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  • Fees Module (FER) [VER15/08-17]

    • FER 1 Introduction

      • FER 1.1 Application

        • FER 1.1.1

          This module (FER) applies to a PersonG in relation to:

          (a) an application for a LicenceG ;
          (b) an application to amend the scope of authorisation under a LicenceG ;
          (c) an application for RecognitionG as a Recognised BodyG ;
          (d) an application for registration as a Registered AuditorG ;
          (e) an application to register a Public FundG ;
          (f) seeking the DFSA's consent to winding up a Domestic FundG or the transfer of the property of a Domestic FundG to another body;
          (g) filing a ProspectusG or Issue NoteG pursuant to MKT Rule 2.6.1(1)(a);
          (h) an application for admittance of SecuritiesG to the Official List of SecuritiesG ;
          (i) an application for an endorsement on a LicenceG ;
          (j) an application relating to an Authorised IndividualG ; and
          (k) filing a notice to commence a reference or regulatory proceeding before the FMTG .

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM83/2011 (Made 30th November 2011). [VER5/11-11]
          [Amended] DFSA RM122/2013 (Made 14th July 2013). [VER7/07-13]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

        • FER 1.1.2

          This module also applies to a PersonG who:

          (a) is an Authorised PersonG ;
          (b) is a Registered AuditorG ;
          (c) meets part (1) (d), (e) or (f) of the definition of a DNFBPG ;
          (d) is a BidderG ;
          (e) is a Recognised PersonG ;
          (f) is a Listed EntityG ; or
          (g) is an Exempt Offeror.

          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 RM141/2014 (Made 21st August 2014). [VER8/06-14]
          [Amended] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • [Deleted]

            [Deleted] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

      • FER 1.2 General provisions

        • FER 1.2.1

          Where pursuant to chapter FER 2 or FER 4, a fee is payable for any application to the DFSAG , the application will not be regarded as submitted until the fee and any supplementary fee has been paid in full.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

        • FER 1.2.2

          (1) In regard to fees payable pursuant to FER chapter 3:
          (a) the initial annual fee must be paid in full to the DFSAG within 21 days of the date on which the LicenceG , RecognitionG or registration is granted or notification made; and
          (b) subsequent annual fees are payable in advance and must be paid in full to the DFSAG :
          (i) in the case of a Person other than a Registered AuditorG , on or before 1 January of the calendar year to which the fee relates; and
          (ii) in the case of a Registered AuditorG , on or before 1 March of the calendar year to which the fee relates.
          (2) When a fee of the kind specified under (1) is not paid in full on or before the due date or within the prescribed period, such non-payment incurs a late payment fee of:
          (a) $1,000; or
          (b) an amount equivalent to 3% of the annual fee due,
          whichever is the greater. In addition the annual fee due shall be increased by 1% for each calendar month, or part of a calendar month, that it remains outstanding beyond the due date.
          (3) Nothing in this Rule limits the right of the DFSAG to take any other action.
          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 RM141/2014 (Made 21st August 2014). [VER8/06-14]

          • FER 1.2.2 Guidance

            1. In regard to the payment of subsequent annual fees, invoices will be issued at least 21 days before the specified date for payment.
            2. If a fee is not paid by the date on which it becomes due, the PersonG is in breach of a Rule and the DFSAG is entitled to take action including, but not limited to, taking steps to withdraw authorisation to conduct one or more Financial ServicesG .
            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 RM141/2014 (Made 21st August 2014). [VER8/06-14]

        • FER 1.2.3

          In respect of a fee payable pursuant to FER chapter 5, payment must be made to the DFSAG by the BidderG :

          (a) at the time of filing of the Bid DocumentG with the DFSAG ; and
          (b) before the document is posted.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

          • FER 1.2.3 Guidance

            If a fee under FER chapter 5 is not paid by the date on which it becomes due, the PersonG is in breach of a Rule and the DFSAG is entitled to take action including, but not limited to, taking steps to suspend or cancel listing.

