SCA Board Decision No. (37) of 2013
Concerning the Fees related to Mutual Funds
The Chairman of the Board of Directors of the Securities and Commodities Authority,
having perused,
The Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities
Authority and Market, as amended;
The Federal Decree No. (32) of 2013 concerning the Formation of the Council of
Ministers of the United Arab Emirates;
The Council of Ministers’ Resolution No. (13) of 2000 concerning the Regulations as to
the Functioning of the Securities and Commodities Authority, as amended;
The Council of Ministers' Resolution No. (108/7 and 5) of 2010 concerning the
Restructuring of the Board of Directors of the Securities and Commodities Authority;
The SCA Board Decision No. (37) of 2012 concerning the Regulations as to Mutual
Funds, as amended;
The approval of the Board of Directors of the SCA at its eighteenth meeting of the fourth
session in its meeting held on 05.06.2013, and
As required for the work interest,
Decided as follows:
Article I
The Authority shall collect the fees for applications for licensing and renewal of activities
(local mutual fund originator, provider of Management services to a local mutual fund,
a foreign mutual fund promoter within the UAE) according to the following:
1.
Fee for examining the license
application
(AED 5,000)
Five thousand
Dirhams
2.
The license fee
(AED 10,000)
Ten thousand Dirhams
3.
The annual renewal fee
(AED 5,000)
Five thousand
Dirhams
The fee prescribed in item (1) herein may not be refunded if the license application is
rejected.
The license fees shall be for one year and shall expire at the end of December each year. The
fee for the first license shall be proportionately calculated on basis of the remaining period of
the year, with a part of a month calculated as full month.
Article II
The Authority shall collect the fees for the establishment of local Mutual funds and approval
to promote foreign funds within the UAE according to the following:
1.
The establishment of local Mutual funds:
a. Fee for examining the application for
incorporation
(AED 5,000)
Five thousand
Dirhams
b. The license fee for a local mutual
fund
(AED 10,000)
Ten thousand
Dirhams
c. Fee for examining the application to
modify the prospectus of a local
mutual fund
(AED 5,000)
Five thousand
Dirhams
The fees prescribed in items (a & c) herein may not be refunded if the license application or
the application to modify the prospectus of a local mutual fund is rejected.
2.
Approval to promote foreign funds within the UAE:
a. Fee for examining the application
(AED 5,000)
Five thousand
Dirhams
b. Fee for issuing the approval to promote
a foreign fund in a private offering
(AED
15,000)
Fifteen thousand
Dirhams
c. Fee for issuing the approval to promote
a foreign fund in a public offering
(AED
30,000)
Thirty thousand
Dirhams
The fees prescribed in item (a) herein may not be refunded if the application for foreign fund
promotion is rejected.
Article III
This Decision shall be published in the Official Gazette and shall take effect from the day
following the date of its publication.
________________________
Engineer Sultan bin Saeed Al Mansouri
Chairman of the Board
Issued in Abu Dhabi on: …./…./2013