INTRODUCTION

Why are we issuing this Consultation Paper (CP)?

The Astana Financial Services Authority (AFSA) has issued this Consultation Paper (CP) to seek views on proposed targeted amendments to the AIFC Rules relating to Captive Insurance, protection of Client Assets, and Islamic finance.

Who should read this CP?

The proposals in this paper will be of interest to Captive Insurers, Authorised Firms who hold or control Client Investments, Provide Custody, Authorised Firms conducting Islamic Financial Business, and any other interested stakeholders.

Terminology

Defined terms have the initial letter of the word capitalised, or of each word in a phrase. Definitions are set out in the AIFC Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, the expression has its natural meaning.

What are the next steps?

We invite comments from interested stakeholders on the proposed amendments. All comments should be in writing and sent to the email specified below. When sending your comments by email, please use “Consultation Paper AFSA-PSRD-CSP-2026-0005” in the subject line. You may, if relevant, identify the organisation you represent when providing your comments. The AFSA reserves the right to publish, including on its website, any comments you provide, unless you expressly request otherwise. Comments supported by reasoning and evidence will be given more weight by the AFSA.

The deadline for providing comments on the proposed amendments is 15 September 2026. Once we receive your comments, we shall consider if any refinements are required to this proposal.

Following the public consultation, we may proceed with making relevant changes to the AIFC Acts as appropriate to reflect the points raised in the consultation. You should not act on the proposals until the amendments are enacted.

The AFSA prefers to receive comments by email at consultation@afsa.kz.

Structure of this CP

Part I – Background

Part II – Proposals relating to Captive Insurance

Part III – Proposals relating to protection of Client Assets

Part IV – Proposals relating to Islamic finance

Part V – Public Consultation Questions

Annex 1 – Proposed Targeted Amendments to the AIFC Rules

PART I – BACKGROUND

1.          Through supervisory engagement and its ongoing iterative review of the AIFC regulatory framework, the AFSA has identified a number of gaps, inconsistencies, and areas where clarification is required. While these issues do not warrant a comprehensive review of the relevant frameworks, they require targeted amendments to enhance regulatory clarity and support effective supervision. Rather than deferring such changes until a broader review is undertaken, the AFSA considers it appropriate to address them through timely and focused amendments to the relevant AIFC Acts.

2.          Accordingly, the AFSA has brought these proposals together in a single consolidated policy project introducing targeted amendments across a number of AIFC Acts. This approach allows separately identified issues to be considered through a coordinated policy process, promotes consistency in the development of the regulatory framework, and facilitates the implementation of targeted improvements.

3.          The proposals in this Consultation Paper cover three key areas of the AIFC regulatory framework: captive insurance, protection of Clients’ Assets, and Islamic finance.

PART II – PROPOSALS RELATING TO CAPTIVE INSURANCE

Clarification of “Group” Definition for Captive Insurers

Policy issue

4.            While the presence of captive insurers demonstrates the growing diversity of the AIFC's insurance market, a discrepancy exists regarding the classification of Captive Insurers. Under PINS 14.1.1-1, the classification of such entities relies on a general understanding of the "group" concept. This creates legal ambiguity and interpretational conflicts when determining whether an insurer’s business qualifies as "captive" or if the company must operate under the more stringent general insurance requirements. This ambiguity presents a specific regulatory risk: because captive insurers benefit from lower capital and operational requirements, the absence of a link to a strictly codified definition of a "Group" leads to potential regulatory arbitrage.

5.            To resolve these issues, the AFSA looked to the benchmarks of the DIFC and ADGM. In the DIFC GLO, the term "Parent" is clearly defined as a "Holding Company". This definition is then backed by the DIFC Companies Law, which provides the specific qualifiers, such as owning the majority of shares or controlling the board, needed to prove a parent-subsidiary relationship. The AIFC legal framework is structured in a similar manner, yet it lacks the necessary connectivity between the AIFC Acts. Currently, GLO defines a "Holding Company" (by reference to the AIFC Companies Regulations) as a "holding Body Corporate that is a Company." However, there is no explicit link to the definition of “Group”, “Parent”, or “Subsidiary” in the classification of Captives in PINS and between the term "Parent" and "Holding Company" in GLO.

Policy proposal

6.            It is proposed to introduce a new provision in PINS 10, which governs all insurers that are members of Groups, establishing an authoritative and codified definition of “Group” for the purposes of the entire PINS rulebook. Under proposed PINS 10.1.1-1, “Group” is defined as a group of entities which includes a first entity and: (a) any Parent of the first entity; and (b) any Subsidiaries, direct or indirect, of the Parent or Parents of the first entity. “Parent” is defined as a Holding Company, with the definition of Holding Company drawn from GLO by reference to the AIFC Companies Regulations as a holding Body Corporate that is a Company. This connects the Group concept to objective, codified criteria: majority voting rights, board appointment or removal rights, and contractual control of voting rights, as established in the AIFC Companies Regulations.

Captive Insurance Definitional Inconsistencies

Policy issue

7.     There is an inconsistency between the GLO and PINS definitions of Captive Insurers. While PINS defines a Captive Insurer by reference to the class system, the GLO retains the original broad, unclassified formulation, under which a Captive Insurer is treated in effect as strictly an entity that insures only the business or operations of the Group to which it belongs. As a result, the two definitions operate independently and are capable of diverging in scope.

Policy proposal

8.            It is proposed to resolve the inconsistency between the GLO and PINS definitions of Captive Insurers by converting the GLO definitions of Captive Insurance Business and Captive Insurer into cross-references to PINS. While PINS defines a Captive Insurer by reference to the class system, the GLO retains the original broad, unclassified formulation, under which a Captive Insurer is treated in effect as strictly an entity that insures only the business or operations of the Group to which it belongs.

9.            Specifically, the GLO definition of Captive Insurance Business is amended to read “has the meaning given in PINS 14.1.2” and the GLO definition of Captive Insurer is amended to read “has the meaning given in PINS 14.1.1”. This ensures that the GLO cannot diverge from the PINS classification regime in the future, as both definitions now derive their content directly from PINS rather than operating independently.

PART III – PROPOSALS RELATING TO PROTECTION OF CLIENT ASSETS

Policy issue

10.            The AIFC Conduct of Business Rules (COB) establish custody requirements designed to protect Client Assets (Money and Investments) held by Authorised Firms in the event of insolvency or an inability to fulfil obligations. The framework applies to firms that receive, hold, or control Money and Investments in connection with Investment Business, Providing Money Services, or Providing Custody, with certain provisions extending to firms on Arranging Custody. It already imposes due diligence obligations on Third Party Account Providers (COB 8.2.11 for Client Money and 8.3.8 for Client Investments) alongside record-keeping requirements (COB 8.2.20 and 8.3.15 respectively). Together, these provisions afford a considerable degree of asset identifiability.

11.            The existing framework therefore provides a solid foundation for client asset protection. The review nonetheless identified three areas where it could be further strengthened: asset identifiability controls, external audit requirements, and crisis preparedness.

12.            ESMA's 2016 consultation on omnibus accounts and asset segregation under AIFMD identified four pillars of effective client asset protection: independent legal advice on applicable insolvency laws and their recognition of segregated assets; accurate records of clients' rights and entitlements; frequent reconciliations; and due diligence on sub-custodians. Three of these four pillars are already embedded in the current COB framework. The fourth, independent legal advice, is not proposed for introduction at this stage: it is absent from peer jurisdictions' frameworks, and the re-introduction of the external audit requirement offers a proportionate alternative means of securing the underlying operational safeguards.

13.            Peer jurisdictions informed each of three proposals. The DFSA’s COB requirement on assets being identified and controlled at all times. The DFSA's GEN 8.6 provides the model for the external audit requirement proposal. Finally, the crisis management planning requirements in the FCA's Client Assets Sourcebook (CASS) and the DFSA's equivalent provisions informed the Crisis Preparedness Pack proposal.

Policy proposals

Asset Identifiability Controls

14.            To strengthen the asset identifiability dimension of the custody framework, the AFSA proposes to introduce a new obligation under COB 8.1.4. While the existing framework already affords a considerable degree of asset identifiability through its Third Party Account Provider and record-keeping requirements, the AFSA concluded that an explicit asset location requirement of the kind imposed on prime brokers by the FCA and FSRA would not be appropriate for the AIFC at this stage of market development. It is therefore proposed to introduce a new provision under COB 8.1.4 requiring Authorised Firms to maintain systems and controls for ensuring that Client Assets are always identifiable and secure.

External Audit Requirement for Client Assets

15.            The AFSA further proposes to address the absence of a mandatory external audit requirement for Client Assets. To rectify this, it is proposed to introduce a requirement in GEN 6.3.9 (“Audit Reports”), obliging Authorised Firms to produce: a Client Money Auditor’s Report, in accordance with AUD Annex A; a Client Investments Auditor’s Report, in accordance with AUD Annex B; and an Insurance Intermediary Auditor’s Report, in accordance with AUD Annex C. This leads to consequential technical amendments to AUD and GLO, specifically updating AUD 9.2.1 and relevant GLO definitions to connect them to GEN 6.3.9, thereby closing the reference loop.

Client Assets Crisis Preparedness Pack

16.            To strengthen firms’ preparedness for insolvency and resolution scenarios, the AFSA proposes to introduce a dedicated Client Assets Crisis Preparedness Pack requirement. Proposed new provisions under COB 8.1.6, 8.2.4 and 8.3.4 would require Authorised Firms to prepare and maintain a dedicated Client Assets Crisis Preparedness Pack (“the Pack”). The Pack would consolidate key information necessary to identify, recover, and return Client Assets in crisis scenarios such as insolvency. Its contents would include, among other things, a master document containing information sufficient to retrieve each component of the Pack, a comprehensive master list of all Client Accounts, records of the most recent reconciliations, details of Third Party Account Providers, and copies of the firm’s Client Asset policies and procedures. The Pack is designed to enable relevant stakeholders, including insolvency practitioners, accountants, legal advisers, and the AFSA, to act swiftly and efficiently in crisis situations.

17.            In terms of scope, it is acknowledged that where an Authorised Firm merely controls Client Assets held in the client’s own name, those assets do not require return in a crisis and accordingly the Pack requirement would not apply in such cases. Recognising the operational effort required to compile the Pack, a transitional period is proposed to allow Authorised Firms sufficient time to meet the new obligation.