            [Added] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

        • FER 1.2.4 [Deleted]

          [Deleted] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

          • [Deleted]

            [Deleted] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

        • FER 1.2.5

          The DFSAG may reduce, waive or refund all or part of any fee if it considers that, in the exceptional circumstances of a particular case, it would be equitable to do so.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

        • FER 1.2.6

          (1) The DFSAG may require a Person to pay to the DFSAG a supplementary fee in circumstances where it expects to incur substantial additional costs in dealing with an application, notification or conducting ongoing supervision.
          (2) In such cases the DFSAG will notify the PersonG as soon as reasonably possible of the amount of the supplementary fee.
          (3) Such a supplementary fee is applicable in respect of any fee payable under:
          (a) chapter 2 or 3 other than a fee under section 2.6, 3.7, 3.8 or Rule 3.11.2; and
          (4) A supplementary fee payable under this Rule must be paid within the period specified in the notification under (2).

          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 RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 1.2.6 Guidance

            1. A supplementary fee may be levied by the DFSAG in circumstances where it expects to incur substantial additional costs in dealing with a matter. Such circumstances could include, for example:
            (a) complex applications by reason of the applicant's start-up profile, origin, ownership structure or proposed business model;
            (b) cases where it may be necessary to conduct intense supervisory scrutiny of an entity from a risk perspective;
            (c) complex waiver or modification requests; complex restructurings or changes in an Authorised Person'sG structure; or activities which necessitate a change in the RulebookG ;
            (d) novel proposals and applications that cover untested ground or untested areas of the regulatory regime; or
            (e) if a transaction or event involving a Listed EntityG , such as an acquisition, disposal, takeover, merger or significant corporate event, is likely to cause the DFSAG to incur substantial additional costs.
            2. An example is where the entity is a BranchG from a jurisdiction where there are not or are not expected to be in place arrangements for co-operation between the DFSAG and the relevant regulators in that jurisdiction. Equally, where the entity is incorporated in the DIFCG , a full analysis of the prudential and systems arrangements will be required.
            3. A further example is where the Fund ManagerG of a Domestic FundG delegates activities or out sources functions to an entity in another jurisdiction or to several entities in different jurisdictions where there are not or are not expected to be in place arrangements for co-operation between the DFSAG and the relevant regulators in those jurisdictions.
            4. A supplementary fee may also be levied by the DFSA in cases where the ongoing supervision of the Authorised PersonG or Domestic FundG appears to the DFSAG to be likely to cause it to incur substantial additional costs.

            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
            [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]
            [Amended] DFSA RM145/2014 (Made 1st January 2015) [VER9/01-15]
            [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 1.2.7

          (1) In respect of any fee payable in accordance with FER, the fee must be paid:
          (a) by the PersonG to whom the Rule applies or, if applicable, by a Person specified in (2) or (3);
          (b) in United States DollarsG ; and
          (c) by bank transfer directly from a bank account maintained by a PersonG specified in (a) into the DFSA'sG bank account.
          (2) A fee may be paid by another member of a Person'sG GroupG or by a Person'sG legal advisor (if the legal advisor is a DNFBPG ) where:
          (a) the fee is payable under section 2.1 to 2.8, section 3, section 4.2 or 4.3 or section 5; and
          (b) the PersonG to whom the fee applies does not have a bank account in its own name.
          (3) A fee payable under Rule 2.9.1 or 4.1.1 may be paid by any of the following:
          (a) the IssuerG , OfferorG or Reporting EntityG of the SecuritiesG ;
          (b) if the IssuerG is a Special Purpose VehicleG , by the PersonG who set up or controls, directly or indirectly, that vehicle;
          (c) the lead arranger for a proposed issue of SecuritiesG , if the lead arranger is either a BankG or is authorised to accept deposits, and supervised, by the Central Bank of the State; or
          (d) the legal adviser (if it is a DNFBPG ) acting for a PersonG referred to in (a), (b) or (c).
          (4) In (3), a reference to an IssuerG , OfferorG or Reporting EntityG includes the proposed IssuerG , OfferorG or Reporting EntityG .
          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 RM167/2016 (Made 10th February 2016). [VER12/04-16]

