The ADGM Financial Services Regulatory Authority has proposed revisions to its Fees and General Rulebooks that would raise fees for market infrastructure operators, introduce supervision charges for listed securities and strengthen penalties for late regulatory filings. The consultation also clarifies fee treatment for permission variations and sets expectations for change in control applications and requests to expand permissions soon after authorization. Application fees for operators of Multilateral Trading Facilities and Organised Trading Facilities would rise from USD 10,000 to USD 100,000, while annual supervision fees would increase from USD 10,000 to USD 40,000. Application and annual supervision fees for Recognised Investment Exchanges and Recognised Clearing Houses would rise to USD 150,000 and USD 100,000, respectively, with doubled amounts for entities seeking both statuses. Listed entities would pay a new annual fee of USD 1,000 for each class of securities admitted to the Official List. Total fees for venues handling Virtual Assets, Fiat Referenced Tokens or Spot Commodities would remain unchanged. The late filing fee would increase from USD 500 to USD 1,000 and be applied automatically on the first, 11th and 21st business days after a filing becomes overdue, capped at USD 3,000 per filing before potential escalation. Further guidance would allow supplementary fees comparable to a new authorization for change in control applications involving substantial business changes, while variations adding regulated activities would not usually be approved within 12 months of licensing. Subject to the rulemaking process and board approval, the amendments are proposed to take effect on Jan. 1, 2027.

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