18.            In connection with the proposed amendments in relation to “the Pack”, it is also proposed to introduce an associated requirement for Authorised Firms to maintain a comprehensive master list of all Client Accounts, covering both Client Money and Client Investments, including key details such as account name, number, location, status, and relevant opening or closure dates. This list must be properly documented and retained for a minimum of six years following the closure of each account.

PART IV – PROPOSALS RELATING TO ISLAMIC FINANCE

Amendments to IBB Chapter 13 for Restricted Profit-Sharing Investment Accounts (RPSIAs)

Policy issue

19.            While the AIFC has established a foundational Islamic finance framework with a growing number of market participants, the AFSA has identified a regulatory gap in the treatment of Restricted Profit-Sharing Investment Accounts (RPSIAs) under IBB. In particular, while IBB contains detailed provisions governing Unrestricted Profit-Sharing Investment Accounts (UPSIAs), equivalent provisions applicable to RPSIAs are absent from the existing framework, creating regulatory and supervisory uncertainty. The proposed amendments to IBB Chapter 13 address this gap.

Policy proposal

20.            Since the AFSA does not have a separate rulebook equivalent to QFC’s Investment Advisory Rules (INMA), it is proposed to incorporate provisions relevant to RPSIAs under the existing Profit-Sharing Investment Account provisions in IBB, while also clarifying the scope of existing regulations. In developing this approach, the AFSA drew on the frameworks adopted by the QFC.

21.            Four specific amendments are proposed: (1) clarification of the chapter’s applicability scope to RPSIAs; (2) a requirement to comply with AAOIFI FAS 30 and 35, which superseded FAS 11; (3) a fund segregation requirement; and (4) a provision on periodic statements interval.

22.            It is first proposed to clarify that Chapter 13 of the IBB also applies to an Islamic bank (including broker-dealers as per the application of IBB) in its capacity as manager of a Restricted PSIA. An Islamic bank that manages a Restricted PSIA must comply with all applicable provisions of the Chapter, with the specific requirements set out in IBB 13.6(2), 13.7(n), and 13.10(2), except for specific banking requirements starting from IBB 13.11 to 13.20.

23.            In line with the approach taken in QFC, it is proposed to introduce a requirement for firms Managing an RPSIA to comply with AAOIFI FAS 30 and 35, which superseded FAS 11. FAS 30 addresses the recognition and measurement of impairment and credit losses on Islamic financial assets; FAS 35 addresses the accounting treatment of risk reserves established to protect Investment Account Holders (IAHs).

24.            Furthermore, the fund segregation requirement is essential because the restricted mandate creates a specific and identifiable pool of assets that the IAH has defined and entrusted to the manager for a particular purpose. That purpose-specificity gives the assets a character distinct from the manager’s own funds, from other PSIA pools, and from the general estate of the firm. Without segregation, that distinction collapses in practice: assets can be commingled, exposing the IAH’s pool to the firm’s general creditors in an insolvency, to losses arising from other mandates, or to conflicts between the firm’s proprietary interests and its fiduciary obligations to the IAH.

25.            Regarding the periodic statements’ interval, the determination of reporting frequency currently rests with the firm, with a period no longer than six months. That is appropriate for unrestricted PSIAs, where the IAH has handed funds over without defining how they are to be managed. A restricted PSIA is a fundamentally different relationship: for the IAH, reporting frequency is not an administrative detail but part of the substance of the oversight right that the restricted mandate implies. It is proposed that the reporting interval be agreed between the parties rather than imposed unilaterally by the firm, ensuring that the IAH’s reporting needs, which will vary with the complexity and risk profile of the mandate, are reflected in the contract.

Definition of an Islamic Financial Contract and Expansion of the Islamic Financial Contracts List

Policy issue

26.            In addition to the RPSIA gap, the AFSA has also identified deficiencies in IFR 1.12, which sets out the Shari’ah-compliant contractual structures permissible within the AIFC framework. However, in its current form, the provision falls short in two material respects: it does not reflect the full range of instruments used in modern Islamic finance markets, and the term “Islamic Financial Contract” is capitalised in IFR 1.12 as a defined term yet is not defined, either in IFR or in the GLO, creating a structural gap in the framework.

Policy proposal

27.            The proposed amendments to IFR 1.12 address two deficiencies: the absence of a definition of “Islamic Financial Contract”, and some established contracts missing in the list of recognised contracts. On the definition, the AFSA looked at the approach taken in peer jurisdictions. The DFSA defines an Islamic Financial Contract as “any contract designed to comply with Shari’ah,” while the FSRA defines it as “any contract that an appropriate SSB has designated to be in compliance with Shari’ah”. It is proposed to adopt the DFSA’s formulation. This approach is objective and principle-based, focusing on the nature of the contract rather than firm-specific approvals, and ensures consistency across the AIFC market.

28.         On the contracts list, it is proposed to add musawamah, wakala, variations of qard, and wa’d to the recognised contracts enumerated in IFR 1.12. Although the existing clause provides a residual category for “any other Islamic Financial Contract approved by the relevant Authorised Firm’s SSB,” explicit mentions of these contracts add clarity of the allowed financial contracts.

Miscellaneous Amendments

29.         The AFSA also proposes a number of miscellaneous amendments to GLO to improve definitional consistency and ensure that key Islamic finance concepts are applied consistently across the AIFC regulatory framework.

30.         Sukuk is already defined in the AFSA’s IBB 12.1(2) as “certificates that represent a holder’s proportionate ownership in an undivided part of an asset or pool of assets where the holder assumes all rights and obligations to the asset or pool”. It is proposed to introduce this definition into the GLO to ensure a uniform interpretation of the term across all AIFC Acts.

31.         Additionally, it is proposed to introduce a definition of “Islamic Securities.” Both the DFSA and FSRA define Islamic Securities as “any Security Offered, or held out expressly or implicitly, as Islamic or Shari’ah compliant”. The AFSA proposes to adopt this definition to provide clarity on the scope of Securities that are presented or marketed as Islamic or Shari’ah compliant within the AIFC framework.

PART V – PUBLIC CONSULTATION QUESTIONS

Question 1: Do you agree with the proposed approach to the classification of Captive Insurers, including the introduction of a specific definition of "Group" in PINS and the resolution of the definitional inconsistency between GLO and PINS by converting the GLO definitions of "Captive Insurance Business" and "Captive Insurer" into cross-references to PINS?

Question 2: Do you agree with the proposed package of Client Asset protection measures, comprising: (i) the obligation on Authorised Firms to maintain systems and controls ensuring Client Assets are identifiable and secure at all times; (ii) the re-introduction of a mandatory external audit requirement for Client Assets; and (iii) the introduction of the Client Assets Crisis Preparedness Pack, including the requirement to maintain a comprehensive master list of all Client Accounts? Please provide any comments on the practical implementation of these proposals, including expected costs, and operational challenges.

Question 3: What transitional period do you consider reasonable for compliance with (i) the mandatory external audit requirement for Client Assets and (ii) the Client Assets Crisis Preparedness Pack and master list obligations? Please explain the basis for your suggested timeframes.

Question 4: Do you agree with the proposed amendments to the Islamic finance framework, including the treatment of Restricted Profit Sharing Investment Accounts (RPSIAs), the adoption of definitions of an Islamic Financial Contract, Sukuk, and Islamic Securities, and the expansion of the list of recognised Islamic Financial Contracts to include musawamah, wakala, variations of qard, and wa'd?

Question 5: Do you have any other comments on the proposed targeted amendments to the AIFC Rules?

Annex 1 – Proposed Targeted Amendments to the AIFC Rules

PROPOSED AMENDMENTS TO AIFC RULES

In these amendments, underlining indicates a new text and strikethrough indicates a removed text.

AIFC INSURANCE AND REINSURANCE PRUDENTIAL RULES

1 General provisions

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1.5.9 Obligations in respect of gGroups

An Insurer that is a member of a gGroup must comply with the requirements of PINS 10 (Insurers that are members of Groups).

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6 Investment

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6.1.2 Assets appropriate to liabilities

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(2) In particular, an Insurer must:

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(f) if it is part of an insurance gGroup, hold investments tailored to the characteristics of its liabilities and its needs and not be subject to undue influence from the wider objectives of the gGroup.

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10 Insurers that are members of Groups

10.1.1 Application

PINS 10 applies to every Insurer that is a member of a Group.

10.1.1-1 Meaning of Group

(1) For the Purposes of PINS, Group is a group of entities which includes an entity (the 'first entity') and:

(a) any Parent of the first entity; and

(b) any Subsidiaries (direct or indirect) of the Parent or Parents in (a) or the first entity.

(2) Parent is a Holding Company. The definition of a Holding Company is provided in the Glossary as (as defined in the Companies Regulations) a holding Body Corporate that is a Company.

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14 Captive Insurers

14.1 Introduction

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14.1.1-1. Classification of Captive Insurer

(1) A Class 1 Captive Insurer is an AIFC Captive Insurer that is permitted under the conditions of its authorisation to effect or carry out Contracts of Insurance only for risks related to or arising out of the business or operations of the gGroup to which the Insurer belongs.

(2) A Class 2 Captive Insurer is an AIFC Captive Insurer that is permitted under the conditions of its authorisation to obtain no more than 20% of its gross written premium from third-party risks arising from business or operations that are closely linked to the business or operations of the gGroup to which the Insurer belongs.

(3) A Class 3 Captive Insurer is an AIFC Captive Insurer that:

(a) is permitted under the conditions of its authorisation to effect or carry out Contracts of Insurance only for risks related to or arising out of the business or operations of persons who engage in similar, related or common:

i. businesses; or

ii. activities; or

iii. trade; or

iv. services; or

v. operations; and

(b) is owned by the persons mentioned in paragraph (i) (a) or by a body corporate of which all such persons are members such as gGroup captives.

