Cabinet Resolution Regarding the Fees for Certain Services Provided by the Securities and Commodities Authority
The last update on this law was listed on 04 Jul 2017
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The Cabinet:
– Having reviewed the Constitution;
– Federal Law No. (1) of 1972 Regarding the Competences of Ministries and the Powers of Ministers, as amended;
– Federal Law No. (4) of 2000 Regarding the Emirates Securities and Commodities Authority and Market, as amended;
– Federal Law No. (1) of 2011 Regarding the Public Revenues of the State;
– Federal Law No. (12) of 2014 Regarding the Regulation of the Auditing Profession;
– Federal Law No. (2) of 2015 Regarding Commercial Companies;
– Federal Law No. (14) of 2016 Regarding Administrative Violations and Penalties in the Federal Government; and
– Upon the proposal of the Minister of Finance and the approval of the Cabinet,
Hereby resolves as follows:
Article (1) Definitions
For the purposes of implementing the provisions of this Resolution, the following terms and expressions shall have the meanings assigned to each of them, unless the context requires otherwise:
State: United Arab Emirates.
Authority: Securities and Commodities Authority.
Auditors Register: The register for recording auditors of public joint-stock companies and investment funds with the Authority.
Article (2) Service Fees
The fees specified next to each service in the Schedule attached to this Resolution shall be collected for the services provided by the Authority.
Article (3) Administrative Fines
Administrative fines shall be imposed for the violations listed below, as specified opposite each of them:
|
No. |
Violation Description |
Administrative Fine/(AED) |
|
1 |
Delay in renewing the registration of a public joint-stock company, within (30) thirty days from the date of expiry of the registration. |
(1,000) per month, with a maximum of (10,000) annually. |
|
2 |
Delay in publishing amendments to the official instrument, within (30) days from the date of the amendment. |
(1,000) per month, with a maximum of (10,000) annually. |
|
3 |
Delay in renewing the registration of the auditing company in the Auditors Register, within (30) days from the date of expiry of the registration. |
(1,000) per month, with a maximum of (10,000) annually. |
|
4 |
Delay by the auditing company in notifying the Authority of changing the person responsible for auditing the company's or the investment fund's accounts, within (30) days from the date of the change. |
(2,000) per month, with a maximum of (10,000) annually. |
|
5 |
Delay by the auditing company in notifying the Authority of filing a lawsuit in the State against another auditing company regarding the practice of the profession, within (30) days from the date of filing the lawsuit. |
(2,000) per month, with a maximum of (10,000) annually. |
|
6 |
Delay by the auditing company in notifying the Authority of any modification to its data, within (30) days from the date of the modification. |
(2,000) per month, with a maximum of (10,000) annually. |
Article (4) Grievance
Any interested party may submit a written grievance to the Grievance Committee at the Authority against any administrative penalty imposed against them under this Resolution, within thirty (30) days from the date of being notified of the decision subject of the grievance. If the last day falls on an official holiday, the grievance period shall be extended to the next working day. The Committee shall decide on this grievance within thirty (30) days from the date of its submission, in accordance with the procedures in force at the Authority.
Article (5) Amendment of Administrative Fees and Fines
The Cabinet shall be competent to make any amendments to the administrative fees and fines stipulated in this Resolution, whether by addition, deletion, or modification.
Article (6) Final Provisions
1. The administrative fees and fines stipulated in this Resolution shall be collected through the means determined by the Ministry of Finance.
2. For the purposes of collecting the administrative fees and fines stipulated in Articles (2) and (3) of this Resolution, part of a month shall be deemed a full month, and part of a year shall be deemed a full year.
Article (7) Issuance of Executive Decisions
The Board of Directors of the Authority shall issue the decisions necessary for the implementation of the provisions of this Resolution.
Article (8) Repeals
Any provision that contradicts or conflicts with the provisions of this Resolution shall be repealed.
Article (9) Publication and Entry into Force
This Resolution shall be published in the Official Gazette and shall enter into force (60) sixty days from the date of its publication.
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