COLL 11.2.2 Annual Fees—All QFC Schemes

(1) The operator of a QFC scheme must pay the Regulatory Authority an annual fee for each year that the scheme is registered.

Note Year is defined in the glossary.
(2) The annual fee for the first year of registration is the amount calculated as follows:

relevant amount x whole months in year after registration day

12

Note Month is defined in the glossary.
(3) The annual fee for the first year of registration must be paid within 21 days after the day the scheme is registered.
(4) The annual fee for a subsequent year of registration is the relevant amount.
(5) The annual fee for a subsequent year of registration must be paid on or before 1 January in the year.
(6) If an annual fee is not paid in accordance with this rule, the amount of the fee is increased by 1% for each month, or part of a month, that it remains unpaid after the date it became payable.
(7) Subrule (6) does not limit any action that the Regulatory Authority may take if an annual fee is not paid in accordance with this rule.
(8) In this rule:

relevant amount, for a QFC scheme, means—
(a) if the scheme is not an umbrella scheme or is an umbrella scheme with only 1 subscheme—US$ 2 000; or
(b) if the scheme is an umbrella scheme with 2 or more subschemes—whichever is the lesser of the following:
(i) US$ 1 000 x number of subschemes;
(ii) US$ 10 000.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)