Entire Section

  • 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]