    • FER 2 Application Fees

      • FER 2.1 Application for a Licence

        • FER 2.1.1

          (1) An applicant applying for a LicenceG authorising it to carry on one or more Financial ServicesG specified in the left hand column of the table in (2) must pay to the DFSAG the highest of the corresponding fees in the right hand column of the table.
          (2) This is the table referred to in (1):
          Accepting DepositsG or Providing CreditG . $70,000
          Dealing in Investments as PrincipalG (except as a matched principal). $40,000
          Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG (except as a Captive InsurerG , as a PCCG , or as an ISPVG ). $40,000
          Managing a Collective Investment FundG (except as an Umbrella FundG ) if any Fund to be managed is not a Qualified Investor FundG . $10,000
          Managing a Collective Investment FundG (except as an Umbrella FundG ) if the Funds to be managed will only be Qualified Investor FundsG . $5,000
          Dealing in InvestmentsG as a matched principal. $25,000
          Dealing in Investments as AgentG . $25,000
          Managing AssetsG . $25,000
          Providing CustodyG . $25,000
          Managing a Profit Sharing Investment AccountG . $25,000
          Providing Trust ServicesG . $25,000
          Acting as the TrusteeG of a FundG . $25,000
          Arranging Deals in InvestmentsG . $15,000
          Advising on Financial ProductsG . $15,000
          Arranging CustodyG . $15,000
          Insurance IntermediationG . $15,000
          Insurance ManagementG . $15,000
          Operating a Credit Rating AgencyG . $10,000
          Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG as a Captive InsurerG or as an ISPVG . $5,500
          Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG as a PCCG :  
             (a) for the core; and $8,000
             (b) for each cell $1,000
          Providing Fund AdministrationG . $15,000
          Managing an Umbrella FundG :  
             (a) for the UmbrellaG ; and $8,000
             (b) for each Sub-FundG . $1,000
          Arranging Credit and Advising on CreditG $15,000
          Operating a Crowdfunding Platform.G $5,000

          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]

        • FER 2.1.2

          (1) An applicant applying for a LicenceG authorising it to carry on one or more of the Financial Services of Operating an ExchangeG and Operating a Clearing HouseG must pay to the DFSAG :
          (a) for Operating an ExchangeG an application fee of $150,000;
          (b) for Operating a Clearing HouseG an application fee of $150,000; and
          (c) for Operating an ExchangeG and Operating a Clearing HouseG 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 SystemG must pay to the DFSAG 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]

        • FER 2.1.3

          An applicant under FER Rule 2.1.2(a) or (c) seeking an endorsement to its LicenceG authorising it to maintain an Official List of SecuritiesG must pay to the DFSAG 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 LicenceG authorising it to carry on the Financial ServiceG of Operating a Representative OfficeG must pay to the DFSAG 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 LicenceG (other than an applicant referred to in Rule 2.1.2(1)) applying for an authorisation to carry on the Financial Service of Operating an Alternative Trading SystemG must pay to the DFSAG 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]

      • FER 2.2 Application to carry on additional Financial Services

        • FER 2.2.1

          An Authorised FirmG applying for authorisation to carry on additional Financial Services must pay to the DFSAG an application fee equal to the difference between:

          (a) the basic fee which would be payable under FER Rule 2.1.1 (1) if it were an applicant for a LicenceG in terms currently being sought; and
          (b) the basic fee which would be payable under FER Rule 2.1.1 (1) if it were an applicant for a LicenceG in terms of that currently held.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

        • FER 2.2.2

          An Authorised Market InstitutionG applying for authorisation to carry on an additional Financial ServiceG must pay to the DFSAG :

          (a) an application fee of $150,000 for the Financial ServiceG of Operating a Clearing HouseG ; or
          (b) an application fee of $150,000 for the Financial ServiceG of Operating an ExchangeG .

