Deleted]

          [Deleted] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • [Deleted]

            [Deleted] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

      • FER 1.2 FER 1.2 General provisions

        • Due date for payment of fees

          • FER 1.2.1

            Where pursuant to chapter FER 2 or FER 4, a fee is payable for any application to the DFSA, the application will not be regarded as submitted until the fee and any supplementary fee has been paid in full.


            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

          • FER 1.2.2 FER 1.2.2

            In regard to fees payable pursuant to FER chapter 3:

            (a) the initial annual fee must be paid in full to the DFSA within 21 days of the date on which the Licence, Recognition or registration is granted or notification made; and
            (b) subsequent annual fees are payable in advance and must be paid in full to the DFSA:
            (i) in the case of a Person other than a Registered Auditor, on or before 1 January of the calendar year to which the fee relates;
            (ii) in the case of a Registered Auditor, on or before 1 March of the calendar year to which the fee relates; and
            (iii) in the case of a Passported Fund, on or before the anniversary of the date of notification.
            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
            [Amended] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
            [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
            [Amended] DFSA RM237/2019 (Made 20th February 2019). [VER20/02-19]

            • FER 1.2.2 Guidance

              In regard to the payment of subsequent annual fees, invoices will be issued at least 21 days before the specified date for payment.

              Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
              [Amended] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
              [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
              [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 1.2.3 FER 1.2.3

            In respect of a fee payable pursuant to FER chapter 5, payment must be made to the DFSA by the Bidder:

            (a) at the time of filing of the Bid Document with the DFSA; and
            (b) before the document is posted.

            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

            • FER 1.2.3 Guidance

              If a fee under FER chapter 5 is not paid by the date on which it becomes due, the Person is in breach of a Rule and the DFSA is entitled to take action including, but not limited to, taking steps to suspend or cancel listing.

              [Added] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

          • FER 1.2.4 FER 1.2.4

            If a fee is payable under FER chapter 6 for an application, notification or request, the application, notification or request will not be regarded as submitted until the fee has been paid in full.

            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

            • [Deleted]

              [Deleted] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

          • FER 1.2.5

            If a fee is payable under FER chapter 7, the fee must be paid in full within 21 days after the DFSA issues an invoice for that fee.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • Reduction, waiver or refund of fees

          • FER 1.2.6

            The DFSA may reduce, waive or refund all or part of any fee if it considers that, in the exceptional circumstances of a particular case, it would be equitable to do so.

            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • Supplementary fees

          • FER 1.2.7 FER 1.2.7

            (1) The DFSA may require a Person to pay to the DFSA a supplementary fee in circumstances where it expects to incur substantial additional costs in dealing with an application, notification or conducting ongoing supervision.
            (2) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSA to require a Person to pay a supplementary fee.
            (3) If the DFSA decides to require a Person to pay a supplementary fee, the Person may refer the matter to the FMT for review.
            (4) If the DFSA requires a supplementary fee to be paid, it must issue an invoice to the Person concerned and the Person must pay the fee by the date specified in the invoice.
            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
            [Amended] DFSA RM122/2013 (Made 14th July 2013). [VER7/07-13]
            [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

            • FER 1.2.7 Guidance

              1. The application and annual fees al include an element for specified complexity and other circumstances meriting an appropriate increase to the basic fee. However, if, in the DFSA's opinion, the reasonably estimated cost of dealing with a matter (based on the time likely to be spent on it) is likely to exceed the amount provided for in these Rules, the DFSA may impose a supplementary fee to cover the additional time it reasonably expects to spend on the matter. Such circumstances could include, for example:
              (a) complex applications by reason of the applicant's start-up profile, origin, ownership structure or proposed business model;
              (b) cases where it may be necessary to conduct intense supervisory scrutiny of an entity from a risk perspective;
              (c) novel proposals and applications that cover untested ground or untested areas of the regulatory regime;
              (d) if a transaction or event involving a Listed Entity, such as an acquisition, disposal, takeover, merger or significant corporate event, is likely to cause the DFSA to incur substantial additional costs; or
              (e) if the DFSA is likely to spend significant time on an issue affecting a Recognised Person, such as if the DFSA has to liaise with its home supervisor or carry out additional supervisory scrutiny of the Person.
              2. The purpose of the supplementary fee is to enable the DFSA to cover its costs for resources used in exceptional circumstances to deal with particular cases. The supplementary fee is not intended to be a general revenue raising tool, nor is it the DFSA's intention to use it as a means to make profits in relation to particular cases.
              Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
              [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]
              [Amended] DFSA RM145/2014 (Made 1st January 2015) [VER9/01-15]
              [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
              [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • Method of payment

          • FER 1.2.8

            A fee payable under FER must be paid:

            (a) in United States Dollars; and
            (b) by a bank transfer made to the DFSA's bank account.
            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
            [Amended] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
            [Amended] DFSA RM167/2016 (Made 10th February 2016). [VER12/04-16]
            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • Late Payment Fee

          • FER 1.2.9 FER 1.2.9

            (1) If a fee referred to in Rule 1.2.2, 1.2.5 or 1.2.7 is not paid in full by the due date, the non-payment incurs a late payment fee of:
            (a) $1,000 or an amount equal to 3% of the fee due (whichever is the greater); plus
            (b) the fee due shall be increased by 1% for each calendar month, or part of a calendar month, that it remains outstanding after the due date.
            (2) Nothing in this Rule limits the right of the DFSA to take any other action.
            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

            • FER 1.2.9 Guidance

              If a Person does not pay a fee by the due date, the Person is in breach of a Rule and the DFSA is entitled to take action including, but not limited to, taking steps to withdraw the Person's authorisation, registration or recognition.

              Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • FER 2 FER 2 Application Fees

      • FER 2.1 FER 2.1 Application for a Licence

        • FER 2.1.1

          (1) An applicant applying for a Licence authorising it to carry on one or more Financial Services specified in the left hand column of the table in (2) must pay to the DFSA:
          (a) the highest of the corresponding fees in the right hand column of that table; plus
          (b) the fee in (3) if any of the specified factors apply.
          (2) This is the table referred to in (1):
          Accepting Deposits or Providing Credit. $70,000
          Dealing in Investments as Principal (except as a matched principal). $40,000
          Effecting Contracts of Insurance or Carrying Out Contracts of Insurance (except as a Captive Insurer, as a PCC, or as an ISPV). $40,000
          Managing a Collective Investment Fund if any Fund to be managed is not a Qualified Investor Fund, a Venture Capital Fund or an Investment Company managed by its Corporate Director. $10,000
          Managing a Collective Investment Fund if the Funds to be managed will only be Qualified Investor Funds, except where all of the Funds are Venture Capital Funds. $5,000
          Managing a Collective Investment Fund if it is an Investment Company managed by its Corporate Director. $5,000
          Managing a Collective Investment Fund if the only Funds to be managed are Venture Capital Funds. $2,000
          Dealing in Investments as a matched principal. $25,000
          Dealing in Investments as Agent. $25,000
          Managing Assets. $25,000
          Providing Custody. $25,000
          Providing Money Services (if it issues Stored Value). $25,000
          Managing a Profit Sharing Investment Account. $25,000
          Providing Trust Services (if it acts as trustee of one or more express trusts). $25,000
          Acting as the Trustee of a Fund. $25,000
          Arranging Deals in Investments. $15,000
          Advising on Financial Products . $15,000
          Arranging Custody. $15,000
          Insurance Intermediation. $15,000
          Insurance Management. $15,000
          Providing Trust Services (if it does not act as trustee of any express trust). $15,000
          Operating a Credit Rating Agency. $10,000
          Effecting Contracts of Insurance or Carrying Out Contracts of Insurance as a Captive Insurer or as an ISPV. $5,500
          Effecting Contracts of Insurance or Carrying Out Contracts of Insurance as a PCC:  
             (a) for the core; and $8,000
             (b) for each cell $1,000
          Providing Fund Administration. $15,000
          Arranging Credit and Advising on Credit. $15,000
          Providing Money Services (if it does not issue Stored Value and does not only provide Money Transmission). $15,000
          Providing Money Services (if it only provides Money Transmission) $10,000
          Operating a Crowdfunding Platform. $5,000
          Arranging or Advising on Money Services $5,000
          Operating an Employee Money Purchase Scheme. $20,000
          Acting as the Administrator of an Employee Money Purchase Scheme. $25,000
          (3) An additional amount equal to 100% of the fee specified under (2) is payable if any one or more of the following factors apply:
          (a) the applicant has a corporate structure with:
          (i) multiple levels (including the applicant's level); or
          (ii) Group members incorporated in two or more jurisdictions (excluding the DIFC);
          (b) the applicant has, or proposes to establish, a Holding Company in the DIFC;
          (c) the applicant is from a jurisdiction, or intends to carry on business from the DIFC in a jurisdiction, where there is no bilateral memorandum of understanding between the DFSA and the relevant Financial Services Regulator in that jurisdiction;
          (d) the DFSA will act as the consolidated prudential supervisor of the applicant's Financial Group; or
          (e) the DFSA will act as the lead supervisor of part of the applicant's Group.

           

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]
          [Amended] DFSA RM100/2012 (Made 24th July 2012) [VER6/07-12]
          [Amended] DFSA RM145/2014 (Made 1st January 2015) [VER9/01-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DSFA RM190/2016 (Made 7th December 2016). [VER13/02-17]
          [Amended] DSFA RM204/2017 (Made 14th June 2017). [VER15/08-17]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
          [Amended] DFSA RM214/2018 (Made 22nd February 2018). [VER17/04-18]
          [Amended] DFSA RM228/2018 (Made 6th June 2018). [VER18/08-18]
          [Amended] DFSA RM222/2018 (Made 22nd February 2018). [VER19/12-18]
          [Amended] DFSA RM264/2019 (Made 18th December 2019). [VER22/01-20]
          [Added] DFSA RMI268/2020 (Made 26th February 2020). [VER23/04-20]
          [Added] DFSA RMI282/2020 (Made 28th October 2020). [VER24/11-20]

           

        • FER 2.1.2

          (1) An applicant applying for a Licence authorising it to carry on one or more of the Financial Services of Operating an Exchange and Operating a Clearing House must pay to the DFSA:
          (a) for Operating an Exchange an application fee of $150,000;
          (b) for Operating a Clearing House, an application fee of $150,000; and
          (c) for Operating an Exchange and Operating a Clearing House, an application fee of $300,000.
          (2) An applicant referred to in (1) applying for an endorsement to carry on the Financial Service of Operating an Alternative Trading System must pay to the DFSA an additional application fee of $65,000.
          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.1.3

          An applicant under FER Rule 2.1.2(a) or (c) seeking an endorsement to its Licence authorising it to maintain an Official List of Securities must pay to the DFSA an additional application fee of $150,000.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.1.4

          An applicant applying for a Licence authorising it to carry on the Financial Service of Operating a Representative Office must pay to the DFSA an application fee of $4,000.

          [Added] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
          [Amended] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

        • FER 2.1.5

          An applicant for a Licence applying for an authorisation, or for an endorsement, to carry on the Financial Service of Operating an Alternative Trading System must pay to the DFSA an additional application fee of $65,000.

          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.1.6 FER 2.1.6

          An applicant for a Licence must pay to the DFSA the following additional fee for an application for the following endorsements:

          (a) to act as a Trade Repository, $15,000;
          (b) to carry on a Financial Service with or for a Retail Client, $20,000;
          (c) to use a Fund Platform, $20,000.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
          [Added] DFSA RMI252/2019 (Made 18th December 2019). [VER21/12-19]

          • FER 2.1.6 Guidance

            Apart from the application fees specified for particular endorsements in Rules 2.1.2, 2.1.3, 2.1.5 and 2.1.6, fees are not payable for applications for other endorsements if made at the same time as an initial application for a Licence. However, if an application for an endorsement is made after a Licence has been granted, a fee will be payable – see for example Rule 2.2.5.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 2.2 FER 2.2 Application to carry on additional Financial Services

        • FER 2.2 Guidance

          Section 2.2 applies to a Person that is al licensed (i.e. an Authorised Firm or Authorised Market Institution), that applies for a further authorisation or endorsement.

