The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published a public consultation on revisions to two of its rulebooks — the Fees Rulebook and the General Rulebook. The document is registered as Consultation Paper No. 6 of 2026. Comments are accepted until 6 November 2026 at fsra.consultation@adgm.com.
What changes in the Fees Rulebook
FSRA sets out five blocks of fee changes in its announcement. First, updated fees for Recognised Bodies — the exchanges, clearing and settlement bodies recognised in ADGM. Second, updated fees for operators of Multilateral Trading Facilities (MTF) and Organised Trading Facilities (OTF). Third, a new supervision fee for securities admitted to the Official List of the centre. Fourth, higher penalty fees for late Regulatory Filings — the mandatory regulatory returns. Fifth, clarified fees for varying a Financial Services Permission, for example when a firm extends the list of regulated activities it is licensed to carry on.
The regulator’s own framing: the proposed amendments "reflect the increasing size and maturity of the ADGM market." In practice this means FSRA is aligning its fee schedule with the supervisory workload that has grown as the financial centre has grown.
What changes in the General Rulebook
In the second rulebook FSRA adds guidance on two operational topics: change-in-control applications and variations of permission. The first concerns cases where an Authorised Person’s controlling shareholder changes, or aggregate shareholdings cross a regulatory threshold — the paper clarifies the documentation set and the expected timelines. The second concerns the expansion or narrowing of regulated activities inside the FSRA licence itself: Paper No. 6 clarifies the fees and the procedure. This is the practical block for firms planning M&A, shareholder restructuring or a new financial product — the exact scenarios where correctly handling changes to a UAE company structure depends directly on the regulator’s requirements.
Who is affected
FSRA explicitly names three categories: Authorised Persons — ADGM-licensed financial firms (asset managers, brokers, custodians, arrangers, advisers and others holding an FS Permission); Recognised Bodies — recognised exchanges and clearing houses; and DNFBPs — Designated Non-Financial Businesses and Professions, meaning auditors, lawyers, corporate service providers and other non-financial firms under FSRA’s AML supervision. The amendments are also directly relevant to issuers whose securities trade on the Official List — the new supervision fee lands on them.
What it means for business
For a firm already holding an FS Permission there are three practical takeaways. First, the new Official List supervision fee and higher late-filing penalties feed directly into the 2027 compliance budget — worth provisioning for and worth revisiting the internal filing calendar. Second, if a change of controlling shareholder, a large M&A event or a licence expansion (new product, new regulated activity) is plausible within the next 12 months, the updated FSRA guidance on change-in-control and variations of permission should be read before the final text is adopted, not after — this avoids being caught by the new fees retroactively. Third, for firms running an MTF or OTF the updated schedule means a direct re-pricing of the licence cost; this is especially material for operators working on thin margins.
A public consultation is not a formality: FSRA expects substantive industry responses and usually adjusts the draft on their basis. Any interested stakeholder — a licensed participant, a professional adviser or a law firm — can submit. For ADGM firms this is the window to shape the final rates, not to contest them afterwards.
Broader context
Consultation Paper No. 6 of 2026 is one of several FSRA initiatives in the current regulatory cycle: the authority is simultaneously consulting on strengthening its AML framework and updating the fiat-referenced tokens regime. In practice this fits a broader trend — the UAE is steadily densifying its business regulatory environment in 2026, shifting the load from framework rules to operational detail: fees, timelines, filing templates and personal accountability.
Where to read the source
The consultation announcement is published on adgm.com — FSRA Media Announcements page. The full Consultation Paper No. 6 of 2026 and its annexes are available on the ADGM Thomson Reuters rulebook platform. Comments are accepted until 6 November 2026 at fsra.consultation@adgm.com, referencing Consultation Paper No. 6 of 2026.
Material prepared from the ADGM FSRA consultation announcement. This is an editorial piece by Garant.consulting; it is not legal, audit or tax advice. For questions on FS Permission, change-in-control or ADGM compliance — your dedicated adviser.
