Financial Services Regulatory Authority (FSRA)

Rules as at 3 November 2026. Each statement carries its label and the section it comes from.

A business that wishes to carry on financial services activities in or from ADGM must hold a Financial Services Permission from the FSRA. Rule ADGM: Additional obligations of financial services entities

An in-principle approval is not a Financial Services Permission, and an applicant must not hold itself out as regulated by the FSRA before the permission is granted. FSRA approval is also required before an Approved Person is appointed. Guidance FSRA: Getting Started Guide

The FSRA can impose conditions on a permission, suspend it, or impose financial penalties. A firm that wants to stop must notify the FSRA of its decision to withdraw its permission. Guidance FSRA: Getting Started Guide

Who it licenses

Any firm carrying on a Regulated Activity listed in Schedule 1 of the FSMR in or from ADGM. Rule FSRA FSMR Schedule 1 An ADGM firm may not take deposits from the State's markets or deal in UAE dirhams. Rule Federal Law 8/2004 Art 4(1)(b) Virtual-asset activities are permitted only in Accepted Virtual Assets. Rule FSRA COBS 17

Prudential categories and base capital

A Category 4 firm may not hold client money. Rule FSRA COBS 14.1.4

Fees

• Application fee for arranging, advising, arranging custody or insurance intermediation: USD 15,000; for fund administration, arranging credit or a private financing platform: USD 10,000. Several activities: the highest fee plus the lesser of USD 10,000 or the activity fee for each other activity. Rule FSRA FEES 3.2.1 to 3.16.2 (VER16)
• Application fee for managing assets or custody: USD 25,000; for managing a collective investment fund or venture capital fund: USD 10,000. Rule FSRA FEES 3.6, 3.10
• Virtual-asset activities add USD 20,000 per activity to the application fee, or USD 125,000 for a trading facility, with annual supervision uplifts. Rule FSRA FEES 3.17, 3.18

People and insurance

A Category 4 firm needs a Senior Executive Officer, a Finance Officer, a Compliance Officer and an MLRO. The Senior Executive Officer, Compliance Officer and MLRO must be resident in the UAE. The Compliance Officer and MLRO may be one person; the Senior Executive Officer may not be either. The Finance Officer may sit in the group or be outsourced. Rule FSRA GEN 5.5.1 to 5.5.3

Domestic Category 3B, 3C and 4 firms must hold professional indemnity insurance. Rule FSRA PRU 6.12

Annual returns are due within four months of the year end, quarterly returns within one month and monthly returns within 15 days, through the FSRA's electronic reporting system. Rule FSRA PRU 2.3

Documents

Every application pack, whichever the regulator, contains the same core documents. Rule FSRA application forms

• Regulatory business plan: the activities applied for, clients, products, three-year financial projections, and the capital plan showing the base capital and how it is funded.
• Corporate documents: constitution or articles, an ownership chart to the ultimate beneficial owners, the group structure, and for a branch the home regulator's consent or no-objection.
• Fit-and-proper files for every controller, director and senior manager: CVs, declarations, criminal and credit checks, and the regulator's own individual forms.
• Compliance and AML framework: compliance manual, AML and CFT policy and risk assessment, and the MLRO arrangements.
• Risk management framework and internal controls, including outsourcing and IT and cyber policies.
• Financial resources: capital adequacy workings and, for existing groups, audited accounts.
• Evidence of premises and of professional indemnity insurance where the category requires it.

The FSRA's equivalent forms are filed through its online portal, with an Approved Persons application for each controlled function. Digital and virtual-asset businesses file a more detailed technology and cyber section, and virtual-asset firms add their token-admission and custody arrangements. Rule FSRA application forms; COBS 17

How to apply, and published timelines

1. Confirm the Regulated Activities and the prudential category. Clara, our AI assistant, maps your business to Schedule 1 of the FSMR.
2. Prepare and file the application for a Financial Services Permission.
3. The FSRA reviews the application and may give in-principle approval, which is not a permission. Guidance FSRA: Getting Started Guide
4. Meet the conditions; the FSRA then grants the Financial Services Permission.

The FSRA does not publish a decision period. Guidance FSRA: Getting Started Guide We do not promise timelines.

Check a firm

The FSRA Public Register on adgm.com lists regulated firms and the regulated activities each is authorised to provide. Guidance ADGM: Public registers

Questions