SCHEDULE 3: FINE LIMITS
Note: See rule 7.4.
3.1. Table of fine limits
The following table sets the maximum fines that may be imposed for certain Contraventions of the AIFC Companies Regulations:
column 1item |
column 2 provision contravened |
column 3 relevant section heading |
column 4 maximum fine US$ |
1 |
7 |
Prohibition against conduct of business without incorporation or registration in the AIFC |
50,000 |
2 |
8(2) |
Certificates |
25,000 |
3 |
17 |
Notification of change in Registered Details of Company |
2,000 |
4 |
20 |
Copies of Articles of Association for Shareholders |
10,000 |
5 |
21 |
Prohibition against use of misleading, deceptive or conflicting Company names |
15,000 |
6 |
22(1) or (2) |
Change of Company name |
15,000 |
7 |
23(3) |
Power to require change of name |
25,000 |
8 |
24(1) or (3) |
Registered office and conduct of business |
25,000 |
9 |
25 |
Particulars in Company communications |
5,000 |
10 |
26(1) or (3) |
Annual returns |
10,000 |
10-1 |
26-1 |
Annual confirmation of accuracy of information in the register |
10,000 |
11 |
28(3) |
Filing of Special Resolutions and certain other Resolutions and agreements |
5,000 |
12 |
37 |
Name of Private Company |
10,000 |
13 |
38 |
Name of Public Company |
15,000 |
14 |
44(3) |
Alteration of share capital |
10,000 |
15 |
46(5) or (6) |
Non-cash consideration for Shares in Public Company |
10,000 |
16 |
48 |
Shareholders’ pre-emption rights |
25,000 |
17 |
50(1) |
Prohibition of public offers by Private Companies |
30,000 |
18 |
52(3) or (17) |
Register of Shareholders |
10,000 |
19 |
53 |
Register of Debt Security Holders |
10,000 |
20 |
54 |
Transfer and registration of Shares and Debt Securities |
10,000 |
21 |
55 |
Place where registers must be kept |
10,000 |
22 |
56(1) or (5) |
Inspection of registers |
10,000 |
23 |
57(4) |
Rectification of registers |
10,000 |
24 |
58 |
Share certificates |
10,000 |
25 |
60(5) (including 60(5) as applied by section 61(5)) |
Power to issue redeemable Shares |
10,000 |
26 |
61 |
Power of Company to purchase its own Shares |
10,000 |
27 |
63 |
Prohibition on financial assistance to acquire Shares |
15,000 |
28 |
64(6) |
Reduction of Share Capital |
15,000 |
29 |
65(3) |
Reduction of Share Capital by Private Company supported by solvency statement |
10,000 |
30 |
66(7) |
Reduction of Share Capital by Special Resolution confirmed by Court order |
10,000 |
31 |
72 |
Restrictions on Distributions |
20,000 |
32 |
90 |
Register of Directors and Secretaries |
15,000 |
33 |
92(4) |
Disqualification orders |
25,000 |
34 |
94(2) |
Annual General Meeting |
30,000 |
35 |
96(2) |
Registrar’s power to call meeting in default |
15,000 |
36 |
106(4) or (5) |
Right of The Offeror to buy out minority Shareholders |
10,000 |
37 |
108(3) |
Right of minority Shareholder to be bought out by The Offeror |
10,000 |
38 |
123 |
Grounds for opinion relating to merger |
25,000 |
39 |
124(5) |
Power of Company to compromise with Creditors and Shareholders |
25,000 |
40 |
125(5) |
Information relating to compromise to be circulated |
15,000 |
41 |
129 |
Accounting Records of Companies |
25,000 |
42 |
131 |
Accounts |
10,000 |
43 |
132(2) |
Provision of copy of accounts to Shareholders |
5,000 |
44 |
133(4) |
Directors’ report for Public Companies |
10,000 |
45 |
136(2) |
Appointment and removal of Auditors |
15,000 |
46 |
137 |
Auditor’s report to Company |
15,000 |
47 |
138(1) or (6) |
Auditors’ Functions |
10,000 |
48 |
139 |
Resignation of Auditor |
15,000 |
49 |
140(2) |
Cooperation with auditors |
5,000 |
50 |
144(1) |
Foreign Companies |
50,000 |
51 |
147 |
Requirements of Recognised Company |
15,000 |
52 |
148 |
Notification of change in Registered Details of Recognised Company |
15,000 |
53 |
149 |
Accounting Records of Recognised Companies |
25,000 |
54 |
160(5) or (6) |
Powers of Inspectors to obtain information and Documents etc. |
25,000 |
55 |
162(1) |
Obstructing or hindering Inspectors |
15,000 |
56 |
196(1) |
Obligation of disclosure to Registrar |
10,000 |
57 |
|
[intentionally omitted] |
|
58 |
200 |
Giving false or misleading information to Registrar etc. |
50,000 |
59 |
201 |
Compliance with orders etc. of Registrar |
25,000 |
60 |
179-3(5) |
Notice in respect of Ultimate Beneficial Ownership |
10,000 |
61 |
179-3(6) |
Giving false or misleading information in respect of Ultimate Beneficial Ownership |
50,000 |
62 |
179-4(8) or (21) |
Requirements relating to Ultimate BeneficialOwnership Register |
10,000 |
63 |
179-6(5) |
Duty of Nominee Directors |
10,000 |
64 |
179-7(2) or (15) |
Register of Nominee Directors |
10,000 |
65 |
179-10(4) |
Access to Registers |
10,000 |
66 |
179-11(3) |
Notification to the Registrar |
10,000 |
67 |
179-12(7) |
Notices issued by the Registrar of Companies |
10,000 |
68 |
179-18(7) |
Whistleblowing |
30,000 |
_