Entire Section

  • 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]