          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.2.1

          An Authorised Firm applying for authorisation to carry on additional Financial Services must pay to the DFSA an application fee equal to the difference between:

          (a) the basic fee which would be payable under FER Rule 2.1.1 (1) if it were an applicant for a Licence in terms currently being sought; and
          (b) the basic fee which would be payable under FER Rule 2.1.1 (1) if it were an applicant for a Licence in terms of that currently held.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

        • FER 2.2.2

          An Authorised Market Institution applying for authorisation to carry on an additional Financial Service must pay to the DFSA:

          (a) an application fee of $150,000 for the Financial Service of Operating a Clearing House; or
          (b) an application fee of $150,000 for the Financial Serviceof Operating an Exchange.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.3

          An Authorised Market Institution applying for an endorsement on its Licence authorising it to maintain an Official List of Securities must pay to the DFSA an additional application fee of $150,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.4

          An Authorised Firm applying for an authorisation, or an Authorised Market Institution applying for an endorsement, to carry on the additional Financial Service of Operating an Alternative Trading System must pay to the DFSA an additional application fee of $65,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.5 FER 2.2.5

          An Authorised Person must pay to the DFSA the following fee for an application for the following endorsements:

          (a) to act as a Trade Repository, $15,000;
          (b) to carry on a Financial Service with or for a Retail Client, $20,000;
          (c) to conduct Islamic Financial Business, $5,000;
          (d) to hold or control Client Assets, $5,000;
          (e) to hold Insurance Monies, $5,000;
          (f) to conduct Insurance Intermediation activities in respect of contracts of Long-Term Insurance, $5,000.
          Derived from [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 2.2.5 Guidance

            Only paragraphs (a) and (c) of Rule 2.2.5 are relevant to Authorised Market Institutions.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.2.6 [Deleted]

          [Deleted] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.2.6 FER 2.2.6

          (1) If an Authorised Firm applies to the DFSA to change the scope of its Licence, and no fee is otherwise payable under this section for the application, the Authorised Firm must pay to the DFSA an application fee of $10,000 for the application.
          (2) Paragraph (1) does not apply to an application that is only to remove an authorisation, endorsement, activity or financial product from a Licence.

          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
          [Amended] DFSA RM214/2018 (Made 22nd February 2018). [VER17/04-18]

          • Guidance

            The reference to a change to the "scope" of a Licence covers any change to an authorisation, endorsement, activity, financial product, restriction or condition on the Licence (for which an application fee is not otherwise payable under this section). For example, an application to amend or remove a restriction on the Licence or to enable a firm to deal in Debentures instead of Shares or to add a product to the list of Investments that the firm may advise on.

            Derived from DFSA RM214/2018 (Made 22nd February 2018). [VER17/04-18]

      • FER 2.3 FER 2.3 Application to register as a Registered Auditor or Audit Principal

        • FER 2.3.1

          An applicant for registration as a Registered Auditor must pay to the DFSA an application fee of $7,000.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.3.2

          (1) An applicant for registration as an Audit Principal must pay to the DFSA an application fee of $500.
          (2) The fee in (1) does not apply to an application that is made in conjunction with an application for registration as a Registered Auditor.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 2.4 FER 2.4 Application to register a Public Fund

        • FER 2.4.1

          The Fund Manageror the Person proposing to be the Fund Managerof a Domestic Fund which is a Public Fund, who is applying to register the Fund, must pay to the DFSA an application fee of $1,000.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
          [Amended] DFSA RM228/2018 (Made 6th June 2018). [VER18/08-18]

      • FER 2.5 FER 2.5 Notification of intention to be a Passported Fund

        • FER 2.5.1 FER 2.5.1

          (1) A Fund Manager of a Domestic Fund notifying the DFSA of its intention to be a Passported Fund, must pay to the DFSA a notification fee of $9,500.

          (2) For the purposes of calculating the fee under (1), if the Fund is an umbrella fund, including, without limitation, a segregated portfolio company or cell company, a fee must be paid for each sub-fund, segregated portfolio or cell, as the case may be, instead of for the umbrella fund, segregated portfolio company or cell company.

          Derived from DFSA RM237/2019 (Made 20th February 2019). [VER20/02-19]

          • FER 2.5.1 Guidance

            The fee in FER Rule 2.5.1 is payable only where the DFSA is the Home Regulator of the relevant Domestic Fund that intends to use the passporting procedures (see FPR section 7).

      • FER 2.5 FER 2.5 [deleted]

        • FER 2.5.1 [deleted]

          [Deleted] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]

      • FER 2.6 FER 2.6 Application for Recognition as a Recognised Body or Recognised Member

        • FER 2.6.1

          An applicant for Recognition as a Recognised Body must pay to the DFSA an application fee of $15,000.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.6.2

          An applicant for Recognition as a Recognised Member must pay to the DFSA an application fee of $1,000.

          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 2.7 FER 2.7 Applications relating to Authorised Individuals and Key Individuals

        • FER 2.7.1

          An Authorised Firm applying to the DFSA:

          (a) for Authorised Individual status for an individual;
          (b) to amend an Authorised Individual's authorisation to include a new Licensed Function; or
          (c) to substitute one Authorised Individual for another performing a particular Licensed Function in the Authorised Firm,

          must pay to the DFSA an application fee of $500 for each Authorised Individual for whom it is seeking authorisation; to amend the scope of his authorisation; or to substitute as an Authorised Individual (as the case may be).

          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 2.7.2 FER 2.7.2

          An Authorised Market Institution applying to the DFSA:

          (a) for Key Individual status for an individual;
          (b) to amend a Key Individual's authorisation to include a new Licensed Function; or
          (c) to substitute one Key Individual for another performing a particular Licensed Function in the Authorised Market Institution,

          must pay to the DFSA an application fee of $500 for each Key Individual for whom it is seeking authorisation; to amend the scope of his authorisation; or to substitute as a Key Individual (as the case may be).