AIFC GENERAL RULES

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6 SUPERVISION

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6.3 Accounting / Auditing

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6.3.9 Audit reports

An Authorised Person must:

(a)       require, in writing, its Auditor to:

(i)        conduct an audit of and produce a report on the Authorised Person’s financial statements in accordance with the International Standards on Auditing;

(ii)       produce, if the Authorised Firm is permitted to control or hold Client Money, a Client Money Auditor’s Report in accordance with the Rules in AUD Annex A;

(iii)      produce, if the Authorised Firm is permitted to hold or control Client Investments or Provide Custody of Client Investments, a Client Investments Auditor’s Report in respect of that business as applicable, in accordance with the Rules in AUD Annex B;

(iv)      produce, if the Authorised Firm is permitted to control or hold Client Money, an Insurance Intermediary Auditor’s Report in accordance with the Rules in AUD Annex C; and

(ii)       (v) such other reports as the AFSA may require; and

(b)            submit any reports so produced to the AFSA within four months of the Authorised Person’s year end.

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AIFC CONDUCT OF BUSINESS RULES

8. CLIENT ASSETS

8.1 Application

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8.1.4 General requirements

(1-1)     An Authorised Firm must have systems and controls to ensure that Client Assets are identifiable and secure at all times.

(1)          An Authorised Firm which receives Money from, or holds Money for or on behalf of, a Client in the course of, or in connection with, the carrying on of Investment Business or Provides Money Services in or from the AIFC must comply with COB 8.2.

(2)          An Authorised Firm which holds Investments belonging to a Client in the course of, or in connection with, the carrying on of Investment Business in or from the AIFC, Provides Custody or Provides Money Services in or from the AIFC must comply with COB 8.3.

(3)          A Client whose Investments or Money is required to be held in compliance with either COB 8.2 or COB 8.3 is a "Segregated Client".

(4)          An Authorised Firm which controls Money or Investments belonging to a Client under a Mandate but does not receive or hold that Money or those Investments itself must comply with COB 8.4.

(5)        An Authorised Firm that holds Client Assets in any of the circumstances specified in COB 8.1.3 (a) to (c) must comply with COB 8.1.6.

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8.1.6 Client Assets Crisis Preparedness Pack

(1)          An Authorised Firm must prepare and maintain in accordance with this section a Client Assets Crisis Preparedness Pack (“Client Assets Pack”).

(2)          An Authorised Firm must include, as applicable, in its Client Assets Pack:

(a)       a master document containing information sufficient to retrieve each document in its Client Assets Pack;

(b)       a copy of the master lists of all Clients Accounts maintained under COB 8.2.4 and 8.3.4;

(c)       records of the most recent reconciliations performed under sections COB 8.2.21, 8.2.22, 8.2.23, 8.2.24 and COB 8.3.16, 8.3.17;

(d)       records and written permissions on the use of the Client Investment, obtained by the Authorised Firm under COB 8.3.11;

(e)       a document which identifies the Third Party Account Providers the Authorised Firm has appointed under this chapter and any Client Accounts held by those Third Party Account Providers;

(f)        for each Third Party Account Provider identified in (e), a copy of each executed agreement, including any side letters or other agreements used to clarify or modify the terms of the executed agreement, between that Third Party Account Provider and the Authorised Firm that relates to the holding of Client Assets, including any written acknowledgment received pursuant to COB 8.2.12 or COB 8.3.9;

(g)       a document which:

(i)         identifies each third party, and each branch of the Authorised Firm outside the AIFC, which the Authorised Firm uses to perform operational functions related to any obligations imposed on the Authorised Firm under this chapter;

(ii)         details, for each third party or branch identified in (i), of:

(A)      the related operational functions;

(B)      how to access relevant information held by that third party or branch; and

(C)      how to effect a transfer of Client Assets held by the Authorised Firm but controlled by that third party or branch;

(h)       a copy of each executed agreement, including any side letters or other agreements used to clarify or modify the terms of the executed agreement, between the Authorised Firm and the third party identified in paragraph (g)(i);

(i)        a document which identifies each individual, and the nature of their responsibility, within the Authorised Firm who is critical or important to the performance of operational functions related to any obligations imposed on the firm by this chapter; and

(j)        a copy of the Authorised Firm’s policies and procedures maintained to comply with COB 8.1.4(1-1).

(3)          An Authorised Firm must review the content of its Client Assets Pack on an ongoing basis to ensure that it remains accurate and up to date.

(4)          If any change of circumstances has the effect of making the content of the Client Assets Pack inaccurate or out of date, an Authorised Firm must update the Client Assets Pack promptly and, in any event, no later than five business days after the change of circumstances occurred.

(5)          In relation to every document, an Authorised Firm must, subject to (6):

(a)       put in place adequate arrangements to ensure that a liquidator, receiver or administrator, trustee in bankruptcy or analogous officer appointed in respect of it or any material part of its property is able to retrieve each document as soon as practicable and in any event within 48 hours of that officer’s appointment; and

(b)       ensure that it is able to retrieve each document as soon as practicable and in any event within 48 hours if requested by the AFSA.

(6)      In relation to every document, an Authorised Firm must ensure that the following records and documents can be retrieved immediately under (5):

(a)       the records of the most recent reconciliations referred to in COB 8.1.6(2)(c);

(b)       the document identifying the Third Party Account Providers and any Client Accounts held by those Third Party Account Providers referred to in COB 8.1.6(2)(e); and

(c)       the document identifying the individuals referred to in COB 8.1.6(2)(i).

(7)          Where an Authorised Firm relies on the continued operation of certain systems to provide a component document in its Client Assets Pack, it must have arrangements in place to ensure that the systems will remain operational and accessible to it after its insolvency, winding up or other Distribution Event.

Guidance

(i)         COB 8.1.6 requires an Authorised Firm that Provides Custody or holds Client Assets in any of the circumstances specified in COB 8.1.3 (a) to (c) to prepare and maintain a Client Assets Crisis Preparedness Pack (Client Assets Pack). The purpose of this pack is to ensure that an Authorised Firm maintains, and is able to retrieve, information that would, in the event of its insolvency, winding up or other Distribution Event, assist an insolvency practitioner in achieving a timely return of Client Money and Client Investments as applicable, to the firm’s Clients.

(ii)        The Rules in this section specify the types of documents and records that must be maintained in a Client Assets Pack and the retrieval period for the documents included in the pack. An Authorised Firm should maintain the component documents of the Client Assets Pack in a way that they can be promptly retrieved in accordance with COB 8.1.6(7) and should not use the retrieval period to start producing these documents.

(iii)           An Authorised Firm may hold in electronic form any document in its Client Assets Pack, provided that the document can be readily retrieved as required by COB 8.1.6(7).

(iv)           To comply with COB 8.1.6(2)(e), an Authorised Firm should ensure that the document records the full name of the Third Party Account Provider, its postal and email address, its phone number and the numbers of all Client Accounts opened by the firm with that Third Party Account Provider.

(v)            The reference to a third party which performs operational functions for the Authorised Firm in COB 8.1.6(2)(g) does not include a Third Party Account Agent.

(vi)           For the purpose of COB 8.1.6(2)(i), examples of individuals within the Authorised Firm or elsewhere who are critical or important to the performance of operational functions include those necessary to carry out both internal and external Client Asset reconciliations and those in charge of Client documentation involving Client Assets.

8.2 Client Money: Investment Business

The rules in this COB 8.2 are the Client Money Rules.

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8.2.4 Client Money Accounts

(1)      A Client Money Account in relation to Client Money is an account which:

(a)        is held with a Third Party Account Provider;

(b)        is established for the purpose of holding Client Money;

(c)        is maintained in the name of the Authorised Firm or a Nominee Company controlled by the Authorised Firm; and

(d)        includes the words 'Client Account' in its title.

(2)       An Authorised Firm must maintain a master list of all Client Accounts.

(3)       The master list must detail:

(a)       the name of the account;

(b)       the account number;

(c)        the location of the account;

(d)       whether the account is currently open or closed; and

(e)       the date of opening or closure.

(4)       The details of the master list must be documented and maintained for at least six years following the closure of an account.

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8.3 Client Investments Rules

The rules in COB 8.3 are the Client Investments Rules.

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8.3.4 Client Investment Accounts

(1)      A Client Investment Account is an account which:

(a)       is held with a Third Party Account Provider or by an Authorised Firm which is authorised under its Licence to Provide Custody;

(b)        is established for the purpose of holding Client Investments;

(c)        when held by a Third Party Account Provider, is maintained in the name of the Authorised Firm or a Nominee Company controlled by the Authorised Firm; and

(d)        includes the words 'Client Account' in its title.

(2)       An Authorised Firm must maintain a master list of all Client Accounts.

(3)       The master list must detail:

(a)       the name of the account;

(b)       the account number;

(c)        the location of the account;

(d)       whether the account is currently open or closed; and

(e)       the date of opening or closure.

(4)       The details of the master list must be documented and maintained for a minimum period of six years following the closure of an account.

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AIFC AUDITOR RULES

9. FUNCTIONS OF AUDITORS, CONDUCT OF AUDITS AND PREPARATION OF AUDIT REPORTS

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9.2 Conduct of Audits and Content of Reports

9.2.1 Standards of Reports

An Auditor must conduct an audit, and prepare the contents of any relevant audit report, referred to in AIFC legislation in accordance with the following table:

Audit Report	Requirement	Applicable Standards	Contents
Financial Statements – Authorised Person	GEN 6.3.9	International Standards on Auditing	ISA 700
Financial Statements – Company -	Section 137 of the Companies Regulations	International Standards on Auditing	ISA 700
Financial Statements – Reporting Entity	MAR 3.2.2		ISA 700
Financial Statements - Non-Exempt Fund	CIR 11.4(a)		ISA 700
AML Policies, Procedures, Systems and Controls – Authorised Person	AML 14.6.1		ISA 700 AML 14.6.1(b)
Client Money Auditor's Report	COB 8.2.19 GEN 6.3.9	International Standards on Assurance Engagement (ISAE) or International Standards on Related Services (ISRS)	Annex A
Client Investments Auditor's Report	COB 8.3.14 GEN 6.3.9		Annex B
Insurance Intermediary Audit Report	COB 11.8.15 GEN 6.3.9		Annex C

 

AIFC ISLAMIC BANKING BUSINESS PRUDENTIAL RULES

(…)

13.           TREATMENT OF PSIAS AND ASSOCIATED RISKS 

13.1        General

(1)            Islamic banks typically raise funds through PSIAs, because interest-bearing deposits are not permitted by Shari’ah.

