Main
>
Legal Framework
>
1. APPLICATION FEES PAYABLE TO THE AFSA
FINANCIAL SERVICES LEGISLATION
RULES
FEES RULES
Guidance: Purpose of this rulebook
SCHEDULE 5: FEES PAYABLE TO THE REGISTRAR OF COMPANIES
SCHEDULE 5-1: ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES *
SCHEDULE 5-2: Fees payable to the Registrar of Companies in respect of filing an annual return, annual confirmation of accuracy of information in the register or accounts in relation to each financial year
SCHEDULE 6: ANNUAL SUPERVISION FEES PAYABLE TO THE AFSA
SCHEDULE 7: APPLICATION FEES PAYABLE TO THE AFSA IN RESPECT OF WAIVERS, MODIFICATIONS AND OTHER RELIEFS
SCHEDULE 8: FINTECH LAB FEES
SCHEDULE 9: OTHER FEES
SCHEDULE 10: LATE FEES PAYABLE TO THE AFSA*
SCHEDULE 11: LATE FILING FEES PAYABLE TO THE REGISTRAR OF COMPANIES
Entire Act

1. APPLICATION FEES PAYABLE TO THE AFSA

1.1. Application

This Chapter applies to:

(a)     an Authorised Firm, or a Person applying for Authorised Firm status;

(b)   an Authorised Market Institution, or a Person applying for Authorised Market Institution status;

(c)    an Ancillary Service Provider, or a Person applying for Ancillary Service Provider status;

(d)    a Recognised Non-AIFC Market Institution or Recognised Non-AIFC Member, or a Person applying for Recognised Non-AIFC Market Institution or Recognised Non-AIFC Member status;

(e)   a Centre Participant or Person applying for waivers and/or modifications under AIFC Financial Services Framework Regulations;

(f)    a Centre Participant or Person applying for no-action letter under AIFC Financial Services Framework Regulations;

(g) a Domestic Fund Manager that intends to manage an Exempt or Non-Exempt Fund; and

(h) a Foreign Fund Manager that intends to manage an Exempt Fund.


Guidance

FEES 1 deals only with application fees for the AFSA. Centre Participants may also be required to pay application fees to the Registrar of Companies under the Companies Regulations as specified in FEES 2.

1.2. Application fees

1.2.1. Application fees payable to the AFSA in respect of Regulated Activities

An applicant seeking to conduct Regulated Activities or an Authorised Firm applying to modify or withdraw a Licence to carry on Regulated Activities must pay to the AFSA:

  • (a) the application fees specified in Schedule 1; and
  • (b) any supplementary fee required by the AFSA in accordance with FEES 6.

1.2.2. Application fees payable to the AFSA in respect of Market Activities

An applicant seeking to conduct Market Activities or an Authorised Firm applying to modify or withdraw a Licence to carry on Market Activities must pay to the AFSA:

  • (a) the application fees specified in Schedule 2; and
  • (b) any supplementary fee required by the AFSA in accordance with FEES 6.

1.2.3. Application fees payable to the AFSA in respect of Ancillary Services

An applicant seeking to carry on one or more Ancillary Services or an Ancillary Service Provider applying to vary or withdraw a Licence to carry on Ancillary Services, must pay to the AFSA:

  1. (a) the application fees specified in Schedule 3; and
  2. (b) any supplementary fee required by the AFSA in accordance with FEES 6.

Guidance

REC 1.1.1 states that a Person that operates an investment exchange or clearing house outside the AIFC may apply to the AFSA to become a Recognised Non-AIFC Market Institution by providing specified information and records, and by paying the fee prescribed in FEES.

REC 2.1.1 states that a Person located in a jurisdiction other than the AIFC may apply to the AFSA to become a Recognised Non-AIFC Member by completing an application, providing information required, and by paying the fee prescribed in FEES.

CIS 4.3 states that the AFSA will register a Fund if the Fund Manager is either: (i) authorised as a Fund Manager by the AFSA; or (ii) a Foreign Fund Manager that is authorised by a Financial Services Regulator: (1) in a Recognised Jurisdiction; or (2) in a jurisdiction that is otherwise acceptable to the AFSA pursuant to CIS Schedule 3.

1.2.4. Application fees payable in respect of a Recognised Non-AIFC Market Institution, Recognised Non-AIFC Member or Foreign Fund Manager

An applicant seeking recognition as a Recognised Non-AIFC Market Institution, Recognised Non-AIFC Member or Foreign Fund Manager must pay:

  1. (a) the application fees specified in Schedule 4; and
  2. (b) any supplementary fee required by the AFSA in accordance with FEES 6.

1.2.5. Application fees payable to the AFSA in respect of waivers and/or modifications

An applicant seeking AFSA decision on waiver and/or modification under the AIFC Financial Services Framework Regulations, must pay to the AFSA:

(a)      the application fees specified in Schedule 7; and

(b)      any supplementary fee required by the AFSA in accordance with FEES 6.

1.2.6. Application fees payable to the AFSA in respect of no-action letter

1.2.6. An applicant seeking AFSA decision on no-action letter under the AIFC Financial Services Framework Regulations, must pay to the AFSA:


(a) the application fees specified in Schedule 7; and

(b) any supplementary fee required by the AFSA in accordance with FEES 6.

1.3. Approved Individuals

Fees are payable in respect of any application for an Approved Individual as specified in Schedules 1, 2 or 6, depending on the nature of the entity on whose behalf the Approved Individual is acting.

1.4. Non-refundable nature of application fees

Any application fees paid, whether in respect of an applicant, Authorised Firm or Approved Individual, are non-refundable, regardless of whether the application is successful or not.