Annual fees are imposed on banks or financial institutions whom are licensed by SCA and are registered to act as custodians on behalf of their clients in Dubai CSD as per a custody agreement signed by both parties.
Average portfolio value for the previous year * 0.0025%
The minimum fees are AED 80,000
- An official letter is sent by Dubai CSD to the custodian to confirm the custodians average portfolio value for the previous year, and fees calculation together with an invoice. Also, Dubai CSD provides the custodian with the breakdown report based on symbol.
- Fees are to be received from the custodian within 2 weeks period.
- A receipt voucher is issued and provided to the custodian.
Through email to firstname.lastname@example.org
Is it necessary to submit to DFM the annual custody renewal license issued by the SCA?
Yes absolutely, custodians need to ensure that a copy of the renewed custody license once obtained from the SCA, is submitted to the DFM in order to ensure the continuity of services.