Entire Section

  • FER 6 FER 6 Fees for Other Supervisory Events

    • Application to approve change of control

      • FER 6.1.1

        A Person applying for written approval to acquire or to increase its level of control in a Domestic Firm must pay to the DFSA an application fee of:

        (a) $5,000 if the application is complex; or
        (b) $3,000 in any other case.
        Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 6.1.2

        A Person applying for written approval to become the Controller of or to increase its level of control in an Authorised Market Institution must pay to the DFSA an application fee of:

        (a) $5,000 if the application is complex; or
        (b) $3,000 in any other case.
        Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 6.1.3

        An application is 'complex' for the purposes of Rule 6.1.1 or 6.1.2 if the Person who proposes to acquire, become a Controller of, or increase its level of control in, the relevant Authorised Person:

        (a) is from a jurisdiction where there is no bilateral memorandum of understanding in place between the DFSA and the relevant Financial Services Regulator in that jurisdiction;
        (b) has no experience of operating or controlling the type of business to which the application relates;
        (c) has previously contravened any legislation or been the subject of enforcement, supervisory or civil action by a government body or agency, the DFSA or any other Financial Services Regulator;
        (d) is a Controller of another Authorised Person in the DIFC and approval of the application may give rise to a material conflict of interest; or
        (e) proposes, in connection with the acquisition or change of control, to change the business model, business activities or senior management of the Authorised Person.
        Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • Request to withdraw a Licence

      • FER 6.1.4

        An Authorised Person applying to have its Licence withdrawn must pay to the DFSA an application fee of $5,000 if, when it applies, the Authorised Person:

        (a) Provides Custody;
        (b) has Deposits that must be repaid;
        (c) holds or controls Client Assets or Insurance Monies;
        (d) has a significant liability to a creditor;
        (e) is the subject of a civil claim made by a Client; or
        (f) is the subject of enforcement, supervisory or civil proceedings by the DFSA or a Financial Services Regulator.
        Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • Opening a branch or subsidiary in another jurisdiction

      • FER 6.1.5

        (1) A Domestic Firm must pay to the DFSA the fee specified in (2) if it notifies the DFSA of either:
        (a) the proposed establishment of a branch office or subsidiary outside the DIFC; or
        (b) the proposed Major Acquisition of a Body Corporate outside the DIFC.
        (2) The notification fee under (1) is an amount equal to 50% of the fee that applies under Rule 3.2.1(2)(a).
        Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]