(2)            This Chapter sets out the treatment of unrestricted PSIAs and the risks (rate of return risk, withdrawal risk and displaced commercial risk) that are associated with PSIAs.

(3)            This Chapter also sets out:

(a)           the responsibilities of an Islamic bank, as an unrestricted PSIA manager;

(b)           the requirements for policies, warnings, terms of business, contracts and financial and other periodic statements in relation to PSIAs; and

(c)           the techniques available to an Islamic Bank to mitigate the risks associated with PSIAs.

(4)         This Chapter also applies to an Islamic bank in its capacity as manager of a restricted PSIA. An Islamic bank that manages a restricted PSIA must comply with all provisions of this Chapter, except for IBB 13.11 to 13.20, and with the specific requirements set out in IBB 13.6(2), 13.7(n), and 13.10(2),

(…)

13.6        Warnings to investment account holders PSIA managers’ responsibilities

(1)            An Islamic Bank must warn a prospective IAH in writing that:

(a)           the IAH bears the risk of loss to the extent of the IAH’s investment; and

(b)           the IAH would not be able to recover that loss from an Islamic Bank, except in the case of negligence, misconduct, fraud or breach of contract on the part of an Islamic Bank.

(2) An Islamic Bank that manages a restricted PSIA must maintain adequate provisions and reserves against equity and assets in accordance with AAOIFI FAS 30 and FAS 35.

13.7        Terms of business

An Islamic Bank must ensure that the following information is included in the terms of business given to an IAH:

(a)            how and by whom the funds of the IAH will be managed and invested;

(b)            the PSIA’s investment objectives and details of its policy on diversification;

(c)            the basis for allocating profits and losses;

(d)            a summary of the policies for valuing the PSIA’s assets;

(e)            if an Islamic Bank uses PER or IRR as a smoothing technique, a summary of the policies for transferring funds to and from the reserve;

(f)              particulars of the management of the PSIA;

(g)            particulars of the management of any other person to whom the owner has outsourced, or will outsource, the management of the PSIA, including:

(i)           the person’s name;

(ii)          the person’s regulatory status; and

(iii)         details of the arrangement;

(h)            details of any arrangement for early withdrawal, redemption or other exit and any costs to an IAH as a result;

(i)              confirmation of the IAH’s investment objectives;

(j)              whether funds from the PSIA will be mixed with the funds of any other PSIA;

(k)            any applicable charges and the basis on which such charges will be calculated;

(l)              any fees that an Islamic Bank can deduct from the profits of the PSIA;

(m)           how the IAH can monitor the performance of investments and associated risks.;

(n)        where PSIA is a restricted PSIA, how the IAH's investment will be segregated from the Islamic bank's own funds and from any claims by the Islamic bank's creditors.

(…)

13.10    Periodic statements

(1)            An Islamic Bank must give each IAH of a PSIA a periodic statement about the PSIA at intervals stated in the contract or terms of business. The interval must not be longer than 6 months.

(2)        Where the PSIA is a restricted PSIA, the interval referred to in sub-rule (1) must be agreed with the IAH. An Islamic bank must not determine the interval unilaterally in the contract or terms of business for a restricted PSIA without the IAH's express agreement. The maximum interval of 6 months applies regardless of the agreed interval. 

(3)            (2) An Islamic Bank must ensure that the periodic statement contains the following information as at the end of the period covered by the statement:

(a)        the number, description and value of investments held by the PSIA;

(b)        the amount of cash held by the PSIA;

(c)        details of applicable charges (including any deductions of fees that an Islamic Bank is allowed to deduct from the profits of the PSIA) and the basis on which the charges are calculated;

(d)        the total of any dividends and other benefits received by an Islamic Bank for the PSIA;

(e)        the total amount, and particulars, of all investments transferred into or out of the PSIA;

(f)          details of the performance of the IAH’s investment;

(g)        the allocation of profit between the owner and the IAH;

(h)        any changes to the investment strategies that could affect the IAH’s investment.

AIFC ISLAMIC FINANCE RULES

1.                 GENERAL

(…)

1.12           Definition of Islamic Financial Contract

An Islamic Financial Contract is any contract designed to comply with Shari’ah. An Islamic Financial Contract It may include any of the following:

(i)              murabahah and its variations;

(ii)             salam and its variations;

(iii)           tawarruq and its variations;

(iv)           istisna and its variations;

(v)            ijarah and its variations;

(vi)           musharakah and its variations;

(vii)          mudarabah and its variations;

(viii)         qard and its variations;

(ix)       musawamah and its variations;

(x)        wa’d and its variations;

(xi)       wakalah and its variations; and

(xii)       (ix) any other Islamic Financial Contract that is approved to be so by the relevant Authorised Firm’s SSB.

AIFC GLOSSARY

(…)

2.     INTERPRETATION

 

(…)	(…)
Captive Insurance Business	the business of Effecting or Carrying out Contracts of Insurance only for the business or operations of the Group to which the Captive Insurer belongs. Has the meaning given in PINS 14.1.2.
Captive Insurer	an Authorised Firm with a Licence to carry on Insurance Business only for the business or operations of the Group to which it belongs Has the meaning given in PINS 14.1.1.
(…)	(…)
Client Investments Auditor’s Report	The report specified in COB 8.3.14 GEN 6.3.9.
(…)	(…)
Client Money Auditor’s Report	The report specified in COB 8.2.19 GEN 6.3.9.
(…)	(…)
Insurance Intermediary Audit Report	The report specified in COB 11.8.15 GEN 6.3.9.
(…)	(…)
Islamic Financial Contract	Any contract designed to comply with Shari’ah.
Islamic Securities	Any Security Offered, or held out expressly or implicitly, as Islamic or Shari’ah compliant.
(…)	(…)
Sukuk	Certificates that represent a holder’s proportionate ownership in an undivided part of an asset or pool of assets where the holder assumes all rights and obligations to the asset or pool.
(…)	(…)

INTRODUCTION

Why are we issuing this Consultation Paper (CP)?

The Astana Financial Services Authority (AFSA) has issued this Consultation Paper to seek suggestions from the market on proposed amendments to the AIFC Fees Rules.

Who should read this CP?

The proposals in this Consultation Paper will be relevant for entities operating, or seeking to operate, within the jurisdiction of the AIFC.

Terminology

Defined terms have the initial letter of the word capitalised, or of each word in a phrase. Definitions are set out in AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, the expression has its natural meaning.

What are the next steps?

We invite comments from interested stakeholders on the proposed amendments. All comments should be in writing and sent to the email specified below. When sending your comments by email, please use “Consultation Paper AFSA-PSRD-CSP-2026-0004” in the subject line. You may, if relevant, identify the organisation you represent when providing your comments. AFSA reserves the right to publish, including on its website, any comments you provide, unless you expressly request otherwise. Comments supported by reasoning and evidence will be given more weight by AFSA.

The deadline for providing comments on the proposed amendments is 20 August 2026. Once we receive your comments, we shall consider if any refinements are required to this proposal.

Following the public consultation, we may proceed with making relevant changes to reflect the points raised in the consultation. You should not act on the proposals until the amendments are enacted.

AFSA prefers to receive comments by email at consultation@afsa.kz.

Structure of this Consultation Paper

Part I – Background

Part II – Proposals

Part III – Public Consultation Questions

Annex 1 – Proposed Amendments to the AIFC Fees Rules

PART I – BACKGROUND

1.          The AIFC Fees Rules (Fees Rules) set out the framework governing fees payable by entities operating, or seeking to operate, within the jurisdiction of the AIFC. Fees Rules also provide for the imposition of late fees and fines where entities fail to comply with applicable legal or regulatory requirements.

2.          AFSA undertook a comprehensive review of the Fees Rules in 2025 to ensure that AFSA can continue to uphold high regulatory standards while supporting the sustainable development of the AIFC ecosystem. During the 2025 public consultation, Centre Participants generally supported periodic reviews of the fees framework while noting that future fee adjustments would be more manageable if implemented through a gradual and predictable approach rather than through infrequent, larger revisions.

3.          In addition, AFSA has reviewed certain aspects of the fee framework introduced in December 2025 in light of stakeholder feedback and practical implementation experience. As a result, AFSA is proposing a number of targeted amendments to specific fee provisions to improve proportionality, clarity and operational effectiveness.

4.          The proposed amendments are intended to enter into force on 1 January 2027.

PART II – PROPOSALS

Annual increase of 5% across all applicable fees for 2027-2029

5.          AFSA developed a medium-term fee model to establish a transparent and structured approach to future fee adjustments, under which all fixed fees would be increased annually by 5% during the 2027–2029 period.

6.          The model was informed by financial projections, expected developments in the AIFC, operational requirements associated with AFSA's supervisory functions, and broader macroeconomic conditions. In determining the adjustment rate, AFSA considered relevant factors, including projected operating costs, inflationary trends and exchange rate movements, and considers that the proposed cap of 5% provides an appropriate balance between maintaining an up-to-date fees framework and ensuring a predictable regulatory environment for Centre Participants.

7.          The revised Schedules of Fees Rules set out the applicable fees for each respective year, thereby providing AIFC Participants with greater transparency, clarity, and predictability in relation to the fee framework. The proposed approach would establish a predefined adjustment mechanism within the Fees Rules, enabling Centre Participants to anticipate future fee changes and incorporate them into their business planning.

Removal of the variable fee component applicable to the annual supervision fee for Providing Money Services licence

8.          During the 2025 public consultation, regulated firms raised concerns regarding the methodology for calculating the variable component of the annual supervision fee applicable to the Providing Money Services licence, particularly the scope of transaction values to be included in the calculation. In response, AFSA deferred the implementation of the variable fee for this licence category for one year to allow further engagement with market participants and consideration of the appropriate supervisory reporting framework.

9.          Following further assessment and stakeholder engagement, AFSA has concluded that the variable fee component for the Providing Money Services licence should be removed from the AIFC Fees Rules. AFSA considers that this amendment will simplify the fee framework, improve regulatory clarity, and reduce the administrative burden on regulated firms while maintaining an appropriate and proportionate supervisory fee structure.

