FER 7 FER 7 Late Returns
Fees for late returns or reports
This section applies to each of the following Persons:(a) an
Authorised Person;(b) a Registered Auditor;(c) a Recognised Bodyor Recognised Member; or(d) a Relevant Personas defined in AML Rule 1.1.2.
FER 7.1.2(1) If a
Personto whom this section applies is required to provide a return or a report to the DFSA under a Rule, and fails to provide the return or report on or before the due date or within the period specified in the Rule, that Personmust pay to the DFSA a late submission fee of $1,000.(2) A Personis not required to pay more than $4,000 under (1) for returns or reports that it fails to provide on time in any single calendar year.
FER 7.1.3 FER 7.1.3
Nothing in this section limits the right of the DFSA to take any other action.
FER 7.1.3 Guidance1. This section applies to returns or reports required to be provided to the DFSA under the
Rulebookby a due date or within a specified period, including, without limitation, returns or reports required to be provided under GEN, AML, PIB, PIN, REC and AUD. It does not apply to a report that the DFSA requires a Personto provide under a discretionary power e.g. an independent expert's report.2. The fees in this section are aimed at allowing the DFSA to recover some of its costs in following up failures to submit returns or reports.3. Multiple fees may be payable by a Personunder this section if the Personfails to provide more than one return or report on time. However, the amount of late fees is capped at $4,000 for returns or reports due in a single calendar year.4. If a return or a report is not submitted by the date on which it is due, the Person is in breach of a Ruleand, in addition to being liable to pay the fee under this section, the DFSA is entitled to take action including, but not limited to, taking steps to withdraw its authorisation or registration.