          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 2.7.2 Guidance

            Rules 2.7.1 and 2.7.2 apply if a Person is al licensed by the DFSA and applies to add or change an Authorised Individual or Key Individual. A fee is not payable for an application for Authorised Individual or Key Individual status if the application is made at the same time as an initial application for a Licence.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 2.8 FER 2.8 Application to add a new cell to an existing PCC

        • FER 2.8.1

          A Licenced PCC applying to add one or more new cells must pay to the DFSA $1,000 in respect of each cell to be added.

          [Added] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

      • FER 2.9 FER 2.9 Application for admittance of Securities to the Official List

        • FER 2.9.1 FER 2.9.1

          An applicant for admission of Securities to the Official List of Securities must pay to the DFSA an application fee of $2,500.

          [Added] DFSA RM83/2011 (Made 30th November 2011). [VER5/11-11]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 2.9.1 Guidance

            An applicant for admission of Securities to the Official List of Securities under Rule 2.9.1 may include an applicant who is an Exempt Offeror (as defined in Article 13(2) of the Markets Law)..


            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 2.10 FER 2.10 Application Relating to a Business Transfer Scheme

        • FER 2.10.1

          An Authorised Firm applying under GEN Rule 12.1.5 for DFSA consent to a transfer scheme must pay to the DFSA an application fee of $5,000.

          [Added] RM159/2015 (Made 9th December 2015). [VER11/02-16]

      • FER 2.11 FER 2.11 Application for a waiver or modification

        • FER 2.11.1 FER 2.11.1

          (1) An applicant for a waiver or modification of any Rule in the Rulebook or any Article of the Markets Law must pay to the DFSA an application fee of $5,000 if, in the DFSA's opinion, the application involves an issue that is novel or complex or will for any other reason require the DFSA to spend a significant amount of time on the application.
          (2) The fee in (1) does not apply if the application for a waiver or modification is made in conjunction with an application for a Licence.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 2.11.1 Guidance

            The DFSA will in some cases determine that a waiver or modification should be standardised, that is, made available to any applicant meeting certain criteria. No fee will be required for an application for a standard waiver or modification. In other cases, the DFSA will assess on a case-by-case basis whether the criteria for a fee set out in Rule 2.11.1 apply.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • FER 3 FER 3 Annual Fees

      • FER 3.1 FER 3.1 Authorised Firms (initial period)

        • FER 3.1.1

          (1) An Authorised Firm must pay to the DFSA the initial annual fee specified in (2) for the initial period of regulation between the date of the grant of its Licence and the end of the year.
          (2) The initial annual fee is the fee which was payable at the time of its application for the Licence, multiplied by the number of whole calendar months between the date of the grant of the Licence and the end of the year divided by 12.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

      • FER 3.2 FER 3.2 Authorised Firms (subsequent periods)

        • FER 3.2.1

          (1) An Authorised Firm must pay to the DFSA an annual fee for any period of regulation after the initial period described in FER Rule 3.1.1.
          (2) The annual fee is:
          (a) the highest of the fees specified in the right hand column of the table in (3) corresponding to the Financial Services specified in the left hand column of the table which the Authorised Firm is authorised to carry on under its Licence; plus
          (b) the amount specified in the table to FER Rule 3.2.3 for each applicable factor specified in that table; plus
          (c) $1,000 for each complete $1,000,000 of expenditure, where "expenditure" has the meaning given in FER Rule 3.2.2; plus
          (d) $65,000, if the Authorised Firm is carrying on the Financial Service of Operating an Alternative Trading System; plus
          (e) $1,000 for each additional Financial Service specified on its Licence (excluding the relevant Financial Service with the highest fee that applies under (a) and, if applicable, the Financial Service in (d)).
          (2A) For the purposes of calculating the annual fee under (2) an amount referred to:
          (a) in (2)(b) is payable only for the calendar year 2020 and any later calendar year; and
          (b) in (2)(e) is to be calculated as $500 per additional Financial Service instead of $1,000 for the 2018 calendar year only.
          (3) This is the table referred to in (2) (a):
          Accepting Deposits or Providing Credit.  
          (a) for the calendar year 2018:
          (b) for the calendar year 2019, and any later calendar year:
          $85,000

          $100, 000
          Dealing in Investments as Principal (except as a matched principal).
          (a) for the calendar year 2018:
          (b) for the calendar year 2019, and any later calendar year:
          $45,000

          $50,000
          Effecting Contracts of Insurance or Carrying Out Contracts of Insurance (except as a Captive Insurer, as a PCC, or as an ISPV).
          (a) for the calendar year 2018:
          (b) for the calendar year 2019, and any later calendar year:
          $45,000

          $50,000
          Managing a Collective Investment Fund if any Fund managed is not a Qualified Investor Fund, a Venture Capital Fund or an Investment Company managed by its Corporate Director. $10,000
          Managing a Collective Investment Fund if the Funds managed are only Qualified Investor Funds, except where all of the Funds are Venture Capital Funds. $5,000
          Managing a Collective Investment Fund if it is an Investment Company managed by its Corporate Director. $5,000
          Managing a Collective Investment Fund if the only Funds managed are Venture Capital Funds. $2,000
          Dealing in Investments as a matched principal. $25,000
          Dealing in Investments as Agent. $25,000
          Managing Assets. $25,000
          Providing Custody. $25,000
          Managing a Profit Sharing Investment Account. $25,000
          Providing Trust Services (if it acts as trustee of one or more express trusts). $25,000
          Acting as the Trustee of a Fund. $25,000
          Providing Money Services (if it issues Stored Value). $25,000
          Arranging Deals in Investments. $15,000
          Advising on Financial Products. $15,000
          Arranging Custody. $15,000
          Providing Money Services (if it does not issue Stored Value and does not only provide Money Transmission). $15,000
          Insurance Intermediation. $15,000
          Insurance Management.
          (a) for the calendar year 2018:
          (b) for the calendar year 2019, and any later calendar year:
          $17,000

          $20,000
          Providing Trust Services (if it does not act as trustee of any express trust). $15,000
          Operating a Credit Rating Agency.
          (a) for the calendar year 2018:
          (b) for the calendar year 2019, and any later calendar year:
          $12,500

