• 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).