The Dubai Financial Services Authority has updated its 'fees module' to which it refers, in British regulatory style, as FER. All fees (i.e. compulosry regulatory levies) laid out there must be paid in United States Dollars and by bank transfers to the DFSA’s bank account.

In the guidance to rule 1.2.2 the DFSA has removed the harsh penalties that it might impose for the late payment of a fine, notably the part that says "If a fee is not paid by the date on which it becomes due, the Person is in breach of a Rule and the DFSA is entitled to take action including, but not limited to, taking steps to withdraw authorisation to conduct one or more Financial Services." This has been replaced by a vague warning in 1.2.9 that the DFSA might take other action.

New rule 1.2.4 states that if a fee is payable for an application to approve a change in control, or for a request to withdraw a licence, or for the opening of a branch or subsidiary in another jurisdiction, the application, notification or request will not be held to be submitted until the fee has been paid in full.

As before, the regulator might levy a supplementary fee if it expects to incur substantial additional costs in dealing with a matter, although the wording of this has changed. This might happen if the regulator thinks the applicant is 'risky' and needs further time-consuming investigation, or if the application is too complex or novel and therefore merits more effort, or if something a listed entity does is likely to cause the DFSA expense, or if the regulator is likely to spend extra time on an issue, perhaps having to bargain with the applicant's home regulator. The behind the additional fee is, according to the new notes, to cover 'exceptional' circumstances. This seems to set a higher bar than the previous wording. In its 'guidance' to rule 1.2.7, the regulator also says that its decisions now have to pass a 'reasonable' test.

Anyone who wants a licence to act as a trade repository must pay the DFSA at least $15,000 and anyone who wants to carry on a financial service with or for a retail client must pay at least $20,000.

Under rule 2.11.1, an applicant for a waiver of any rule or article of the Markets Law must pay an application fee of $5,000 if, in the DFSA’s opinion, the application involves an issue that is novel or complex. The new rules will come into force on 1st January.