Entire Section

  • 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]