Entire Section

  • 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]