• GENE Chapter 10 GENE Chapter 10 Fees

    • GENE Part 10.1 GENE Part 10.1 Application

      • GENE 10.1.1 Application of Chapter 10

        (1) This Chapter applies to an authorised firm, or an applicant for an authorisation.
        (2) Parts 10.7 and 10.8 also apply to a DNFBP.
        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016)
        Amended by QFCRA RM/2020-6 (as from 15th October 2020).

    • GENE Part 10.2 GENE Part 10.2 General provisions

      Editorial changes (as from 1st January 2016).

      • GENE 10.2.1 Application not submitted until fee paid

        Where a fee is payable for any application to the Regulatory Authority, the application may not be regarded as submitted until the fee has been paid in full.

        Amended by QFCRA RM/2015-3 (as from 1st January 2016).

      • GENE 10.2.2 GENE 10.2.2 Increase of sum due if fee not paid

        Where an annual fee or supplementary fee in relation to ongoing supervision is due from an authorised firm under a provision of these rules, it must be paid by the date upon which it falls due. Should an authorised firm fail to pay by the due date then, without limiting the right of the Regulatory Authority to take any other action, the sum due will be increased by 1% for each month, or part of a month, that it remains outstanding beyond the due date.

        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

        • GENE 10.2.2 Guidance

          If a fee is not paid by the date on which it becomes due, the authorised firm is in breach of a rule and the Regulatory Authority is entitled to take action including, but not limited to, taking steps to withdraw authorisation to conduct 1 or more regulated activities.

          Editorial changes (as from 1st January 2016).

      • GENE 10.2.3 Regulatory Authority's power to reduce or waive fees

        The Regulatory Authority may reduce, waive or refund all or part of any fee if, having considered the circumstances of a particular case, it deems it would be equitable to do so.

        Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • GENE Part 10.3 GENE Part 10.3 Supplementary fees

      Editorial changes (as from 1st January 2016).

      • GENE 10.3.1 GENE 10.3.1 Regulatory Authority may require supplementary fees in certain cases

        (1) The Regulatory Authority may require an authorised firm or applicant to pay a supplementary fee to the Regulatory Authority in circumstances where it expects to incur substantial additional costs in dealing with an application or conducting ongoing supervision.
        (2) In such cases the Regulatory Authority will notify the applicant as soon as reasonably practicable of the amount of the supplementary fee.
        Amended by QFCRA RM/2015-3 (as from 1st January 2016).

        • GENE 10.3.1 Guidance

          1. A supplementary fee may be levied by the Regulatory Authority because it expects that certain applications will require more intensive scrutiny than others. For example, where the entity is a branch from a jurisdiction where there are not or are not expected to be in place arrangements for cooperation between the Regulatory Authority and the relevant regulators in that jurisdiction. Equally, where the entity is incorporated in the QFC, a full analysis of the prudential and systems arrangements will be required.
          2. A supplementary fee may also be levied by the Regulatory Authority in cases where the ongoing supervision of the authorised firm appears to the Regulatory Authority to be likely to cause it to incur substantial additional costs.
          Amended by QFCRA RM/2014-1 (as from 1st February 2014).

    • GENE Part 10.4 GENE Part 10.4 Application fees

      Editorial changes (as from 1st January 2016).

      • GENE 10.4.1 What application fees are payable

        An applicant seeking to conduct regulated activities in or from the QFC and an authorised firm applying for authorisation to conduct additional regulated activities must pay to the Regulatory Authority:

        (a) the application fees specified in Schedule 4; and
        (b) any supplementary fee required by the Regulatory Authority.
        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

      • GENE 10.4.2 Fees not refundable

        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.

        Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • GENE Part 10.5 GENE Part 10.5 Annual fees

      Editorial changes (as from 1st January 2016).

      • GENE 10.5.1 What annual fees are payable

        An authorised firm must pay to the Regulatory Authority:

        (a) the annual fee specified in Schedule 4; and
        (b) any supplementary fee required by the Regulatory Authority.
        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

      • GENE 10.5.2 GENE 10.5.2 When annual fees payable

        (1) The initial annual fee must be paid in full to the Regulatory Authority within 21 days of the date of authorisation.
        (2) Subsequent annual fees must be paid in full to the Regulatory Authority on or before 1 January of every calendar year.
        Amended by QFCRA RM/2015-3 (as from 1st January 2016).

        • GENE 10.5.2 Guidance

          With regard to the payment of an annual fee on or before 1 January, invoices will be issued at least 21 days before that date.

          Derived from QFCRA RM08/2005 (as from 5th December 2005).

    • GENE Part 10.6 GENE Part 10.6 Fees for extracts of information from the registers of public information

      Editorial changes (as from 1st January 2016).

      • GENE 10.6.1 Fees payable for extracts from Regulatory Authority registers

        Persons seeking extracts of information in accordance with rule 3.5.1 maintained in the public registers by the Regulatory Authority in relation to an authorised firm or approved individual must, upon application pay the fee prescribed in Schedule 4.