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.3

          An Authorised Market InstitutionG applying for an endorsement on its LicenceG authorising it to maintain an Official List of SecuritiesG must pay to the DFSAG an additional application fee of $150,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.4

          An Authorised FirmG applying for an authorisation, or an Authorised Market InstitutionG applying for an endorsement, to carry on the additional Financial Service of Operating an Alternative Trading SystemG must pay to the DFSAG an additional application fee of $65,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.5

          An Authorised FirmG or Authorised Market InstitutionG applying for an endorsement on its LicenceG to act as a Trade RepositoryG must pay to the DFSAG an additional application fee of $5,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 2.2.6

          (1) An Authorised FirmG applying for an endorsement on its LicenceG to carry on a Financial ServiceG with or for a Retail ClientG must pay to the DFSAG an additional application fee of $5,000.
          (2) An Authorised FirmG applying for an endorsement on its LicenceG to conduct Islamic Financial BusinessG must pay to the DFSAG an additional application fee of $5,000.
          (3) An Authorised FirmG applying for an endorsement on its LicenceG to hold or control Client AssetsG must pay to the DFSAG an additional application fee of $5,000.
          (4) An Authorised FirmG applying for an endorsement on its LicenceG to hold Insurance MoniesG must pay to the DFSAG an additional application fee of $5,000.
          (5) An Authorised FirmG applying for an endorsement on its LicenceG to conduct Insurance IntermediationG activities in respect of contracts of Long-Term InsuranceG must pay to the DFSAG an additional application fee of $5,000.
          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]
          [Amended] DFSA RM167/2016 (Made 10th February 2016). [VER12/04-16]
          [Amended] DSFA RM190/2016 (Made 7th December 2016). [VER13/02-17]

        • FER 2.2.7

          (1) If an Authorised FirmG applies to the DFSAG to amend the scope of authorisation under its Licence, and no fee is already specified under this section for the application, the Authorised FirmG must pay to the DFSAG an application fee of $5,000 for the application.
          (2) Paragraph (1) does not apply to an application that is only to remove an authorisation from a LicenceG .

          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 2.3 Application to register as a Registered Auditor

        • FER 2.3.1

          An applicant for registration as a Registered AuditorG with the DFSAG must pay to the DFSAG an application fee of $7,000.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

      • FER 2.4 Application to register a Public Fund

        • FER 2.4.1

          The Fund ManagerG or the PersonG proposing to be the Fund ManagerG of a Domestic FundG which is a Public FundG , who is applying to register the FundG must pay to the DFSAG an application fee of $1,000 plus, where the Public FundG is an Umbrella FundG , $1,000 for each of its sub-funds.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]

      • FER 2.5 [deleted]

        • FER 2.5.1 [deleted]

          [Deleted] DFSA RM72/2010 (Made 11th July 2010) [VER4/07-10]

      • FER 2.6 Application for Recognition

        • FER 2.6.1

          An applicant for RecognitionG as a Recognised BodyG must pay to the DFSAG an application fee of $15,000.


          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 2.7 Applications relating to Authorised Individuals

        • FER 2.7.1

          (1) An Authorised FirmG applying to the DFSA:
          (a) for Authorised IndividualG status for an individual;
          (b) to amend an Authorised Individual's authorisation to include a new Licensed FunctionG ; or
          (c) to substitute one Authorised IndividualG for another performing a particular Licensed FunctionG in the Authorised FirmG , must pay to the DFSAG an application fee of $500 for each Authorised IndividualG for whom it is seeking authorisation; to amend the scope of his authorisation; or to substitute as an Authorised IndividualG (as the case may be).
          (2) Paragraph (1) does not apply in relation to an application to grant Authorised IndividualG status that is made in conjunction with an application for a LicenceG .

          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

      • FER 2.8 Application to add a new cell to an existing PCC

        • FER 2.8.1

          A Licenced PCCG applying to add one or more new cells must pay to the DFSAG $1,000 in respect of each cell to be added.

          [Added] DFSA RM67/2009 (Made 25th November 2009). [VER3/11-09]

      • FER 2.9 Application for admittance of Securities to the Official List

        • FER 2.9.1

          An applicant for admission of SecuritiesG to the Official List of SecuritiesG must pay to the DFSAG an application fee of $2,500.

