Application Process

Certain significant changes or events within an Authorised Firm require prior approval from AFSA. The general application process is as follows:

• Initial consultation: Firms must first schedule a call with their Relationship Manager to outline and discuss the proposed change. This step ensures clarity, alignment and confirmation that the matter requires a formal application.
• Submission of formal application: If the proposal is deemed appropriate, the firm may proceed submitting a formal application. Depending on the nature of the change, application may include, but is not limited to:
  • Change in Control
  • Application to Modify or Withdraw an Approved Individual’s Registration
  • License Modification
  • Notification of Intention to Manage an Exempt Fund
  • Registration of a Non-Exempt Fund

This list is illustrative and not exhaustive. Depending on the circumstances, AFSA approval may be required for other matters as well. Firms are therefore expected to fully disclose all relevant details to their Relationship Manager before submitting an application.

• Fees: Each application type is subject to a fee. Firms must complete the Request for Invoice form and submit it to their Relationship Manager. All applicable fees are set out in the AIFC Fees Rules, and an invoice will be issued once the request is processed.
• Supporting documentation: Firms must submit all required supporting documents applicable to the relevant application type. The list of the required documents can be requested from their Relationship Manager.  To be treated as complete, the full document package must be submitted in a single email, along proof of the fee payment. AFSA begins processing an application only upon receipt of all required documents and payment.