        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

    • GENE Part 10.7 GENE Part 10.7 Fees for certain reporting etc contraventions

      • GENE 10.7.1 Application of Part 10.7

        (1) This Part applies if a person contravenes any of the rules mentioned in subrule (2) by failing to provide a notification, report or return (however described) to the Regulatory Authority as, or within the time within which, that rule requires it to be provided.
        (2) The rules are the following:
        (a) rules 8.2.3, 8.3.2, 8.4.2, 8.5.3 and 9.4.1;
        (b) CAPI, rule 2.3.1 (Preparation of prudential returns), rule 2.3.7 (Strategy and risk document — copy must be given to Regulatory Authority), rule 7.2.4(2) (Time for giving report) and rule 7.3.1 (Regulatory Authority may require additional reports);
        (c) the Collective Investment Schemes Rules 2010, rule 5.6.3 (Reports and accounts generally — QFC qualified investor schemes), rule 5.6.18 (Publication and availability of annual and half-yearly long reports — QFC retail schemes), rule 9.2.7 (Accounting and reports during winding-up — all QFC schemes) and rule 10.2.6 (Quarterly returns for financial promotions etc — all non-QFC schemes);
        (d) IMEB, rule 2.4.2 (Time Limit for Annual Prudential Returns) and rule 2.4.3 (Time Limit for Quarterly Prudential Returns );
        (e) CTRL, rule 9.3.10;
        (f) BANK, rule 2.1.4 (Preparing returns) and rule 2.1.5 (Giving information);
        (g) IBANK, rule 2.1.4 (Preparing returns) and rule 2.1.5 (Giving information);
        (h) INMA, rule 2.1.2 (Preparing returns) and rule 2.1.3 (Giving information);
        (i) PINS, rule 1.4.2 (Time limit for annual prudential returns of insurers), rule 1.4.3 (Time limit for biannual prudential returns of insurers), and rule 1.4.4 (Time limit for quarterly prudential returns of insurers);
        (j) the Private Placement Schemes Rules 2010, rule 5.5.3 (Reports and accounts generally) and rule 7.2.6 (Accounting and reports during winding-up);
        (3) Without limiting subrule (1) and to remove any doubt, this Part applies:
        (a) in relation to a contravention referred to in subrule (1) whether the relevant rule uses the word "provide", "submit", "give", "notify", "advise", "inform" or "tell", or some other word; and
        (b) to a failure to provide a notification, report, or return (however described) to the authority as, or within the time within which, it was required to be provided, if:
        (i) the notification, report or return was not received (or considered to have been received) at all by the authority within that time; or
        (ii) the notification, report or return was received by the authority within that time, but:
        (A) it was incomplete or inaccurate in a material respect;
        (B) if under any regulations or rules it was required to be in a particular form, it was not in substantially that form;
        (C) 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
        (D) 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.
        (4) In this Part, a reference to a notification, report, or return (however described) includes a reference to any part of the notification, report or return.
        Amended by RM/2018-4 (as from 1st August 2018)
        Amended by QFCRA RM/2020-6 (as from 15th October 2020)
        Amended by QFCRA RM/2021-1 (as from 1st July 2021).

      • GENE 10.7.2 Late fees

        (1) A fee, of the relevant amount, is payable by a person for a contravention by the person to which this Part applies if the contravention continues for 2 business days or longer.
        (2) The relevant amount is the total of:
        (a) QR 800; and
        (b) QR 400 for each business day (or part of a business day) after the 2nd business day during which the contravention continues.
        Note The Regulatory Authority may reduce, waive or refund such a fee (see rule 10.2.3).
        Editorial changes (as from 1st January 2016)
        Amended by QFCRA RM/2020-6 (as from 15th October 2020).

      • GENE 10.7.3 Other action not prevented

        Nothing in this Part prevents the Regulatory Authority taking action under the FSR, article 31 or Part 8 or 9, in relation to a contravention to which this Part applies.

        Editorial changes (as from 1st January 2016).

    • GENE Part 10.8 GENE Part 10.8 Fees for failure to comply with certain requirements

      Inserted by QFCRA RM/2017-3 (as from 1st April 2017).

      • GENE 10.8.1 Application of Part 10.8

        (1) This Part applies if a person fails to comply with a written requirement by the Regulatory Authority that specifies:
        (a) an action that the firm is to take; and
        (b) a date by which the action is to be taken.
        Example

        A failure to comply with a requirement to take an action under a risk mitigation program.
        (2) For subrule (1), a person fails to comply with a requirement if the person:
        (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.
        Inserted by QFCRA RM/2017-3 (as from 1st April 2017)
        Amended by QFCRA RM/2020-6 (as from 15th October 2020).

      • GENE 10.8.2 Late Fees

        (1) A fee, of the relevant amount, is payable by the person concerned if a failure referred to in rule 10.8.1 continues for 2 business days or longer after the specified date for compliance.
        (2) The relevant amount is the total of:
        (a) QR 800; and
        (b) QR 400 for each business day (or part of a business day) after the 2nd business day during which the failure continues.
        Note The Regulatory Authority may reduce, waive or refund such a fee (see rule 10.2.3).
        Inserted by QFCRA RM/2017-3 (as from 1st April 2017)
        Amended by QFCRA RM/2020-6 (as from 15th October 2020).

      • GENE 10.8.3 Other action not prevented

        Nothing in this Part prevents the Regulatory Authority taking action under the FSR, article 31 or Part 8 or 9, in relation to such a failure.

        Inserted by QFCRA RM/2017-3 (as from 1st April 2017).