          $15,000
          Effecting Contracts of Insurance or Carrying Out Contracts of Insurance where the Authorised Firm is carrying on business as a Captive Insurer or as an ISPV. $5,500
          Effecting Contracts of Insurance or Carrying Out Contracts of Insurance where the Authorised Firm is carrying on business as a PCC:  
             (a) for the core; and $8,000
             (b) for each cell $1,000
          Providing Fund Administration. $15,000
          Arranging Credit and Advising on Credit $15,000
          Operating a Crowdfunding Platform. $10,000
          Providing Money Services (if it only provides Money Transmission) $10,000
          Arranging or Advising on Money Services. $10,000
          Operating an Employee Money Purchase Scheme. $15,000
          Acting as the Administrator of an Employee Money Purchase Scheme. $25,000
          (4) The annual fee for an Authorised Firm authorised as a Representative Office is $4,000.
          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]
          [Amended] DFSA RM100/2012 (Made 24th July 2012) [VER6/07-12]
          [Amended] DFSA RM145/2014 (Made 1st January 2015) [VER9/01-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DSFA RM190/2016 (Made 7th December 2016). [VER13/02-17]
          [Amended] DSFA RM204/2017 (Made 14th June 2017). [VER15/08-17]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
          [Amended] DFSA RM214/2018 (Made 22nd February 2018). [VER17/04-18]
          [Amended] DFSA RM228/2018 (Made 6th June 2018). [VER18/08-18]
          [Amended] DFSA RM222/2018 (Made 22nd February 2018). [VER19/12-18]
          [Amended] DFSA RM264/2019 (Made 18th December 2019). [VER22/01-20]
          [Added] DFSA RMI268/2020 (Made 26th February 2020). [VER23/04-20]
          [Added] DFSA RMI282/2020 (Made 28th October 2020). [VER24/11-20]

        • FER 3.2.2 FER 3.2.2

          (1) For the purposes of FER Rule 3.2.1 and subject to (2), "expenditure" means:
          (a) in the case of an Authorised Firm which is a Domestic Firm and to which PIB applies, its annual expenditure calculated as the sum of the amounts entered in its PIB regulatory return in respect of "administrative expenses", "depreciation" and "other operating expenses" in relation to business carried on in or from the DIFC including business carried on through a branch in another jurisdiction;
          (b) in the case of an Authorised Firm which operates in the DIFC through a Branch and to which PIB applies, its annual expenditure calculated as the sum of the amounts entered in its PIB regulatory return in respect of "administrative expenses", "depreciation" and "other operating expenses" in relation to business carried on in or from the DIFC; and
          (c) in the case of an Authorised Firm to which PIN applies, its annual expenditure as set out in its IN100 or IN30 Annual Regulatory Return, as the case may be, in respect of business carried on in or from the DIFC including, in the case of a Domestic Firm, business carried on through a branch in another jurisdiction;
          for the last financial year for which the Authorised Firm has submitted regulatory returns to the DFSA.
          (2) If the last financial year referred to in (1) was not twelve months in duration, the expenditure figure shall be increased or decreased on a pro rata basis to produce an equivalent twelve month figure.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM167/2016 (Made 10th February 2016). [VER12/04-16]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 3.2.2 Guidance

            The effect of FER Rule 3.2.2 is that if an Authorised Firm has not, in accordance with the Rules, submitted its first Annual Regulatory Return, then the amount of expenditure is set at zero for the purpose of FER Rule 3.2.1 (2) (c).

            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 3.2.3 FER 3.2.3

          This is the table referred to in Rule 3.2.1(2)(b):

          Factor Amount
          Systemically Important Financial Institutions

          An Authorised Firm that meets both of the following conditions:
          (a) it is in prudential Category 1, 2 or 5 under PIB or it is an Insurer; and
          (b) it is part of a Group included on the list of global systemically important financial institutions published by the Financial Stability Board.
          An amount equal to 100% of the fee referred to in Rule 3.2.1(2)(a).
          DFSA is the consolidated or lead supervisor

          An Authorised Firm for which the DFSA acts as the consolidated prudential supervisor of its Financial Group or as a lead supervisor of part of its Group.


          An amount equal to 100% of the fee referred to in Rule 3.2.1(2)(a).
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 3.2.3 Guidance

            If both of the factors set out in the table to Rule 3.2.3 are applicable to an Authorised Firm, then the specified amounts are cumulative.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 3.3 FER 3.3 Authorised Market Institutions (initial period)

        • FER 3.3.1

          (1) An Authorised Market Institution must pay to the DFSA an initial annual fee specified in (2) for the initial period of regulation between the date of the grant of its Licence and the end of the year.
          (2) The initial annual fee is $100,000, multiplied by the number of whole calendar months between the date of the grant of the Licence and the end of the year and divided by 12.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 3.4 FER 3.4 Authorised Market Institutions (subsequent periods)

        • FER 3.4.1

          An Authorised Market Institution must pay to the DFSA the applicable annual fee prescribed in Rules 3.4.2, 3.4.3 and 3.4.4 for any period of regulation after the initial period described in Rule 3.3.1.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 3.4.2

          (1) An Authorised Market Institution carrying on the Financial Service of Operating an Exchange must pay to the DFSA an annual fee of $100,000.
          (2) An Authorised Market Institution carrying on the Financial Service of Operating a Clearing House must pay to the DFSA an annual fee of $100,000.
          (3) An Authorised Market Institution carrying on both of the Financial Services of Operating an Exchange and Operating a Clearing House must pay to the DFSA an annual fee of $200,000.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 3.4.3

          An Authorised Market Institution maintaining an Official List of Securities must pay to the DFSA an annual fee of $75,000.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 3.4.4

          An Authorised Market Institution carrying on the Financial Service of Operating an Alternative Trading System must pay to the DFSA an annual fee of $65,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 3.5 FER 3.5 Registered Auditors (initial period)

        • FER 3.5.1

          (1) A Registered Auditor permitted under its registration to conduct audits of Authorised Persons (where those Persons are Domestic Firms or Domestic Funds) must pay to the DFSA an initial annual fee for the initial period of registration between the date of the grant of registration and the end of the year calculated in accordance with (2).
          (2) The initial annual fee is $7,000 multiplied by the number of whole calendar months between the date of the grant of the registration and the end of the calendar year and then divided by 12.
          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

      • FER 3.6 FER 3.6 Registered Auditors (subsequent periods)

        • FER 3.6.1

          (1) A Registered Auditor permitted under its registration to conduct audits of Authorised Persons (where those Persons are Domestic Firms) or Domestic Funds must, subject to Rule 3.6.3, pay to the DFSA an annual fee calculated in accordance with (2).
          (2) The amount of the fee payable is specified in the right hand column of the table and is dependent upon the number of audits of Authorised Persons which are Domestic Firms and audits of Domestic Funds specified in the left hand column.