          [Added] DFSA RM83/2011 (Made 30th November 2011). [VER5/11-11]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 2.9.1 Guidance

            An applicant for admission of SecuritiesG to the Official List of SecuritiesG under Rule 2.9.1 may include an applicant who is an Exempt Offeror (as defined in Article 13(2) of the Markets Law)..


            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 2.10 Application Relating to a Business Transfer Scheme

        • FER 2.10.1

          An Authorised FirmG applying under GEN Rule 12.1.5 for DFSAG consent to a transfer scheme must pay to the DFSAG an application fee of $5,000.

          [Added] RM159/2015 (Made 9th December 2015). [VER11/02-16]

    • FER 3 Periodic and other Fees

      • FER 3.1 Authorised Firms (initial period)

        • FER 3.1.1

          (1) An Authorised FirmG must pay to the DFSAG the initial annual fee specified in (2) for the initial period of regulation between the date of the grant of its LicenceG 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 LicenceG , multiplied by the number of whole calendar months between the date of the grant of the LicenceG and the end of the year divided by 12.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

      • FER 3.2 Authorised Firms (subsequent periods)

        • FER 3.2.1

          (1) An Authorised FirmG must pay to the DFSAG 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 ServicesG specified in the left hand column of the table which the Authorised FirmG is authorised to carry on under its LicenceG ; plus
          (b) $1,000 for each complete $1,000,000 of expenditure, where "expenditure" has the meaning given in FER Rule 3.2.2; plus
          (c) $65,000, if the Authorised FirmG is carrying on the Financial Service of Operating an Alternative Trading SystemG .
          (3) This is the table referred to in (2) (a):
          Accepting DepositsG or Providing CreditG . $70,000
          Dealing in InvestmentsG as PrincipalG (except as a matched principal). $40,000
          Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG (except as a Captive InsurerG , as a PCCG , or as an ISPVG ). $40,000
          Managing a Collective Investment FundG (except as an Umbrella FundG ) if any Fund managed is not a Qualified Investor FundG . $10,000
          Managing a Collective Investment FundG (except as an Umbrella FundG ) if the Funds managed are only Qualified Investor FundsG . $5,000
          Dealing in InvestmentsG as a matched principal. $25,000
          Dealing in InvestmentsG as AgentG . $25,000
          Managing AssetsG . $25,000
          Providing CustodyG . $25,000
          Managing a Profit Sharing Investment AccountG . $25,000
          Providing Trust ServicesG . $25,000
          Acting as the TrusteeG of a FundG . $25,000
          Arranging Deals in InvestmentsG . $15,000
          Advising on Financial ProductsG . $15,000
          Arranging CustodyG . $15,000
          Insurance IntermediationG . $15,000
          Insurance ManagementG . $15,000
          Operating a Credit Rating AgencyG . $10,000
          Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG where the Authorised FirmG is carrying on business as a Captive InsurerG or as an ISPVG . $5,500
          Effecting Contracts of InsuranceG or Carrying Out Contracts of InsuranceG where the Authorised FirmG is carrying on business as a PCCG :  
             (a) for the core; and $8,000
             (b) for each cell $1,000
          Providing Fund AdministrationG . $15,000
          Managing an Umbrella Fund:  
             (a) for the Umbrella; and $8,000
             (b) for each Sub-Fund. $1,000
          Arranging Credit and Advising on CreditG $15,000
          Operating a Crowdfunding Platform.G . $10,000
          (4) The annual fee for an Authorised FirmG authorised as a Representative OfficeG 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]

