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    ADGM FSRA consults on revisions to regulatory fees and consolidating categories of Controlled Functions and Recognised Functions

    ADGM FSRA 06/10/2023

    The Financial Services Regulatory Authority (“FSRA”), of Abu Dhabi Global Market has announced the publication of a Consultation Paper (“CP”) regarding proposals for revisions to its fees and consolidating the Controlled Functions and Recognised Function categories.

    The CP proposes the first substantive revision of FSRA fees since they were set in 2015. The increases proposed will appropriately reflect the work and costs involved in meeting its statutory objectives.

    The proposal to consolidate the Controlled Functions and Recognised Functions categories recognises that the latter are also critical functions in ensuring the soundness of authorised entities, for both the entities themselves and their clients, and will also reflect best practice seen in peer jurisdictions.

    The consultation period will close on 06 November 2023, after which the proposals will be finalised, and feedback to the consultation is welcome. Please see the CP here for details on the proposals and how to submit a response.

    For details of the proposals please refer to the links below: Consultation Paper No. 4 of 2023 - Proposals for Revisions to Fees and Recognised Functions.