7.1.1. General

FEES 7.1 applies if a Person breaches any Rule by failing to provide a notification, report or return (however described) to the AFSA as, or within the time within which, that rule requires it to be provided.

7.1.2. Nature of failure to provide a notification, report, or return

Without limiting FEES 7.1.3 and, to remove any doubt, FEES 7.1 applies to a failure to provide a notification, report, or return (however described) to the AFSA as, or within the time within which, it was required to be provided, if:

• (a) the notification, report or return was not received (or considered to have been received) by the AFSA within that time; or
• (b) the notification, report or return was received by the AFSA within that time, but:
• (i) it was incomplete or inaccurate in a material respect;
• (ii) if under any regulations or rules it was required to be in a particular form, it was not in substantially that form;
• (iii) if under any regulations or rules it was required to be prepared, completed or signed in a particular way, it was not prepared, completed or signed in that way; or
• (iv) if under any regulations or rules it was required to be provided (however described) to the authority in a particular way, it was not provided in that way.

7.1.3. Late fees payable to the AFSA

A Person falling within FEES 7.1 shall pay to the AFSA the late fee specified in Schedule 10.

7.2.1. General

FEES 7.2 applies if the Registrar of Companies is satisfied that a Person has contravened the Companies Regulations, and contravention of the relevant provision is expressed to be punishable by a fine.

7.2.2. Fines payable to the Registrar of Companies

Subject to any amounts prescribed and/or limits on fees specified in the Companies Regulations, the Registrar of Companies may determine at its discretion the amount payable for a fine falling within FEES 7.2.

7.3.1. General

If the AFSA is satisfied that a Person has contravened a provision in the AIFC Rules administered by the AFSA, that Person shall be liable to pay a fine.

7.3.2. Fines payable to the AFSA

Subject to any amounts prescribed and/or limits on fees specified in the AIFC Rules administered by the AFSA, the AFSA may determine at its discretion the amount payable for a fine falling within FEES 7.3.1.

7.4.1. General

FEES 7.4 applies if an Authorised Person or Ancillary Service Provider fails to comply with a written requirement by the AFSA that specifies:

• (a) an action that the firm is to take; and
• (b) a date by which the action is to be taken.

7.4.2. Nature of failure to comply

For the purposes of FEES 7.4.1, an Authorised Person or Ancillary Service Provider fails to comply with such a requirement if the firm:

• (a) does not take the specified action by the specified date; or
• (b) purports to take the action but does so in a way that the authority regards as inadequate.

7.4.3. Late fees payable to the AFSA

Subject to any amounts prescribed and/or limits on fees specified in the AIFC Rules administered by the AFSA, a Person falling within FEES 7.4 shall pay to the AFSA the late fee specified in Schedule 10.

7.6.1. General

FEES 7.6 applies if a Person breaches any Rule by failing to provide annual return, annual confirmation statement or accounts to Registrar of Companies within the required time.

7.6.2. Nature of failure to provide annual return, annual confirmation statement or accounts

Without limiting FEES 7.6.3. and, to remove any doubt, FEES 7.6 applies to a failure to provide annual return, annual confirmation statement or accounts to the Registrar of Companies within the required time including if:

(a) annual return, annual confirmation statement or accounts was not received (or considered to have not been received) by the Registrar of Companies within the required time; or

(b) annual return, annual confirmation statement or accounts was received by the Registrar of the Companies within the required time, but:

1. (i) it was incomplete or inaccurate in a material respect;
2. (ii) if under any regulations or rules it was required to be in a particular form, it was not in substantially that form;
3. (iii) if under any regulations or rules it was required to be prepared, completed or signed in a particular way, it was not prepared, completed or signed in that way;
4.            or
5. (iv) if under any regulations or rules it was required to be provided (however described) to the authority in a particular way, it was not provided in that way.

7.6.3 Late filing fees payable to the Registrar of Companies

A Person falling within FEES 7.6 shall pay to the Registrar of Companies the late filing fees specified in Schedule 11.