Amendment of the cap applicable to the variable fee component of the annual supervision fee for Operating a Loan Crowdfunding Platform and Operating an Investment Crowdfunding Platform licences

10.          Separately, crowdfunding operators requested a review of the cap applicable to the variable component of the annual supervision fee. Stakeholders indicated that the existing cap may not appropriately reflect the scale and operational characteristics of crowdfunding business models.

11.          Having considered the feedback received, AFSA proposes increasing the cap applicable to the variable fee component for Operating a Loan Crowdfunding Platform and Operating an Investment Crowdfunding Platform licences from USD 1 million to USD 5.3 million. AFSA considers that the proposed amendment would provide a more proportionate and practical fee structure for firms with higher fundraising volumes while continuing to support an appropriate supervisory cost-recovery framework.

Amendment of the late fees for failures to submit required notifications, reports, returns, or to comply with directions issued by AFSA

12.          Under the current framework, a late fee is imposed only where non-compliance continues for more than three business days after the relevant deadline. In practice, this grace period has enabled a significant number of firms to submit required notifications, reports and returns after the prescribed deadline without incurring a late fee. AFSA therefore proposes to remove the grace period to strengthen timely compliance with regulatory obligations and reinforce reporting discipline.

13.          AFSA considers that the proposed amendment would align the late fee regime with a more effective supervisory approach by ensuring that breaches are recognised immediately upon non-compliance. The amendment would also support the timely availability of supervisory information, including where required to respond to requests from other competent authorities. As reporting deadlines are predefined and well established, AFSA does not expect the proposal to impose an additional burden on regulated firms.

Introduction of fees for sub-funds of Umbrella Funds

14.       Since early 2025, AFSA has observed an increase in the registration of Umbrella Funds, reflecting, in part, the cost efficiencies associated with umbrella structures compared with establishing multiple standalone funds. Under the current framework, however, the fees applicable to Umbrella Funds do not distinguish between a fund with a single Sub-Fund and one comprising multiple Sub-Funds, notwithstanding that each additional Sub-Fund may require a separate supervisory assessment of its investment strategy, operational arrangements, valuation methodology and risk management framework.

15.       AFSA has benchmarked its approach against other international financial centres, where fee frameworks generally recognise the incremental supervisory effort associated with additional Sub-Funds through separate application or annual fees. Consistent with this approach, AFSA proposes to introduce a structured fee framework under which the standard application fee for a Domestic Fund would cover the Umbrella Fund and its first Sub-Fund, with an additional fee applying to each subsequent Sub-Fund. AFSA considers that this approach would better align the fee framework with the supervisory resources required while preserving the cost advantages of umbrella fund structures. AFSA welcomes views on whether a differentiated approach may be appropriate for certain umbrella fund structures, such as single-stock ETFs or other arrangements where Sub-Funds operate under substantially identical investment mandates.

Miscellaneous

16.       AFSA has also proposed a number of miscellaneous, editorial and consequential amendments to the Fees Rules. These amendments are intended to improve the clarity, consistency and overall effectiveness of the fee framework and to ensure that the Rules remain accurate and aligned with the evolving regulatory environment.

17.       The proposed amendments include various technical updates across the Fees Rules and related Schedules to reflect existing regulatory practices, improve drafting consistency and facilitate the effective application of the fee framework.

PART III – PUBLIC CONSULTATION QUESTIONS

Question 1: Do you prefer a pre-defined gradual annual fee increase of 5% from 2027 to 2029 or periodic ad hoc fee revisions when considered necessary by AFSA. What are the reasons for your preferred approach?

Question 2: Do you agree with the proposed amendments relating to: (i) the removal of the variable fee component applicable to the annual supervision fee for the Providing Money Services licence; (ii) the amendment of the cap applicable to the variable fee component of the annual supervision fee for Operating a Loan Crowdfunding Platform and Operating an Investment Crowdfunding Platform licences; and (iii) the amendment of the late fee regime? If not, please explain.

Question 3: Do you have any comments on the proposed introduction of fees for Sub-Funds of Umbrella Funds, including whether a differentiated fee approach may be appropriate for certain umbrella fund structures? Please explain.

Annex 1 – Proposed Amendments to the AIFC Fees Rules

PROPOSED AMENDMENTS TO THE AIFC FEES RULES

In these amendments, underlining indicates a new text and strikethrough indicates a removed text.

 

1.         APPLICATION FEES PAYABLE TO THE AFSA

(…)

1.3.      Approved Individuals

            Fees are payable in respect of any application for an Approved Individual as specified in Schedules 1, 2, 3 or 6 8 depending on the nature of the entity on whose behalf the Approved Individual is acting.

(…)

9. OTHER FEES FEES PAYABLE TO AFSA IN RELATION TO FUNDS

9.1.     Application to register a Non-Exempt Fund or provide notification for an Exempt Fund

9.1.1. A Domestic Fund Manager or the Person proposing to be the Domestic Fund Manager of a Domestic Fund which is a Non-Exempt Fund, who is applying to register the Non-Exempt Fund in accordance with CIS 4.2, must pay to the AFSA:

(a)   the application fee specified in Schedule 9; and

 

(b)   any supplementary fee required by the AFSA in accordance with FEES 6.

9.1.2. A Domestic Fund Manager or the Person proposing to be the Domestic Fund Manager of a Domestic Fund which is an Exempt Fund, who notifies the AFSA of their intention to offer the Units of such Fund, in accordance with CIS 4.7 must pay to the AFSA:

(a)   the notification fee specified in Schedule 9; and

 

(b)   any supplementary fee required by the AFSA in accordance with FEES 6.

9.2.     Management of a Domestic Fund by a Foreign Fund Manager

9.2.1.  A Foreign Fund Manager providing a declaration to the AFSA of its intention to manage a Domestic Fund which is an Exempt Fund or the Person proposing to be the Foreign Fund Manager of a Domestic Fund which is an Exempt Fund, who is applying to register the Exempt Fund in accordance with CIS 4.2 must pay to the AFSA:

(a)   the application fee specified in Schedule 9; and

(b)   any supplementary fee require by the AFSA in accordance with FEES 6.

(…)

SCHEDULE 1: APPLICATION FEES PAYABLE TO THE AFSA FOR REGULATED ACTIVITIES

1.1 Application fees for applying for Licence to carry on Regulated Activities

Application fees are determined by the activities the Authorised Firm conducts or intends to conduct, as set out below:

1.1-1    Application fee in relation to Digital Assets

An applicant seeking to conduct Regulated Activities in relation to Digital Assets, except for the Regulated Activity of Operating a Digital Asset Trading Facility, must pay to the AFSA an additional application fee, in the amount of 2 800 USD. as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
2 940	3 090	3 240

1.2       Application fees for modification and withdrawal of a Licence or Approved Individual's registration

Application to Modify	Fee (USD)*
Modification of an Authorised Firm's Licence	(a)   An Authorised Firm applying to the AFSA to change the scope of its Licence and seeking to carry on one new Regulated or Market Activity, must pay to the AFSA an application fee equal to 100% of the application fee for that new Regulated or Market Activity specified in table 1.1 of Schedule 1 or table 2.1 of Schedule 2 of FEES. (b)   An Authorised Firm applying to the AFSA to change the scope of its Licence and seeking to carry on more than one new Regulated and/or Market Activity, must pay to the AFSA an application fee equal to 100% of the highest of the application fees for new activities and 50% of the application fee in respect of each additional new activity specified in table 1.1 of Schedule 1 or table 2.1 of Schedule 2 of FEES. (c)   An Authorised Firm applying to the AFSA to change the scope of its Licence and seeking to carry on the Regulated Activities in respect of Digital Assets must pay to the AFSA an additional application fee specified in 1.1-1 of Schedule 1 of FEES above in full. (d)   An Authorised Firm applying to the AFSA to change the scope of its Licence, where the change is within an existing Regulated or Market Activity, or to vary or withdraw a condition or restriction on its Licence, must pay to the AFSA an application fee equal to 50% of the application fee for that Regulated or Market Activity specified in table 1.1 of Schedule 1 or table 2.1 of Schedule 2 of FEES.
Modification of an Approved Individual's registration [intentionally omitted]	500 [intentionally omitted]

Modification of an Approved Individual's registration

An Authorised Firm submitting application on modification of an Approved Individual’s registration must pay a fee, as set out below:

 

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
530	560	590

(…)

Application fee for Approval of Individuals

An Authorised Firm submitting applications on behalf of individuals seeking Approved Individual status must pay an application fee in the amount of 500 USD in respect of each Approved Individual application., as set out below:

 

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
530	560	590

Application fee for change of control

 

An Authorised Firm applying for change of control must pay to the AFSA an application fee in the amount of 1 400 USD., as set out below:

 

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
1 470	1 540	1 620

(…)

SCHEDULE 2: APPLICATION FEES PAYABLE TO THE AFSA FOR MARKET ACTIVITIES

2.1 Application fees for applying for Licence to carry on Market Activities

Application fees are determined by the Market Activities the Authorised Person conducts or intends to conduct, as set out below:

Application fee by activities	Fee (USD) Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Operating a Clearing House	150 000 157 500; and additional 5 000 if there is an intention to clear Investment Tokens and have Direct Access Members	165 380; and additional 5 000 if there is an intention to clear Investment Tokens and have Direct Access Members	173 650; and additional 5 000 if there is an intention to clear Investment Tokens and have Direct Access Members
Operating an Exchange	150 000 157 500; and additional 5 000 if there is an intention to trade Investment Tokens and have Direct Access Members	165 380; and additional 5 000 if there is an intention to trade Investment Tokens and have Direct Access Members	173 650; and additional 5 000 if there is an intention to trade Investment Tokens and have Direct Access Members
Operating a Loan Crowdfunding Platform	15 000 15 750	16 540	17 370
Operating an Investment Crowdfunding Platform
[intentionally omitted]	[intentionally omitted]

