Entire section

Annex 2

Proposed amendments to AIFC Fees Rules

In this table, the underlining indicates a new text and the striking throughindicates deleted text in the proposedamendments

APPLICATION FEES PAYABLE TO THE AFSA

Application

This Chapter applies to:

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

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

an Ancillary Service Provider, or a Person applying for Ancillary Service Providerstatus;

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;

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

a Centre Participant or Person applying for no-action letter under AIFC Financial Services Framework Regulations.

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.

Application fees

Application fees payable to the AFSA in respect of Ancillary Services

An applicant seeking to carry on one or more Ancillary Services or an Authorised Firm applying to modify or withdraw a Licence to carry on Ancillary Services, must pay to the AFSA:

the application fees specified in Schedule 3; and

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.

Application fees payable in respect of a Recognised Non-AIFC Market Institution or Recognised Non-AIFC Member

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

the application fees specified in Schedule 4; and

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

Application fees payable to the AFSA in respect of Ancillary Services

An applicant seeking to carry on one or more Ancillary Services or an Authorised Firm applying to modify or withdraw a Licence to carry on Ancillary Services, must pay to the AFSA:

the application fees specified in Schedule 3; and

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.

Application fees payable in respect of a Recognised Non-AIFC Market Institution or Recognised Non-AIFC Member

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

the application fees specified in Schedule 4; and

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

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:

the application fees specified in Schedule 7; and

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

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

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

the application fees specified in Schedule 7; and

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

Approved Individuals

Fees are payable in respect of any application for an Approved Individual as specified in Schedules 1, 2, 3 or 4, depending on the nature of the entity on whose behalf the Approved Individual is acting.

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.

Schedule 7: APPLICATION FEES PAYABLE TO THE AFSA IN RESPECT OF WAIVERS, MODIFICATIONS AND OTHER RELIEFS

The Chief Executive Officer of the AFSA may determine the amount of fee specified in 1.2.5 (a) and 1.2.6. (a) from time to time.