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  • Fees for late returns or reports

    • FER 7.1.1.

      This section applies to each of the following Persons:

      (a) an Authorised PersonG ;
      (b) a Registered AuditorG ;
      (c) a Recognised BodyG or Recognised MemberG ; or
      (d) a Relevant PersonG as defined in AML Rule 1.1.2.
      Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • FER 7.1.2

      (1) If a PersonG to whom this section applies is required to provide a return or a report to the DFSA under a RuleG , and fails to provide the return or report on or before the due date or within the period specified in the RuleG , that PersonG must pay to the DFSA a late submission fee of $1,000.
      (2) A PersonG is 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.
      Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

    • FER 7.1.3

      Nothing in this section limits the right of the DFSA to take any other action.

      Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]

      • FER 7.1.3 Guidance

        1. This section applies to returns or reports required to be provided to the DFSA under the RulebookG by 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 PersonG to 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 PersonG under this section if the PersonG fails 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 RuleG and, 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.
        Derived from DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]