UAE Capital Market Authority Updates — What Has Changed and Why It Matters

In Brief:

1. On 23 July 2026, the Chairman of the Board of the UAE Capital Market Authority issued Resolution No. (18/RM) of 2026 (“New Fee Resolution”) to amend the technical services fee schedule annexed to Chairman of the Board of the Securities and Commodities Authority Resolution No. (32) of 2018 On the Fees of the Technical Services Payable to the Authority.
2. The New Fee Resolution introduces nine new fees, which impact local public joint stock companies, foreign companies and free zone entities who seek to undertake an initial public offering on the ADX or DFM, credit rating agencies, product issuers, and in-kind asset valuers.
3. The New Fee Resolution simultaneously repeals 15 existing fees, which primarily benefit licensed companies, fund managers and promoters and grievance filers.
4. The New Fee Resolution was published in the Official Gazette on 14 August 2026 and comes into effect on 31 August 2026.

1. Regulatory Context

The Capital Market Authority (“CMA”) is the successor to the Securities and Commodities Authority ("SCA") pursuant to Federal Decree-Law No. 32 of 2025 On the Regulation of the Capital Market Authority (“CMA Law”), replacing the SCA in all its rights, obligations, and contracts. Under Article 8(12) of the CMA Law, the CMA Board is empowered to "approve fees, commissions and service charges collected by the Authority in implementation of this Decree-Law and the Capital Markets Regulation Law."    
Accordingly, on 23 July 2026, the Chairman of the CMA board issued Resolution No. (18/RM) of 2026 (“New Fee Resolution”). In effect, the New Fee Resolution constitutes a comprehensive update of the fee schedule that has governed technical services fees since 2018, modernising it to reflect the CMA's expanded regulatory mandate under the 2025 federal decree-laws.

2. New Fees Introduced

Article 2 of the New Fee Resolution introduces the following new fees:

2.1. Local Issuers

2.2. Foreign and Free Zone Issuers

These fees represent the most material new cost burden introduced by the New Fee Resolution and collectively impose significant new costs on cross-border listings. This aligns with the CMA's expanded jurisdiction under Article 2 of Federal Decree-Law No. 33 of 2025 on the Regulation of Capital Markets (“Capital Markets Regulation”), which extends the CMA's regulatory reach to entities established outside the State or in free zones that offer securities within the State. Foreign and free zone issuers should budget accordingly and factor these costs into their offering structures and timelines.

2.3. Tradeable Product Market Participants

Market participants should note that "Tradable Products" are defined under Article 1 of Capital Markets Regulation as indices, currencies, interest rates, and commodities, where dealing is restricted to hedging contracts such as futures and options.

2.4. Credit Rating Agencies

The introduction of a comprehensive fee structure for credit rating activity formalises the regulatory treatment of this activity, which is listed as a "Financial Activity" under Article 2(q) of Capital Markets Regulation. The AED 15,000 annual renewal fee represents a significant recurring cost that credit rating agencies must incorporate into their operating budgets. The simultaneous repeal of fees for outsourcing credit rating analysts and analysis lead positions to parent companies (see paragraph ‎3.7) may partially offset these new costs for branches of foreign credit rating agencies.

2.5. Investment Funds and Fund Valuers

The new fee for in-kind assets valuation reflects the increasing complexity of fund structures in the UAE market and the CMA's intent to formalise oversight of this specialised service. However, the repeal of the cancellation fee for local investment fund licenses and the fee for reviewing proposed new investment funds (see paragraph ‎3.3) reduces barriers to fund establishment and wind-down, partially offsetting the new valuation costs.

2.6. All Licensees (General)

Article 17 of Capital Markets Regulation permits temporary suspension for up to 12 months, with the possibility of extension at the CMA's discretion. The introduction of this fee means that licensees considering a voluntary pause in operations should factor this cost.

3. Fees Repealed

Article 3 of the New Fee Resolution repeals 15 fees from the schedule annexed to the Chairman of the Board of the Securities and Commodities Authority Resolution No. (32) of 2018 (“Old Fee Resolution”). These fees fall into the following seven thematic categories:

3.1. Corporate Administrative Changes

3.2. Marketing and Promotion

3.3. Investment Fund-Related Fees

3.4. Securities Issuance and Listing Cancellations

3.5. Dispute Resolution

3.6. Bank Guarantee Retrieval

3.7. Outsourcing Approvals

Conclusion/Recommendation:

In conclusion, the New Fee Resolution represents a significant recalibration of the CMA's technical services fees, replacing the framework originally established under the Old Fee Resolution and reflecting the CMA's evolution under CMA Law and Capital Markets Regulation.

The introduction of new fees for prospectus approvals, credit rating licensing, and in-kind asset valuation signals the CMA's intent to formalise and resource its oversight of these growing market segments. At the same time, the repeal of 15 legacy fees reflects a broader effort to streamline regulatory interactions.

For issuers, fund managers, credit rating agencies, and other licensees, the practical implications are clear: budgeting for new prospectus and listing fees, preparing for the formalisation of credit rating activity licensing, and reassessing the cost-benefit of in-kind asset valuation arrangements. With the effective date of 31 August 2026, timely action is essential.

For tailored advice on how these changes may affect your operations, licensing strategy, or transaction pipeline, please contact Yasser Omar at y.omar@hadefpartners.com.

This article is intended for general informational purposes only and does not constitute legal advice. Readers should seek independent legal counsel in relation to their specific circumstances.