Securities and Commodities Authority to levy charges on 23 services
The Securities and Commodities Authority will levy charges on 23 corporate services effective 28 September 2017.
A memo toward this effect has been sent by SCA to UAE-based Public Joint Stock Companies, auditors and investment funds on the Cabinet Resolution No 21 of 2017 regarding the charges of some of SCA services that will be entered into effect on the above mentioned date.
The ministerial resolution features 23 services that shall be chargeable at AED 100-AED 50,000. The services include, inter alia, the establishment, transfer and registration renewal of PJSCs. According to the resolution, any increase of decrease in a company capital shall likewise be chargeable.
Registration, renewal of registration, re-registration or disqualification of auditors shall also be among the paid services, while penalties shall be levied for any delay by an auditor in reporting his/her obligations to SCA as per relevant resolutions. Corporate acquisitions and mergers shall be chargeable as well under the resolution.
The memo urged all PJSCs to renew their registrations online in due time, requesting auditors to communicate with SCA directly no later than 28 October 2017 to pay the fees related to all registration applications.