Entire Section

  • 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 or $150,000 if it is carrying on that Financial Service in relation to an Alternative Trading System that trades Security Tokens that are not admitted to trading on an Authorised Market Institution or other Regulated Exchange; 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]
      [Added] DFSA RMI315/2021 (Made 30th June 2021). [VER25/10-21]

    • 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 3.2.4

      An Authorised Firm that is carrying on the Financial Service of Operating an Alternative Trading System must pay an additional annual fee of $10,000 for carrying on that Financial Service in relation to an Alternative Trading System that trades Investment Tokens and has Direct Access Members.

      Derived from DFSA RMI315/2021 (Made 30th June 2021). [VER25/10-21]