Legislation Details
- Full Title: Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority
- Law Type: Cabinet Resolution
- Law Number: No. (21) of 2017
- Issued Date: 04 Jul 2017
- Effective Date: 29 Sep 2017
- Official Gazette: No. 619
- Sector: Finance and Banking
- Status: Active
- Number of Articles: 18
- Chapters/Parts: 0
- Amendments: 0
Summary
This Cabinet Resolution establishes the fees for certain services provided by the UAE Securities and Commodities Authority (SCA). It sets out the specific service fees as well as administrative fines for non-compliance with certain regulatory requirements. The Resolution aims to standardize and regulate the fees charged by the SCA, which is the primary regulator of the securities and commodities markets in the UAE. This law is important for businesses and individuals operating in the UAE financial sector, as it provides clarity on the costs associated with SCA services and the penalties for non-compliance. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 1-9)
What is the scope and purpose of this law?
The scope of this Cabinet Resolution is to regulate the fees charged by the UAE Securities and Commodities Authority (SCA) for the services it provides. The purpose is to standardize and codify these fees, as well as establish administrative fines for non-compliance with certain regulatory requirements. The Resolution applies to all entities and individuals seeking services from the SCA, which is the primary regulator of the securities and commodities markets in the UAE. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 1-2)
What are the key definitions under this law?
The key definitions provided in this Resolution are:
- State: United Arab Emirates
- Authority: Securities and Commodities Authority
- Auditors Register: The register for recording auditors of public joint-stock companies and investment funds with the Authority
(Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 1)
What are the main obligations and requirements?
The main obligations and requirements established by this Resolution are: 1. Payment of the service fees specified in the attached schedule for services provided by the SCA. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 2) 2. Timely renewal of the registration of public joint-stock companies and auditing companies with the SCA. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 3) 3. Timely notification to the SCA of amendments to the official instrument, changes in the person responsible for auditing, filing of lawsuits, and modifications to the auditing company's data. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 3)
What are the penalties for non-compliance?
The Resolution imposes the following administrative fines for non-compliance: 1. Delay in renewing the registration of a public joint-stock company: AED 1,000 per month, up to a maximum of AED 10,000 annually. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 3) 2. Delay in publishing amendments to the official instrument: AED 1,000 per month, up to a maximum of AED 10,000 annually. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 3) 3. Delay in renewing the registration of the auditing company in the Auditors Register: AED 1,000 per month, up to a maximum of AED 10,000 annually. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 3) 4. Delay in notifying the SCA of changes to the person responsible for auditing, filing of lawsuits, or modifications to the auditing company's data: AED 2,000 per month, up to a maximum of AED 10,000 annually. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 3)
How are disputes resolved under this law?
The Resolution provides for a grievance mechanism, where any interested party may submit a written grievance to the Grievance Committee at the SCA against any administrative penalty imposed under this Resolution. The grievance must be submitted within 30 days of being notified of the decision, and the Committee must decide on the grievance within 30 days of its submission, in accordance with the SCA's procedures. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 4)
When did this law come into effect?
This Cabinet Resolution came into effect 60 days after its publication in the Official Gazette, which was on 29 September 2017. (Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority, 2017, Art. 9)
Source Documents
This article analyses Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.