2.2 Application fees for modification and withdrawal of a Licence or Approved Individual's registration

Application to Modify	Fee (USD)
Modification of an Authorised Market Institution's Licence	(a)   An Authorised Market Institution applying to the AFSA to change the scope of its Licence and seeking to carry on one new Market or Regulated Activity must pay to the AFSA an application fee equal to 100% of the application fee for that new Market or Regulated Activity specified in table 2.1 of Schedule 2 or table 1.1 of Schedule 1 of FEES. (b)   An Authorised Market Institution applying to the AFSA to change the scope of its Licence and seeking to carry on more than one new Market and/or Regulated Activity, must pay to the AFSA an application fee equal to 100% of the highest of the application fees for new activities and 50% of an application fee in respect of each additional new activity specified in table 2.1 of Schedule 2 or table 1.1 of Schedule 1 of FEES. (c)   An Authorised Market Institution applying to the AFSA to change the scope of its Licence, where the change is within the scope of an existing Market or Regulated Activity, or to vary or withdraw a condition or restriction on its Licence, must pay to the AFSA an application fee equal to 50% of the application fee for that Market or Regulated Activity specified in table 2.1 of Schedule 2 or table 1.1 of Schedule 1 of FEES.
Modification of an Approved Individual's registration [intentionally omitted]	500 [intentionally omitted]

Modification of an Approved Individual's registration

An Authorised Market Institution submitting application on modification of an Approved Individual’s registration must pay a fee, as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
530	560	590

(…)

Application fee for Approval of Individuals

An Authorised Market Institution submitting applications on behalf of individuals seeking Approved Individual status must pay an application fee in the amount of 500 USD in respect of each Approved Individual application., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
530	560	590

Application fee for change of control

An Authorised Market Institution applying for change of control must pay to the AFSA an application fee in the amount of 1 400 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
1 470	1 540	1 620

(…)

SCHEDULE 3: APPLICATION FEES PAYABLE TO THE AFSA FOR ANCILLARY SERVICES

3.1 Application fees for Ancillary Services

Application fee by activities	Fee (USD) Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Providing Legal Services	2 800 2 940	3 090	3 240
Providing Audit Services	2 800 2 940	3 090	3 240
Providing Accountancy Services	2 800 2 940	3 090	3 240
Providing Consulting Services	2 800 2 940	3 090	3 240
[intentionally omitted]	[intentionally omitted]

(…)

Application fee for change of Money Laundering Reporting Officer (MLRO)

An Ancillary Service Provider applying to the AFSA to change Money Laundering Reporting Officer (MLRO) must pay an application fee in the amount of 500 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
530	560	590

Application fee for change or new additional appointment of Audit Principal

An Ancillary Service Provider applying to the AFSA to change or make a new additional appointment of an Audit Principal must pay an application fee in the amount of 500 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
530	560	590

SCHEDULE 4: APPLICATION FEES PAYABLE TO AFSA FOR RECOGNISED NON-AIFC MARKET INSTITUTION, RECOGNISED NON-AIFC MEMBERS AND FOREIGN FUND MANAGERS

4.1 Application fees for recognition as a Recognised Non-AIFC Market Institution, Recognised Non-AIFC Member and Foreign Fund Manager

Application fee	Fee (USD) Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Recognised Non-AIFC Market Institution	15 000 15 750	16 540	17 370
Recognised Non-AIFC Member	2 000 2 100	2 210	2 320
Foreign Fund Manager	7 000 7 350	7 720	8 110

(…)

SCHEDULE 5: FEES PAYABLE TO THE REGISTRAR OF COMPANIES

An applicant seeking registration or recognition must pay the following fees to the Registrar of Companies:

Application for registration or recognition	Fee (USD) Fees falling due in 2027 (USD)		Fees falling due in 2028 (USD)		Fees falling due in 2029 (USD)
	Online*	Paper	Online*	Paper	Online*	Paper
Private Company	500 530	1 500 1 580	560	1 660	590	1 740
Public Company	500 530	1 500 1 580	560	1 660	590	1 740
Investment Company	100 110	1 500 1 580	120	1 660	130	1 740
Recognised Company	500 530	1 500 1 580	560	1 660	590	1 740
Partnerships	500 530	1 500 1 580	560	1 660	590	1 740
Recognised Partnership	500 530	1 500 1 580	560	1 660	590	1 740
Non-Profit Incorporated Organisations	1 500 1 580	4 500 4 730	1 660	4 970	1 740	5 220
Special Purpose Companies	100 110	1 500 1 580	120	1 660	130	1 740
Restricted Scope Companies	100 110	1 500 1 580	120	1 660	130	1 740
Protected Cell Companies	100 110	1 500 1 580	120	1 660	130	1 740
Representative offices	500 530	1 500 1 580	560	1 660	590	1 740
Foundations	1 500 1 580	4 500 4 730	1 660	4 970	1 740	5 220

Fees for transfer of incorporation                                                                                                                

Company or Partnership seeking to transfer its incorporation to or from the AIFC must pay to the Registrar of Companies an application fee in the amount of 5 000 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
5 250	5 510	5 790

* Online means submission through the AIFC approved digital systems (excluding email).

SCHEDULE 5-1: ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES

An AIFC Participant must pay the following administrative services fees to the Registrar of Companies:

Administrative Services	Fee (USD) Fees falling due in 2027 (USD)		Fees falling due in 2028 (USD)		Fees falling due in 2029 (USD)
	online*	paper	online*	paper	online*	paper
Processing inquiries**	20 25	40 45	30	50	35	55
Post-registration procedures***	100 110	200 210	120	220	130	230
Merger/Arrangements	N/A	250 260	N/A	270	N/A	280

* Online means submission through the AIFC approved digital systems (excluding email).

** Fees for administrative services for Foundations and Non-Profit Incorporated Organisations is 100 USD for online based and 200 USD for paper-based processing inquiries. are set out below:

Administrative Services	Fees falling due in 2027 (USD)		Fees falling due in 2028 (USD)		Fees falling due in 2029 (USD)
	online*	paper	online*	paper	online*	paper
Processing inquiries	110	210	120	220	130	230
Post-registration procedures	320	630	340	660	360	690

*** Fees for administrative services for Foundations and Non-Profit Incorporated Organisations is 300 320 USD for online based and 600 630 USD for paper-based post-registration procedures.

SCHEDULE 5-2: FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF FILING AN ANNUAL RETURN, ANNUAL CONFIRMATION OF ACCURACY OF INFORMATION IN THE REGISTER OR ACCOUNTS IN RELATION TO EACH FINANCIAL YEAR

 

An AIFC Participant filing an annual return, annual confirmation of accuracy of information in the register or accounts in relation to each financial year must pay the following fees to the Registrar of Companies:

Annual report filings	Fee (USD) Fees falling due in 2027 (USD)		Fees falling due in 2028 (USD)		Fees falling due in 2029 (USD)
	online*	paper	online*	paper	online*	paper
Accounts in relation to each financial year	50 55	100 110	60	120	65	130
Annual return	50 55	100 110	60	120	65	130
Annual confirmation of accuracy of information in the register	20 25	40 45	30	50	35	55

 

* Online means of submission through the AIFC approved digital systems (excluding email).

SCHEDULE 6: ANNUAL SUPERVISION FEES PAYABLE TO THE AFSA

6.1       Annual supervision fees for Regulated Activities

Annual supervision fees for Regulated Activities are determined by the activities the Authorised Firm conducts as set out below:      