        • 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 FirmG which is a Domestic FirmG and to which PIBG applies, its annual expenditure calculated as the sum of the amounts entered in its PIBG regulatory return in respect of "administrative expenses", "depreciation" and "other operating expenses" in relation to business carried on in or from the DIFCG including business carried on through a branch in another jurisdiction;
          (b) in the case of an Authorised FirmG which operates in the DIFCG through a BranchG and to which PIBG applies, its annual expenditure calculated as the sum of the amounts entered in its PIBG regulatory return in respect of "administrative expenses", "depreciation" and "other operating expenses" in relation to business carried on in or from the DIFCG ; and
          (c) in the case of an Authorised FirmG to which PING applies, its annual expenditure as set out in its IN100 or IN30 Annual Regulatory ReturnG , as the case may be, in respect of business carried on in or from the DIFCG including, in the case of a Domestic FirmG , business carried on through a branch in another jurisdiction;
          for the last financial year for which the Authorised FirmG has submitted regulatory returns to the DFSAG .
          (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]

          • FER 3.2.2 Guidance

            The effect of FER Rule 3.2.2 is that if an Authorised FirmG has not, in accordance with the RulesG , submitted its first Annual Regulatory ReturnG , then the amount of expenditure is set at zero for the purpose of FER Rule 3.2.1 (2) (b).


            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

      • FER 3.3 Authorised Market Institutions (initial period)

        • FER 3.3.1

          (1) An Authorised Market InstitutionG must pay to the DFSAG an initial annual fee specified in (2) for the initial period of regulation between the date of the grant of its LicenceG 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 LicenceG 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 Authorised Market Institutions (subsequent periods)

        • FER 3.4.1

          An Authorised Market InstitutionG must pay to the DFSAG 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 InstitutionG carrying on the Financial ServiceG of Operating an ExchangeG must pay to the DFSAG an annual fee of $100,000.
          (2) An Authorised Market InstitutionG carrying on the Financial ServiceG of Operating a Clearing HouseG must pay to the DFSAG an annual fee of $100,000.
          (3) An Authorised Market InstitutionG carrying on both of the Financial ServicesG of Operating an ExchangeG and Operating a Clearing HouseG must pay to the DFSAG 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 InstitutionG maintaining an Official List of SecuritiesG must pay to the DFSAG 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 InstitutionG carrying on the Financial Service of Operating an Alternative Trading SystemG must pay to the DFSAG an annual fee of $65,000.


          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 3.5 Registered Auditors (initial period)

        • FER 3.5.1

          (1) A Registered AuditorG permitted under its registration to conduct audits of Authorised PersonsG (where those Persons are Domestic FirmsG or Domestic FundsG ) must pay to the DFSAG 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 Registered Auditors (subsequent periods)

        • FER 3.6.1

          (1) A Registered AuditorG permitted under its registration to conduct audits of Authorised PersonsG (where those Persons are Domestic FirmsG ) or Domestic FundsG must, subject to Rule 3.6.3, pay to the DFSAG 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 PersonsG which are Domestic FirmsG and audits of Domestic FundsG specified in the left hand column.

          Audits reported in Registered Auditor'sG Annual Information ReturnG 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, up to a maximum fee of $21,000.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

        • FER 3.6.2

          (1) A Registered AuditorG permitted under its registration to conduct audits of Public Listed CompaniesG must, subject to Rule 3.6.3, pay to the DFSAG an annual fee calculated in accordance with (2).
          (2) The amount of the fee is $5,000 per audit conducted of a Public Listed CompanyG as reported in the Registered Auditor'sG Annual Information ReturnG for the previous calendar year, up to a maximum fee of $20,000.
          (3) No fee is payable under this Rule if the Registered AuditorG has not conducted any audits of Public Listed CompaniesG in the previous calendar year.

          [Added] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

        • FER 3.6.3

          A Registered AuditorG permitted under its registration to conduct audits of both:

          (a) Authorised PersonsG (where those persons are Domestic FirmsG ) or Domestic FundsG ; and
          (b) Public Listed CompaniesG ,

          must pay to the DFSAG 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 Designated Non-Financial Businesses and Professions (initial period)

        • FER 3.7.1

          A PersonG meeting part (1) (d), (e) or (f) of the definition of a DNFBPG must pay to the DFSAG an annual fee of $4,000 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]

      • FER 3.8 Designated Non-Financial Businesses and Professions (subsequent periods)

        • FER 3.8.1

          A PersonG meeting part (1) (d), (e) or (f) of the definition of a DNFBPG must pay to the DFSAG an annual fee of $4,000 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]

      • FER 3.9 Domestic Funds (initial period)

        • FER 3.9.1

          (1) A Fund ManagerG must pay to the DFSAG in respect of each Domestic FundG for which it is the Fund ManagerG 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 DFSAG :
          (a) in the case of a Public FundG , at the time of registration; and
          (b) in the case of an Exempt FundG or Qualified Investor FundG , at the time of notification to the DFSAG pursuant to Article 34 of the Collective Investment Law 2010.
          (3) The initial annual fee is $4,000.

