The Regulatory Authority of the Dubai International Financial Center (DIFC) is finalizing its proposed regulatory fee structure, reported a press release.
"Our objective in setting fee levels is to maximize the efficiency of regulation while minimizing its cost,” stated Chief Executive of the Regulatory Authority, Phillip Thorpe.
"We propose to recoup some but not all of the cost of regulation from licensing and related fees. We recognize the importance of ensuring that the cost of regulation to the market is proportionate, transparent and flexible,” he added.
As an illustration of the proposed fee structure, a wholesale bank or corporate finance institution could pay an initial application fee of $30,000 and an annual fee varying between $30,000 and a maximum of $100,000, based on the institution's total income.
Fees are also payable for each category of business undertaken. Registration fees for individuals are proposed to be set at $1,000 for the initial registration and $1,000 a year thereafter.
The paper on the Regulatory Fee Structure is the third in a series of Information Papers published by the DIFC Regulatory Authority. The first paper dealt with Licensing Criteria and the second set out the Regulatory Blueprint for the DIFC. — (menareport.com)
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