          Audits reported in Registered Auditor's Annual Information Return for the previous calendar year Annual fee
          0–15 $7,000
          16–30 $7,000 plus $500 per audit conducted above 15.
          31 or more $14,500 plus $1,000 per audit conducted above 30.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 3.6.2

          (1) A Registered Auditor permitted under its registration to conduct audits of Public Listed Companies must, subject to Rule 3.6.3, pay to the DFSA an annual fee calculated in accordance with (2).
          (2) The amount of the fee is $5,000 per audit conducted of a Public Listed Company as reported in the Registered Auditor's Annual Information Return for the previous calendar year.
          (3) No fee is payable under this Rule if the Registered Auditor has not conducted any audits of Public Listed Companies in the previous calendar year.

          [Added] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 3.6.3

          A Registered Auditor permitted under its registration to conduct audits of both:

          (a) Authorised Persons (where those persons are Domestic Firms) or Domestic Funds; and
          (b) Public Listed Companies,

          must pay to the DFSA an annual fee equal to the amount calculated under Rule 3.6.1 plus the amount calculated under Rule 3.6.2.

          [Added] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

      • FER 3.7 FER 3.7 Designated Non-Financial Businesses and Professions (initial period)

        • FER 3.7.1

          A DNFBP must pay to the DFSA an annual fee of $6,000 for the initial period of registration between the date of the grant of registration and the end of the year.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM122/2013 (Made 14th July 2013). [VER7/07-13]
          [Amended] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 3.8 FER 3.8 Designated Non-Financial Businesses and Professions (subsequent periods)

        • FER 3.8.1

          A DNFBP must pay to the DFSA an annual fee of $6,000 for any period of registration after the initial period described in FER Rule 3.7.1

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM122/2013 (Made 14th July 2013). [VER7/07-13]
          [Amended] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 3.9 FER 3.9 Domestic Funds (initial period)

        • FER 3.9.1

          (1) A Fund Manager must pay to the DFSA in respect of each Domestic Fund for which it is the Fund Manager the initial annual fee prescribed in (3) for the period immediately following registration or notification until the end of the year.
          (2) The initial annual fee must be paid to the DFSA:
          (a) in the case of a Public Fund, at the time of registration; and
          (b) in the case of an Exempt Fund or Qualified Investor Fund, at the time of notification to the DFSA pursuant to Article 34 of the Collective Investment Law 2010.
          (3) The initial annual fee is $1000 for a Venture Capital Fund or $4,000 for any other type of Fund, multiplied in either case by the number of whole months between the date of registration or notification and the end of the calendar year and then divided by 12.

           

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM61/2008 (Made 5th November 2008). [VER5/11-08]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM228/2018 (Made 6th June 2018). [VER18/08-18]
          [Added] DFSA RMI282/2020 (Made 28th October 2020). [VER24/11-20]

           

      • FER 3.10 FER 3.10 Domestic Funds (subsequent periods)

        • FER 3.10.1

          (1) A Fund Manager must pay to the DFSA in respect of each Domestic Fund for which it is the Fund Manager the annual fee prescribed in (2) for any period after the initial period described in FER Rule 3.9.1.
          (2) The annual fee for any period after the initial period is:
          (a) for a Venture Capital Fund, $1,000; or
          (b) for any other type of Fund, $4,000.
          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM61/2008 (Made 5th November 2008). [VER2/11-08]
          [Amended] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]
          [Amended] DFSA RM72/2010 (Made 11th July 2010). [VER4/07-10]
          [Amended] DFSA RMI282/2020 (Made 28th October 2020). [VER24/11-20]

      • FER 3.10A FER 3.10A Passported Fund

        • FER 3.10.1A FER 3.10.1A

          (1) A Fund Manager must pay to the DFSA an annual fee of $2,000 in respect of each Passported Fund for which it is the Manager.

          (2) For the purposes of calculating the fee under (1), if the Fund is an umbrella fund, including, without limitation, a segregated portfolio company or cell company, a fee must be paid for each sub-fund, segregated portfolio or cell, as the case may be, instead of for the umbrella fund, segregated portfolio company or cell company.

          (3) The initial annual fee is payable in respect of the twelve month period following notification of intention to be a Passported Fund and any subsequent annual fee is payable in respect of the twelve month period commencing on the anniversary of that date.

          Derived from DFSA RM237/2019 (Made 20th February 2019). [VER20/02-19]

          • FER 3.10.1A Guidance

            The annual fee in FER Rule 3.10.1A is payable only where the DFSA is the Home Regulator of the Passported Fund (see FPR section 7).

            Derived from DFSA RM237/2019 (Made 20th February 2019). [VER20/02-19]

      • FER 3.11 FER 3.11 Listed Entities

        • FER 3.11.1 FER 3.11.1

          (1) A Listed Entity, other than a SME, that has equity securities admitted to the Official List of Securities must pay to the DFSA an annual fee consisting of $2,500 plus the additional fee (if any) calculated in accordance with the table to this Rule.