Regulated Activities	Fee (USD)* Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Operating a Representative Office	1 400 1 470	1 540	1 620
Managing a Collective Investment Scheme**	·       fixed fee – 4 200 4 410 USD; and ·       variable fee calculated on a quarterly basis: ·     not applicable where assets under management as at the end of the quarter are below 33.6 35.6 million USD; ·     a quarterly levy of 0.0031% applies to the amount of the assets under management as at the end of the quarter exceeding 33.6 35.6 million USD.	·       fixed fee – 4 630 USD; and ·       variable fee calculated on a quarterly basis: ·     not applicable where assets under management as at the end of the quarter are below 37.3 million USD; ·     a quarterly levy of 0.0031% applies to the amount of the assets under management as at the end of the quarter exceeding 37.3 million USD.	·       fixed fee – 4 860 USD; and ·       variable fee calculated on a quarterly basis: ·     not applicable where assets under management as at the end of the quarter are below 39.2 million USD; ·     a quarterly levy of 0.0031% applies to the amount of the assets under management as at the end of the quarter exceeding 39.2 million USD.
Arranging Custody	4 200 4 410	4 630	4 860
Providing Fund Administration**	·       fixed fee – 2 800 2 940 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under administration as at the end of the quarter are below 22.4 23.7 million USD; ·       a quarterly levy of 0.0031% applies to the amount of the assets under administration as at the end of the quarter exceeding 22.4 23.7 million USD.	·       fixed fee – 3 090 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under administration as at the end of the quarter are below 24.9 million USD; ·       a quarterly levy of 0.0031% applies to the amount of the assets under administration as at the end of the quarter exceeding 24.9 million USD.	·       fixed fee – 3 240 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under administration as at the end of the quarter are below 26.1 million USD; ·       a quarterly levy of 0.0031% applies to the amount of the assets under administration as at the end of the quarter exceeding 26.1 million USD.
Advising on Investments	1 400 1 470	1 540	1 620
Arranging Deals in Investments	1 400 1 470	1 540	1 620
Insurance Intermediation	1 400 1 470	1 540	1 620
Managing Investments**	·       fixed fee – 4 200 4 410 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under management as at the end of the quarter are below 33.6 35.6 million USD; ·       a quarterly levy of 0.0031% applies to the amount of the assets under management as at the end of the quarter exceeding 33.6 35.6 million USD.	·       fixed fee – 4 630 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under management as at the end of the quarter are below 37.3 million USD; ·       a quarterly levy of 0.0031% applies to the amount of the assets under management as at the end of the quarter exceeding 37.3 million USD.	·       fixed fee – 4 860 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under management as at the end of the quarter are below 39.2 million USD; ·       a quarterly levy of 0.0031% applies to the amount of the assets under management as at the end of the quarter exceeding 39.2 million USD.
Providing Custody	4 200 4 410	4 630	4 860
Providing Trust Services	2 800 2 940	3 090	3 240
Acting as the Trustee of a Fund	2 800 2 940	3 090	3 240
Dealing in Investments as Agent**	·       fixed fee – 9 800 10 290 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under brokerage as at the end of the quarter are below 490 514.5 million USD; ·       a quarterly levy of 0.0005% applies to the amount of the assets under brokerage as at the end of the quarter exceeding 490 514.5 million USD.	·       fixed fee – 10 800 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under brokerage as at the end of the quarter are below 540 million USD; ·       a quarterly levy of 0.0005% applies to the amount of the assets under brokerage as at the end of the quarter exceeding 540 million USD.	·       fixed fee – 11 340 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where assets under brokerage as at the end of the quarter are below 567 million USD; ·       a quarterly levy of 0.0005% applies to the amount of the assets under brokerage as at the end of the quarter exceeding 567 million USD.
Dealing in Investments as Principal	11 200 11 760 except as a matched principal; 7 000 7 350 as a matched principal.	12 350 except as a matched principal; 7 720 as a matched principal.	12 970 except as a matched principal; 8 110 as a matched principal.
Managing a Restricted Profit Sharing Investment Account	9 800 10 290	10 800	11 340
Islamic Banking Business	14 000 14 700	15 440	16 210
Providing Islamic Financing	9 800 10 290	10 800	11 340
Accepting Deposits	14 000 14 700	15 440	16 210
Providing Credit	9 800 10 290	10 800	11 340
Advising on a Credit Facility	1 400 1 470	1 540	1 620
Arranging a Credit Facility	1 400 1 470	1 540	1 620
Providing Money Services**	4 410 ·       fixed fee – 4 200 USD; and ·       variable fee calculated on a quarterly basis: ·       not applicable where the annual transaction value is below 280 million USD; ·       a levy of 0.0015% p.a. applies to the amount of the annual transaction value exceeding 280 million USD.	4 630	4 860
Insurance Business	9 800 10 290	10 800	11 340
Takaful Business	9 800 10 290	10 800	11 340
Captive Insurance Business through a Protected Cell Company	4 900 5 150 plus 700 for each cell	5 410 plus 700 for each cell	5 680 plus 700 for each cell
Captive Insurance Business other than through a Protected Cell Company	4 200 4 410	4 630	4 860
Captive Takaful Business through a Protected Cell Company	4 900 5 150 plus 700 for each cell	5 410 plus 700 for each cell	5 680 plus 700 for each cell
Captive Takaful Business other than through a Protected Cell Company*	4 200 4 410	4 630	4 860
Insurance Management	1 400 1 470	1 540	1 620
Opening and Operating Bank Accounts	4 200 4 410	4 630	4 860
Operation of a Payment System	4 200 4 410	4 630	4 860
Operating a Multilateral Trading Facility**	·       fixed fee – 10 000 10 500 USD; and ·       variable fee – trading levy of 0.0006% of the average daily trading value. Note: The AFSA will not invoice the variable fee unless it exceeds 500 USD.	·       fixed fee – 11 030 USD; and ·       variable fee – trading levy of 0.0006% of the average daily trading value. Note: The AFSA will not invoice the variable fee unless it exceeds 500 USD.	·       fixed fee – 11 580 USD; and ·       variable fee – trading levy of 0.0006% of the average daily trading value. Note: The AFSA will not invoice the variable fee unless it exceeds 500 USD.
Operating an Organised Trading Facility**
Operating a Digital Asset Trading Facility**	·       fixed fee – 30 000 31 500 USD; and ·       variable fee calculated on a quarterly basis: ·       where the average daily trading value is less than 500 000 USD, is not applicable; ·       where the average daily trading value is more than 500 000 USD: -    trading levy of 0.0006% of the average daily trading value; or -    5 000 USD, whichever is greater.	·       fixed fee – 33 080 USD; and ·       variable fee calculated on a quarterly basis: ·       where the average daily trading value is less than 500 000 USD, is not applicable; ·       where the average daily trading value is more than 500 000 USD: -    trading levy of 0.0006% of the average daily trading value; or -    5 000 USD, whichever is greater.	·       fixed fee – 34 730 USD; and ·       variable fee calculated on a quarterly basis: ·       where the average daily trading value is less than 500 000 USD, is not applicable; ·       where the average daily trading value is more than 500 000 USD: -    trading levy of 0.0006% of the average daily trading value; or -    5 000 USD, whichever is greater.
Providing Credit Rating Services	3 000 3 150	3 310	3 480

*Supervision fees prescribed herein for Islamic Banking Business, Providing Islamic Financing, Takaful Business, Captive Takaful Business through a Protected Cell Company and Captive Takaful Business other than through a Protected Cell Company, and the variable component of the annual supervision fee for Providing Money Services will apply from 1 January 2027.

(…)

6.1-1    Annual supervision fee in relation to Digital Assets

An Authorised Firm conducting Regulated Activities in relation to Digital Assets, except for the Regulated Activity of Operating a Digital Asset Trading Facility, must pay to the AFSA an additional annual supervision fee in the amount of 2 800 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
2 940	3 090	3 240

 

6.2       Annual supervision fees for Market Activities

Annual supervision fees for Market Activities are determined by the activities the Authorised Market Institution conducts as set out below:

Market Activities	Fee (USD) Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Operating an Exchange	Calculated according to formula 1 below; and SF= FF+TVF+LF, ·       where SF – Supervision fee FF – Fixed fee, which is 20 000 21 000 (paid annually) TVF – Trading value fee, calculated as 0.003% of trading value in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) LF – Listing fee, calculated as 2% of all listing fees collected by an Authorised Investment Exchange in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and   ·       an additional annual fee of 5 000 if the Authorised Investment Exchange trades Investment Tokens and has Direct Access Members	SF= FF+TVF+LF, ·       where SF – Supervision fee FF – Fixed fee, which is 22 050 (paid annually) TVF – Trading value fee, calculated as 0.003% of trading value in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) LF – Listing fee, calculated as 2% of all listing fees collected by an Authorised Investment Exchange in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and ·       an additional annual fee of 5 000 if the Authorised Investment Exchange trades Investment Tokens and has Direct Access Members	SF= FF+TVF+LF, ·       where SF – Supervision fee FF – Fixed fee, which is 23 150 (paid annually) TVF – Trading value fee, calculated as 0.003% of trading value in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) LF – Listing fee, calculated as 2% of all listing fees collected by an Authorised Investment Exchange in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and ·       an additional annual fee of 5 000 if the Authorised Investment Exchange trades Investment Tokens and has Direct Access Members
Operating a Clearing House	Calculated according to formula 2 below; and SF=FF+SVF+DVF+CVF, where SF – Supervision fee FF – Fixed fee, which is 20 000 21 000 (paid annually) SVF – Settlement value fee, calculated as 0.001% of settlement value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) DVF – Depository value fee, calculated as 0.00005% of depository value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) CVF – Clearing value fee, calculated as 0.001% of clearing value, applicable only to an Authorised Clearing House acting as a Central Counterparty (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and   an additional annual fee of 5 000 if the Authorised Clearing House clears Investment Tokens and has Direct Access Members	SF=FF+SVF+DVF+CVF, where SF – Supervision fee FF – Fixed fee, which is 22 050 (paid annually) SVF – Settlement value fee, calculated as 0.001% of settlement value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) DVF – Depository value fee, calculated as 0.00005% of depository value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) CVF – Clearing value fee, calculated as 0.001% of clearing value, applicable only to an Authorised Clearing House acting as a Central Counterparty (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and   an additional annual fee of 5 000 if the Authorised Clearing House clears Investment Tokens and has Direct Access Members	SF=FF+SVF+DVF+CVF, where SF – Supervision fee FF – Fixed fee, which is 23 150 (paid annually) SVF – Settlement value fee, calculated as 0.001% of settlement value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) DVF – Depository value fee, calculated as 0.00005% of depository value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter) CVF – Clearing value fee, calculated as 0.001% of clearing value, applicable only to an Authorised Clearing House acting as a Central Counterparty (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and   an additional annual fee of 5 000 if the Authorised Clearing House clears Investment Tokens and has Direct Access Members
Operating a Loan Crowdfunding Platform***	·       fixed fee - 10 000 10 500; and ·       variable fee calculated on a quarterly basis: ·       where the funds raised during the quarter is are less than 1 5.3 million USD, is not applicable; ·       where the funds raised during the quarter is are more than 1 5.3 million USD, a levy of 0.05% p.a. of the funds raised during the quarter.	·       fixed fee - 11 030; and ·       variable fee calculated on a quarterly basis: ·       where the funds raised during the quarter are less than 5.5 million USD, is not applicable; ·       where the funds raised during the quarter are more than 5.5 million USD, a levy of 0.05% p.a. of the funds raised during the quarter.	·       fixed fee - 11 580; and ·       variable fee calculated on a quarterly basis: ·       where the funds raised during the quarter are less than 5.8 million USD, is not applicable; ·       where the funds raised during the quarter are more than 5.8 million USD, a levy of 0.05% p.a. of the funds raised during the quarter.
Operating an Investment Crowdfunding Platform***
[intentionally omitted]	[intentionally omitted]	N/A	N/A

 

Formula 1

SF= FF+TVF+LF,

 

where

SF – Supervision fee

FF – Fixed fee, which is 20 000 USD (paid annually)

TVF – Trading value fee, calculated as 0.003% of trading value in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

LF – Listing fee, calculated as 2% of all listing fees collected by an Authorised Investment Exchange in one year (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

 

Formula 2

SF=FF+SVF+DVF+CVF,

where

SF – Supervision fee

FF – Fixed fee, which is 21 000 USD (paid annually)

SVF – Settlement value fee, calculated as 0.001% of settlement value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

DVF – Depository value fee, calculated as 0.00005% of depository value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

CVF – Clearing value fee, calculated as 0.001% of clearing value, applicable only to an Authorised Clearing House acting as a Central Counterparty (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

(…)

6.3       Annual supervision fees for Ancillary Services

Annual supervision fees for Ancillary Services are determined by the activities the Ancillary Service Provider conducts as set out below:

Ancillary Services	Fee (USD) Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Providing Legal Services	2 500 2 630	2 760	2 900
Providing Audit Services	3 000 3 150	3 310	3 480
Providing Accountancy Services	2 500 2 630	2 760	2 900
Providing Consulting Services	1 500 1 580 excluding Company service provider activity 3 000 3 150 including Company service provider activity	1 660 excluding Company service provider activity 3 310 including Company service provider activity	1 740 excluding Company service provider activity 3 480 including Company service provider activity
[intentionally omitted]	[intentionally omitted]	N/A	N/A

 

6.4  Annual recognition fees for Recognised Non-AIFC Market Institutions and Recognised Non-AIFC Members

Recognition fee	Fee (USD)
Recognised Non-AIFC Market Institution	Fixed annual recognition fee (USD) Variable annual recognition fee (USD) Recognised Non-AIFC Market Institution operating as an Investment Exchange 20 000 21 000 0.003% of trading value in one year generated for Authorised Market Institutions Recognised Non-AIFC Market Institution operating as a Clearing House 20 000 21 000 0.001% of settlement value + 0.00005% of depositary value + 0.001% of clearing value* generated for Authorised Market Institutions, Multilateral or Organised Trading Facilities * Clearing value fee is applicable only to a Recognised Non-AIFC Market Institution acting as a Central Counterparty
Recognised Non-AIFC Member	For Recognised Non-AIFC Members that are admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility: calculated according to formula 1 below. For Recognised Non-AIFC Members that are not admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, or whose trading value is lower than 25 million USD per quarter on each trading platform: a fixed amount of 1 000 USD pro-rated over a calendar year.

