3.1.1. What annual supervision fees must be paid

An Authorised Firm, Authorised Market Institution, Ancillary Service Provider, Recognised Non-AIFC Market Institution or Recognised Non-AIFC Member must pay to the AFSA:

• (a) the annual supervision fee specified in Schedule 6; and
• (b) any supplementary fee required by the AFSA

3.1.2. When annual supervision fees must be paid – initial annual fee

The initial annual supervision fee must be paid in full to the AFSA within 21 days of the date of the commencement of operations.

Guidance

For the purposes of this Rule, a firm is deemed to have commenced operations having received its authorisation and satisfied pre-conditions of its authorisation.

3.1.3. When annual supervision fees must be paid– subsequent annual fee

Subsequent annual supervision fees must be paid in full to the AFSA on or before 1 January of every calendar year

3.1.4. Initial annual supervision fee

1. (a) An initial annual supervision fee must be paid for the initial period of regulation after the grant of licensed status and the commencement of operations.
2. (b) The initial annual supervision fee is calculated as the annual supervision fee, pro-rated over the whole months remaining between the date of the commencement of operations and the end of the year.

3.1.5. Subsequent annual supervision fees

(a) A standard annual supervision fee must be paid for any period of regulation after the period described in FEES 3.1.4.

(b) The standard annual supervision fee is:

the highest of the fees specified in the fees table corresponding to the activities which the relevant entity is licensed to carry on.

(ii) [intentionally omitted].