          Table
          Additional Fee
          Market capitalisation in USD millions of the Listed Entity Fee payable in respect of each USD million of market capitalisation
          0 to 100 $0
          >100 to 500 $5
          >500 to 5,000 $1
          >5,000 to 10,000 $0.50
          >Greater than 10,000 $0.25
          (2) A Listed Entity that is a SME that has equity securities admitted to the Official List of Securities must pay to the DFSA an annual fee of $10,000.
          (3) In (1) and (2), "equity securities" means Shares, Certificates over Shares and Warrants over Shares.
          (4) For the purposes of the table to (1), the market capitalisation of the Listed Entity must be determined as at the last business day in November of the year before the calendar year to which the annual fee relates and is to be based on the official closing price on the AMI at the end of that day.

           

          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RMI268/2020 (Made 26th February 2020). [VER23/04-20]

           

          • FER 3.11.1 Guidance

            1. The market capitalisation of a Listed Entity is calculated by multiplying the number of listed equity securities by the closing price per equity security on the relevant day.
            2. The following is an example of how the annual fee under FER Rule 3.11.1 is calculated for a Listed Entity (other than a SME). The Listed Entity has equity securities admitted to the Official List of Securities. On the last business day of November of the year before the relevant calendar year, it had a market capitalisation of USD 750 million. Its annual fee for the calendar year will be calculated as follows:
            Fixed fee $2,500
            Additional fee, consisting of:  
                  initial USD 100mn of capitalisation $0 (100 x 0)
                  capitalisation from USD 100mn to USD 500mn $2,000 (400 x 5)
                  remaining USD 250mn of capitalisation $250 (250 × 1)
            Total $4,750

             

            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
            [Amended] DFSA RMI268/2020 (Made 26th February 2020). [VER23/04-20]

             

        • FER 3.11.2 FER 3.11.2 [Deleted]

          [Deleted] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 3.11.2 Guidance [Deleted]

            [Deleted] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 3.12 FER 3.12 Recognised Body (Initial and subsequent periods)

        • FER 3.12.1

          (1) A Recognised Body must pay to the DFSA the initial annual fee specified in (2) for the initial period of recognition between the date of its recognition and the end of the year.

          (2) The initial annual fee is calculated as the annual fee specified in Rule 3.12.2, multiplied by the number of whole calendar months between the date of recognition and the end of the year divided by 12.

          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 3.12.2 FER 3.12.2

          A Recognised Body must, after the initial period referred to in Rule 3.12.1, pay to the DFSA an annual fee of $1,000.

          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 3.12.2 Guidance

            Recognised Members do not have to pay an annual fee.

            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 3.13 FER 3.13 Transitional

        Derived from DFSA RM214/2018 (Made 22nd February 2018). [VER17/04-18]

        • FER 3.13.1

          (1) Except as provided in (2), the amendment made by Instrument No. 214 of 2018 relating to the annual fee for Providing Trust Services does not affect any annual fee that has al been paid or is payable by an Authorised Firm under this chapter in respect of the 2018 calendar year.
          (2) If an Authorised Firm is granted a Licence after the commencement of the amendment referred to in (1), then for the purposes of calculating the initial annual fee payable by the Authorised Firm under FER section 3.1, the amendment to the annual fee is to be taken into account.
          Derived from DFSA RM214/2018 (Made 22nd February 2018). [VER17/04-18]

    • FER 4 FER 4 Filing Fees

      • FER 4.1 FER 4.1 Filing a Prospectus, Issue Note or other document for approval

        • FER 4.1.1 FER 4.1.1

          (1) A Person filing a Prospectus or other document with the DFSA, for approval in accordance with Rule 2.4.1(i)(iii), section 2.6, section 2.7, section 6.3 or Rule 9.7.4 of MKT must pay to the DFSA the applicable fee specified in the table in (2).
          (2) This is the table referred to in (1):
          Filing event Equity Securities Non-Equity Securities
          Prospectus or equivalent document, other than for a SME $35,000 $10,000
          Prospectus or equivalent document for a SME $10,000 $10,000
          Registration Statement $27,500 $7,500
          Securities Note and Summary $7,500 $2,500
          Supplementary Prospectus $2,000 $2,000
          Programme update n/a $8,000
          Any other document which is required by the Markets Law
          or Markets Rules to be approved by the DFSA
          $5,000 $3,000
          (3) In (2), "equity securities" means Shares, Certificates over Shares and Warrants over Shares, and "non-equity securities" means all other Securities.
          (4) The fee payable under (1) must be paid to the DFSA before the filing of the Prospectus or other document.
          (5) A Prospectus or other document will not be considered to have been properly filed until the fee payable under (1) has been paid to the DFSA.

           

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM83/2011 (Made 30th November 2011). [VER5/11-11]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Added] DFSA RMI268/2020 (Made 26th February 2020). [VER23/04-20]

           

          • FER 4.1.1 Guidance

            The DFSA may levy a supplementary fee under FER Rule 1.2.7 if it appears to it that approval of a Prospectus or other document is likely to cause it to incur substantial additional costs, for example, because the Prospectus or transaction is complex. In such cases, the DFSA will usually discuss with the Issuer the level of supplementary fee before, or as soon as possible after, the submission of an application for approval of the document.

            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
            [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]
            [Added] DFSA RMI268/2020 (Made 26th February 2020). [VER23/04-20]

      • FER 4.2 FER 4.2 Filing a reference with the FMT

        • FER 4.2.1

          A fee of $5,000 must be paid to the DFSA before a reference to the FMT is considered filed with the FMT.

          [Added] DFSA RM55/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

        • FER 4.2.2

          The president of the FMT may waive all or part of the $5,000 filing fee if the Person commencing the reference is an individual and if, in the circumstances, the president considers it is equitable to do so.

          [Added] DFSA RM55/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 4.3 FER 4.3 Seeking consent to commence a regulatory proceeding before the FMT

        • FER 4.3.1

          A fee of $5,000 must be paid to the DFSA by a Person seeking the consent of the DFSA to bring a regulatory proceeding before the FMT.


          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

        • FER 4.3.2

          The DFSA may waive all or part of the $5,000 fee if the Person seeking the consent is an individual and if, in the circumstances, the DFSA considers it is equitable to do so.