 

Recognition fee	Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Recognised Non-AIFC Market Institution operating as an Investment Exchange	·       fixed fee - 21 000; and ·       variable annual recognition fee: 0.003% of trading value in one year generated for Authorised Market Institutions	·       fixed fee - 22 050; and ·       variable annual recognition fee: 0.003% of trading value in one year generated for Authorised Market Institutions	·       fixed fee - 23 150; and ·       variable annual recognition fee: 0.003% of trading value in one year generated for Authorised Market Institutions
Recognised Non-AIFC Market Institution operating as a Clearing House	·       fixed fee - 21 000 USD; and ·       variable annual recognition fee: 0.001% of settlement value + 0.00005% of depositary value + 0.001% of clearing value* generated for Authorised Market Institutions, Multilateral or Organised Trading Facilities * Clearing value fee is applicable only to a Recognised Non-AIFC Market Institution acting as a Central Counterparty	·       fixed fee - 22 050 USD; and ·       variable annual recognition fee: 0.001% of settlement value + 0.00005% of depositary value + 0.001% of clearing value* generated for Authorised Market Institutions, Multilateral or Organised Trading Facilities * Clearing value fee is applicable only to a Recognised Non-AIFC Market Institution acting as a Central Counterparty	·       fixed fee - 23 150 USD; and ·       variable annual recognition fee: 0.001% of settlement value + 0.00005% of depositary value + 0.001% of clearing value* generated for Authorised Market Institutions, Multilateral or Organised Trading Facilities * Clearing value fee is applicable only to a Recognised Non-AIFC Market Institution acting as a Central Counterparty
Recognised Non-AIFC Member	For Recognised Non-AIFC Members that are admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, calculated according to formula 1 below: RF= FF+TVF, where RF – Annual recognition fee FF – Fixed fee, which is 1 000 1 050 USD pro-rated over a calendar year TVF – Trading value fee, calculated as 0.001% of trading value, applicable only to Recognised Non-AIFC Members admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, whose trading value is over 25 million USD per quarter on each trading platform (paid within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and For Recognised Non-AIFC Members that are not admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, or whose trading value is lower than 25 million USD per quarter on each trading platform: a fixed amount of 1 000 1 050 USD pro-rated over a calendar year.	For Recognised Non-AIFC Members that are admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, calculated according to formula 1 below: RF= FF+TVF, where RF – Annual recognition fee FF – Fixed fee, which is 1 100 USD pro-rated over a calendar year TVF – Trading value fee, calculated as 0.001% of trading value, applicable only to Recognised Non-AIFC Members admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, whose trading value is over 25 million USD per quarter on each trading platform (paid within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and For Recognised Non-AIFC Members that are not admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, or whose trading value is lower than 25 million USD per quarter on each trading platform: a fixed amount of 1 100 USD pro-rated over a calendar year.	For Recognised Non-AIFC Members that are admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, calculated according to formula 1 below: RF= FF+TVF, where RF – Annual recognition fee FF – Fixed fee, which is 1 160 USD pro-rated over a calendar year TVF – Trading value fee, calculated as 0.001% of trading value, applicable only to Recognised Non-AIFC Members admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, whose trading value is over 25 million USD per quarter on each trading platform (paid within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter); and For Recognised Non-AIFC Members that are not admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, or whose trading value is lower than 25 million USD per quarter on each trading platform: a fixed amount of 1 160 USD pro-rated over a calendar year.

 

 

Formula 1

RF= FF+TVF,

where

RF – Annual recognition fee

FF – Fixed fee, which is 1 000 USD pro-rated over a calendar year

TVF – Trading value fee, calculated as 0.001% of trading value, applicable only to Recognised Non-AIFC Members admitted to trading by an Authorised Investment Exchange, Multilateral or Organised Trading Facility or Digital Asset Trading Facility, whose trading value is over 25 million USD per quarter on each trading platform (paid within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter).

(…)

SCHEDULE 8: FINTECH LAB FEES 

8.1       Pre-application fee

A Person seeking to Test and/or Develop the FinTech Activities within the FinTech Lab, prior to commencing any eligibility assessment must pay to the AFSA the pre-application fee, in the amount of 2 000 USD as set out below: prior to commencing any eligibility assessment.

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
2 100	2 210	2 320

(…)

Notes

Fees for initial application—firm to conduct one or more activities within the FinTech Lab

An applicant seeking authorisation to conduct one or more activities specified in the fees table must pay:

(a)          the fee specified for the activity in the table above (or, if the applicant intends to carry on more than one activity, the highest of the application fees specified in the table for any of those activities and 50% of the application fee in respect of each additional activity); and

 

(b)          the fee amount of 200 USD for each individual for whom Approved Individual status is sought. 

Application fee for Approval of Individuals

An applicant submitting applications on behalf of additional individuals seeking Approved Individual status must pay an application fee in the amount of 200 USD in respect of each additional Approved Individual application, as set out below.:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
210	220	230

 

Fees for application to modify or withdraw

Approved Individual applying to the AFSA to change the scope of his/her Approved Individual status, to have a condition or restriction varied or withdrawn must pay the fee in the amount of 200 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
210	220	230

(…)

8.7.      Application fee for admission of Digital Assets to trading

A FinTech Lab Participant applying for admission of Digital Assets to trading must pay to the AFSA an application fee in the amount of 50 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
55	60	65

 

(…)

SCHEDULE 9: OTHER FEES FEES PAYABLE TO AFSA IN RELATION TO FUNDS

9.1.      Application to register a Non-Exempt Fund and Exempt Fund or provide notification for an Exempt Fund

A Domestic Fund Manager that intends to manage a Domestic Fund which is a Non-Exempt or Exempt Fund and a Foreign Fund Manager that intends to manage a Domestic Fund which is an Exempt Fund must pay to the AFSA the following fees:

Application types	Fee (USD) Fees falling due in 2027 (USD)	Fees falling due in 2028 (USD)	Fees falling due in 2029 (USD)
Domestic Fund Manager that intends to manage a Non-Exempt Fund that is not an Umbrella Fund	2 800 2 940	3 090	3 240
Domestic Fund Manager that intends to manage a Non-Exempt Fund that is an Umbrella Fund	2 940 for the Umbrella Fund and its first Sub-Fund; and 1 050 for each additional Sub-Fund of the Umbrella Fund	3 090 for the Umbrella Fund and its first Sub-Fund; and 1 100 for each additional Sub-Fund of the Umbrella Fund	3 240 for the Umbrella Fund and its first Sub-Fund; and 1 160 for each additional Sub-Fund of the Umbrella Fund
Domestic Fund Manager that intends to manage an Exempt Fund that is not an Umbrella Fund	1 400 1 470	1 540	1 620
Domestic Fund Manager that intends to manage an Exempt Fund that is an Umbrella Fund	1 470 for the Umbrella Fund and its first Sub-Fund; and 1 050 for each additional Sub-Fund of the Umbrella Fund	1 540 for the Umbrella Fund and its first Sub-Fund; and 1 100 for each additional Sub-Fund of the Umbrella Fund	1 620 for the Umbrella Fund and its first Sub-Fund; and 1 160 for each additional Sub-Fund of the Umbrella Fund
Foreign Fund Manager that intends to manage an Exempt Fund that is not an Umbrella Fund	1 400 1 470	1 540	1 620
Foreign Fund Manager that intends to manage an Exempt Fund that is an Umbrella Fund	1 470 for the Umbrella Fund and its first Sub-Fund; and 1 050 for each additional Sub-Fund of the Umbrella Fund	1 540 for the Umbrella Fund and its first Sub-Fund; and 1 100 for each additional Sub-Fund of the Umbrella Fund	1 620 for the Umbrella Fund and its first Sub-Fund; and 1 160 for each additional Sub-Fund of the Umbrella Fund

9.2       Application to make amendments to the Constitution or Offering Materials of a Non-Exempt Fund

A Domestic Fund Manager that intends to make material amendments to the Constitution or Offering Materials of a Non-Exempt Fund must pay to the AFSA an application fee in the amount of 700 USD., as set out below:

Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
740	780	820

 

Guidance

Material amendments are defined in CIS 7.10-1.

SCHEDULE 10: LATE FEES PAYABLE TO THE AFSA

10.1     Late fees for failure to provide notification, report or return

A Person falling within FEES 7.1 must pay to the AFSA a late fee specified in table below. in the amount of 500 USD (300 USD for FinTech Lab Participants), if the Person fails to provide notification, report or return within 3 business days after it has committed a contravention. Non-payment of the late fee within 30 calendar days incurs a further late payment fee equal to 10% of the late fee for each calendar day.

Applicable to	Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
A Person	530	560	590
FinTech Lab Participants	320	340	360

10.2     Late fees for failure to comply with direction issued by the AFSA

A Person falling within FEES 7.4 must pay to the AFSA a late fee specified in table below. in the amount of 500 USD (300 USD for FinTech Lab Participants), if the Person fails to comply with direction issued by the AFSA within 3 business days after such failure. Non-payment of the late fee within 30 calendar days incurs a further late payment fee equal to 10% of the late fee for each calendar day.

Applicable to	Fee falling due in 2027 (USD)	Fee falling due in 2028 (USD)	Fee falling due in 2029 (USD)
A Person	530	560	590
FinTech Lab Participants	320	340	360

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