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7.4. Late fees for failure to comply with direction issued by 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

7.4. Late fees for failure to comply with direction issued by the AFSA

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.