          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

    • FER 5 FER 5 Takeover Fees

      • FER 5.1 FER 5.1 Bid Documents

        • FER 5.1.1 FER 5.1.1

          (1) Fees are payable on Bid Documents and the Bidder is responsible for the payment to the DFSA of the applicable fee in accordance with (2) and (3).
          (2) The Bidder must pay to the DFSA the fee specified in the right hand column of the table in (4) which corresponds to the value of the Bid specified in the left hand column of the table.
          (3) In regard to the value of the Bid for the purposes of (2):
          (a) where there are alternative Bids, the alternative with the highest value must be used to calculate the value of the Bid. Bids for all classes of equity Share capital must be included in the calculation of the value of the Bid, but Bids for non-equity Share capital, Convertibles, Options and the like must not;
          (b) when a merger is effected by Bids for both entities by a new entity created to make the Bids, the fee will be determined by the value of the lower of the two Bids; and
          (c) when the fee falls to be calculated on the basis of the value of the Securities to be issued as consideration, it must be computed by reference to the closing price of the relevant Securities at the last practicable date before the publication of the Bid Document as stated in that document or, as the case may be, by reference to the estimated value of any unlisted Securities consideration given in the document.
          (4) This is the table referred to in (2):
          Value of the Bid in US$ million Fee in US$
          Less than 5 7,500
          Over 5 to 25 15,000
          Over 25 to 100 55,000
          Over 100 to 500 150,000
          Over 500 370,000

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 5.1.1 Guidance

            (1) Where a Bidder issues a revised Bid Document that increases the value of the Bid, the DFSA will require payment of the difference between the fee that would be applicable under the table in FER Rule 5.1.1 (4) in respect of the value of the revised Bid, and the fee previously paid in respect of the value of the initial Bid.
            (2) In relation to the giving of an estimated value of any unlisted Securities consideration, see TKO Rule 1.4.1 (m).

            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

        • FER 5.1.2

          In all cases a note setting out the calculation of the fee must accompany the Bid Document provided to the DFSA. If the Bid is revised, a similar note must be provided with the revised Bid Document and any necessary further payment.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

    • FER 6 FER 6 Fees for Other Supervisory Events

      • Application to approve change of control

        • FER 6.1.1

          A Person applying for written approval to acquire or to increase its level of control in a Domestic Firm must pay to the DFSA an application fee of:

          (a) $5,000 if the application is complex; or
          (b) $3,000 in any other case.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 6.1.2

          A Person applying for written approval to become the Controller of or to increase its level of control in an Authorised Market Institution must pay to the DFSA an application fee of:

          (a) $5,000 if the application is complex; or
          (b) $3,000 in any other case.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 6.1.3

          An application is 'complex' for the purposes of Rule 6.1.1 or 6.1.2 if the Person who proposes to acquire, become a Controller of, or increase its level of control in, the relevant Authorised Person:

          (a) is from a jurisdiction where there is no bilateral memorandum of understanding in place between the DFSA and the relevant Financial Services Regulator in that jurisdiction;
          (b) has no experience of operating or controlling the type of business to which the application relates;
          (c) has previously contravened any legislation or been the subject of enforcement, supervisory or civil action by a government body or agency, the DFSA or any other Financial Services Regulator;
          (d) is a Controller of another Authorised Person in the DIFC and approval of the application may give rise to a material conflict of interest; or
          (e) proposes, in connection with the acquisition or change of control, to change the business model, business activities or senior management of the Authorised Person.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • Request to withdraw a Licence

        • FER 6.1.4

          An Authorised Person applying to have its Licence withdrawn must pay to the DFSA an application fee of $5,000 if, when it applies, the Authorised Person:

          (a) Provides Custody;
          (b) has Deposits that must be repaid;
          (c) holds or controls Client Assets or Insurance Monies;
          (d) has a significant liability to a creditor;
          (e) is the subject of a civil claim made by a Client; or
          (f) is the subject of enforcement, supervisory or civil proceedings by the DFSA or a Financial Services Regulator.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • Opening a branch or subsidiary in another jurisdiction

        • FER 6.1.5

          (1) A Domestic Firm must pay to the DFSA the fee specified in (2) if it notifies the DFSA of either:
          (a) the proposed establishment of a branch office or subsidiary outside the DIFC; or
          (b) the proposed Major Acquisition of a Body Corporate outside the DIFC.
          (2) The notification fee under (1) is an amount equal to 50% of the fee that applies under Rule 3.2.1(2)(a).
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • FER 7 FER 7 Late Returns

      • Fees for late returns or reports

        • FER 7.1.1.

          This section applies to each of the following Persons:

          (a) an Authorised Person;
          (b) a Registered Auditor;
          (c) a Recognised Body or Recognised Member; or
          (d) a Relevant Person as defined in AML Rule 1.1.2.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 7.1.2

          (1) If a Person to whom this section applies is required to provide a return or a report to the DFSA under a Rule, and fails to provide the return or report on or before the due date or within the period specified in the Rule, that Person must pay to the DFSA a late submission fee of $1,000.
          (2) A Person is not required to pay more than $4,000 under (1) for returns or reports that it fails to provide on time in any single calendar year.
          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

        • FER 7.1.3 FER 7.1.3

          Nothing in this section limits the right of the DFSA to take any other action.

          Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

          • FER 7.1.3 Guidance

            1. This section applies to returns or reports required to be provided to the DFSA under the Rulebook by a due date or within a specified period, including, without limitation, returns or reports required to be provided under GEN, AML, PIB, PIN, REC and AUD. It does not apply to a report that the DFSA requires a Person to provide under a discretionary power e.g. an independent expert's report.
            2. The fees in this section are aimed at allowing the DFSA to recover some of its costs in following up failures to submit returns or reports.
            3. Multiple fees may be payable by a Person under this section if the Person fails to provide more than one return or report on time. However, the amount of late fees is capped at $4,000 for returns or reports due in a single calendar year.
            4. If a return or a report is not submitted by the date on which it is due, the Person is in breach of a Rule and, in addition to being liable to pay the fee under this section, the DFSA is entitled to take action including, but not limited to, taking steps to withdraw its authorisation or registration.
            Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]