          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]

      • FER 3.10 Domestic Funds (subsequent periods)

        • FER 3.10.1

          (1) A Fund ManagerG must pay to the DFSAG in respect of each Domestic FundG for which it is the Fund ManagerG 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 $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]

      • FER 3.11 Listed Entities and Recognised Persons

        • FER 3.11.1

          (1) A Listed EntityG that has equity securities admitted to the Official List of SecuritiesG must pay to the DFSAG 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 EntityG 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) In (1), "equity securities" means SharesG , CertificatesG over SharesG and WarrantsG over SharesG .
          (3) For the purposes of the table to (1), the market capitalisation of the Listed EntityG 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 AMIG at the end of that day.

          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 3.11.1 Guidance

            1. The market capitalisation of a Listed EntityG 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 Rule 3.11.1 is calculated. A Listed EntityG has equity securities admitted to the Official List of SecuritiesG . On the last business day of November of the year before the relevant calendar year, it had a market capitalisation of USD 250 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)
                  remaining USD 150mn of capitalisation $750 (150 × 5)
            Total $3,250

            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

        • FER 3.11.2

          (1) The DFSAG may by notice require a Recognised PersonG to pay to the DFSAG a fee not exceeding $10,000, being for a year or a part of a year, if the DFSAG reasonably expects to incur substantial additional costs during that period in dealing with a matter connected to:
          (a) the Recognised Person'sG compliance with legislation administered by the DFSAG ; or
          (b) the Person'sG status as a Recognised PersonG .
          (2) If the DFSAG proposes to require payment of a fee under (1), it must notify the PersonG as soon as reasonably practicable of the amount of the fee.
          (3) A fee payable under (1) must be paid within the period specified in the relevant notice.

          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 3.11.2 Guidance

            The DFSAG may require the payment of a fee under Rule 3.11.2 in cases including, but not limited to, where a transaction or event involving a Recognised PersonG is likely to cause the DFSAG to incur significant additional costs, such as a matter which will require the DFSAG to liaise with the Person'sG home supervisor, a significant corporate event or a matter that will require additional supervisory scrutiny by the DFSAG .


            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 3.12 Transitional

        • FER 3.12.1

          The amendments to this chapter made by Rule-making instrument No. 152 of 2015 do not:

          (a) affect the calculation of any annual fee payable under this chapter for the 2015 calendar year (or any part of that year); or
          (b) require the payment for the 2015 calendar year (or any part of that year) of any new periodic fee introduced in this chapter by those amendments.

          Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

    • FER 4 Filing Fees

      • FER 4.1 Filing a Prospectus, Issue Note or other document for approval

        • FER 4.1.1

          (1) A PersonG filing a ProspectusG or other document with the DFSAG , for approval in accordance with Rule 2.4.1(i)(iii), section 2.6, section 2.7, section 6.3 or Rule 9.7.4 of MKT must pay to the DFSAG the applicable fee in the table in (2).
          (2) This is the table referred to in (1):
          Filing event Equity Securities Non-Equity Securities
          Prospectus or equivalent document $35,000 $10,000
          Registration Statement $27,500 $7,500
          Securities Note and Summary $7,500 $2,500
          Supplementary Prospectus $2,000 $2,000
          Programme update n/a $8,000
          Any other document which is required by the Markets Law
          or Markets Rules to be approved by the DFSAG
          $5,000 $3,000
          (3) In (2), "equity securities" means SharesG , CertificatesG over SharesG and WarrantsG over SharesG , and "non-equity securities" means all other SecuritiesG .
          (4) The fee payable under (1) must be paid to the DFSAG before the filing of the ProspectusG or other document.
          (5) A ProspectusG or other document will not be considered to have been properly filed until the fee payable under (1) has been paid to the DFSAG .

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM83/2011 (Made 30th November 2011). [VER5/11-11]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 4.1.1 Guidance

            The DFSAG may levy a supplementary fee under Rule 1.2.6 if it appears to it that approval of a ProspectusG or other document is likely to cause it to incur substantial additional costs, for example, because the Prospectus or transaction is complex. In such cases, the DFSAG will usually discuss with the IssuerG the level of supplementary fee before or as soon as possible after the submission of an application for approval of the document.


            Derived from DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

      • FER 4.2 Filing a reference with the FMT

        • FER 4.2.1

          A fee of $5,000 must be paid to the DFSAG before a reference to the FMTG is considered filed with the FMTG .

          [Added] DFSA RM55/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

        • FER 4.2.2

          The president of the FMTG may waive all or part of the $5,000 filling fee if the Person commencing the reference is an individual and if, in the circumstances, the president considers it is equitable to do so.

          [Added] DFSA RM55/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]

      • FER 4.3 Seeking consent to commence a regulatory proceeding before the FMT

        • FER 4.3.1

          A fee of $5,000 must be paid to the DFSAG by a PersonG seeking the consent of the DFSAG to bring a regulatory proceeding before the FMTG .


          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

        • FER 4.3.2

          The DFSAG may waive all or part of the $5,000 fee if the PersonG seeking the consent is an individual and if, in the circumstances, the DFSAG considers it is equitable to do so.


          [Added] DFSA RM145/2014 (Made 1st January 2015). [VER9/01-15]

    • FER 5 Takeover Fees

      • FER 5.1 Bid Documents

        • FER 5.1.1

          (1) FeesG are payable on Bid DocumentsG and the BidderG is responsible for the payment to the DFSAG of the applicable fee in accordance with (2) and (3).
          (2) The BidderG must pay to the DFSAG the fee specified in the right hand column of the table in (4) which corresponds to the value of the BidG specified in the left hand column of the table.
          (3) In regard to the value of the BidG for the purposes of (2):
          (a) where there are alternative BidsG , the alternative with the highest value must be used to calculate the value of the BidG . BidsG for all classes of equity Share capital must be included in the calculation of the value of the BidG , but BidsG for non-equity Share capitalG , ConvertiblesG , OptionsG and the like must not;
          (b) when a merger is effected by BidsG for both entities by a new entity created to make the BidsG , the fee will be determined by the value of the lower of the two BidsG ; and
          (c) when the fee falls to be calculated on the basis of the value of the SecuritiesG to be issued as consideration, it must be computed by reference to the closing price of the relevant SecuritiesG at the last practicable date before the publication of the Bid DocumentG as stated in that document or, as the case may be, by reference to the estimated value of any unlisted SecuritiesG consideration given in the document.
          (4) This is the table referred to in (2):
          Value of the Bid in US$ million Fee in US$
          Less than 5 7,500
          Over 5 to 25 15,000
          Over 25 to 100 55,000
          Over 100 to 500 150,000
          Over 500 370,000

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
          [Amended] DFSA RM152/2015 (Made 10th June 2015). [VER10/06-15]

          • FER 5.1.1 Guidance

            (1) Where a BidderG issues a revised Bid DocumentG that increases the value of the BidG , the DFSAG will require payment of the difference between the fee that would be applicable under the table in FER Rule 5.1.1 (4) in respect of the value of the revised BidG , and the fee previously paid in respect of the value of the initial BidG .
            (2) In relation to the giving of an estimated value of any unlisted SecuritiesG consideration, see TKO Rule 1.4.1 (m).

            Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]

        • FER 5.1.2

          In all cases a note setting out the calculation of the fee must accompany the Bid DocumentG provided to the DFSAG . If the BidG is revised, a similar note must be provided with the revised Bid DocumentG and any necessary further payment.

          Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]