Source: https://www.handbook.fca.org.uk/handbook/FEES/4/2.html?date=2016-02-03
Timestamp: 2019-10-21 23:34:33
Document Index: 503584554

Matched Legal Cases: ['art 1', 'art 1', 'art 1', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 5', 'art 5', 'art 4', 'art 5', 'art 551', 'art 4', 'art 4', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 2', 'art 2', 'art 7', 'art 2', 'art 2', 'art 3']

FEES 4.2 Obligation to pay periodic fees - FCA Handbook
FEES 4.2.1R 01/04/2013 RP
A person shown in column (1) of the table in FEES 4.2.11 R and, if applicable, FEES 4.2.11AR51 as the relevant fee payer must pay each periodic fee applicable to it, calculated in accordance with the provisions referred to in column (2) of the applicable51 table, as adjusted by any relevant provision in this chapter:
on or before the date given in column (3) of that table, unless FEES 4.2.10 R applies.
FEES 4.2.2G 01/04/2013 RP
A relevant fee payer will be required to pay a periodic fee for every year during which they have the status in column 1 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR51 (or in relation to collective investment schemes, for every year during which it is a regulated collective investment scheme) subject to any reductions or exemptions applicable under this chapter. If a person is the relevant fee payer for more than one status listed in column 1 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR51 (or in relation to collective investment schemes, the relevant fee payer for more than one regulated collective investment scheme) he will be required to pay a fee in relation to each.
[deleted]50
FEES 4.2.2AG 01/04/2013 RP
50A recognised body may also have obligations to pay fees to the FCA under other rules arising from legislation other than the Act. For example a recognised body may have an obligation to pay a fee as an approved operator of a relevant system under the Uncertificated Securities Regulations 1995 (SI 1995/3272).
FEES 4.2.3G 01/04/2013 RP
The FCA50 will issue invoices in respect of the FCA and PRA50 to firms and other fee payers and expects to do so at least 30 days before the dates on which payments fall due under FEES 4.2.1 R.
FEES 4.2.4R 01/07/2013 RP
A50 periodic fee must be paid using either direct debit, credit transfer (BACS/CHAPS), cheque, Maestro1152, Visa Debit21 or by credit card (Visa/Mastercard only). Any payment by permitted credit card must include an additional 2% of the sum paid.1
1501152
FEES 4.2.4AR 01/04/2013 RP
50The FCA does not specify a method of payment for a recognised body or a designated professional body.
FEES 4.2.5G 01/04/2013 RP
The FCA expects a recognised body or a designated professional body will generally pay their respective fees by electronic credit transfer.
Modifications for persons becoming subject to periodic fees during the course of a fee year50
FEES 4.2.6R 31/03/2015
For20 the fee year during which the event19 described in column 4 of the table in FEES 4.2.11 R and/or FEES 4.2.11AR51, giving rise to, or giving rise to an increase in, the fee payable in FEES 4.2.1 R occurs , the periodic fee required under FEES 4.2.1 R is modified for:
19202719505019
firms (other than AIFM qualifiers,18 ICVCs and UCITS qualifiers) in accordance with FEES 4.2.7 R and FEES 4.2.8 R;
all other fee payers in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11A R51, in accordance with the formula set out below19.
19Formula for the calculation of fees payable under FEES 4.2.6R (1)
calculate the number of calendar months between and including:
the calendar month in which the event described in column 4 of the table in FEES 4.2.11 R and/or FEES 4.2.11A R occurred; and
the last month of the relevant fee year;
divide the number of calendar months calculated in (1) by 12;
multiply the total fee payable for the relevant fee year by the number calculated in (2).
FEES 4.2.7R 01/04/2014
A firm (other than an5 AIFM qualifier,18ICVC or UCITS qualifier) which becomes authorised or registered, 12or whose permission and/or payment service activities are 9extended, during the course of the fee year51 must pay a fee which is calculated by:
identifying each of the tariffs set out in Part 1 of 51Part 1 of FEES 4 Annex 2AR, FEES 4 Annex 2BR51 and/or Part 1 of51 FEES 4 Annex 11 as appropriate9 for the relevant fee year51 that apply to the firm only after the permission is received or extended or payment service activities are authorised or registered 12or extended or electronic money issuance activities are authorised or registered under the Electronic Money Regulations;19:27
calculating the amount for each of the applicable51 tariffs which is the higher of:
any applicable minimum fee specified in relation to 28a particular tariff in FEES 4 Annex 2AR or FEES 4 Annex 2BR (but note, for the avoidance of doubt, that these are not the A.0 or PA.0 minimum fees set out under Part 2 of FEES 4 Annex 2AR and Part 2 of FEES 4 Annex 2BR); and51
the result of applying the tariff to the projected valuation, for its first year (as provided in the course of the firm's application), of the business to which the tariff relates;
adding together the amounts calculated under (2) in relation to fees payable to the FCA and, if applicable, separately adding together the amounts calculated under (2) in relation to the fees payable to the PRA;51;
working out whether an A.0 or a PA.0 minimum fee is payable under Part 2 of FEES 4 Annex 2AR or Part 2 of FEES 4 Annex 2BR (except that minimum fee is not payable again by a firm whose permission is extended if the fee was already payable before the extension);517
working out whether an AP.0 FCA prudential fee is payable under Part 2 of FEES 4 Annex 2AR and if so how much;51
working out whether a PT.1 PRA transitional fee is payable under Part 2 of FEES 4 Annex 2BR and if so how much;51
10adding together the amounts calculated under (3), (4) and (4A) that relate to fees payable to the FCA and then adding this sum to any applicable flat rate and, if applicable, separately adding together the amounts calculated under (3), (4) and (4B) that relate to fees payable to the PRA and then adding this sum to any applicable flat rate fee; and22
modifying the result for the FCA and, if applicable, the PRA51 in accordance with the formula set out 19in FEES 4.2.6 R (except that FEES 4 Annex 10R19 (Periodic fees for MTF operators) deals with a firm19that receives permission for operating a multilateral trading facility or has its permission extended to include this activity during the course of the relevant fee year51 and FEES 4.2.6 R does not apply).
FEES 4.2.7AG 01/04/2013
1Projected valuations for a firm's first year will be collected for the 12 month period beginning with the date a firm becomes authorised or registered,12 or the date its 9permission and/or payment service activities are 9extended. That information will be used to calculate the periodic fee for the remainder of the fee year50 in which the firm was authorised or registered 12or its permission and/or payment service activities were 9extended (adjusted in accordance with FEES 4.2.7 R) and to calculate the periodic fee for the following fee year50. Projected valuations are not relevant for those fee payers that are only required to pay fixed fees. 9
FEES 4.2.7BR 01/04/2013
7This rule deals with the calculation of:
a firm's fees for its second and subsequent17 fee year.51 These are17 the fee years51 years17 following the fee year51 in which it was given permission and/or was authorised or registered 12 under the Payment Services Regulations or the Electronic Money Regulations12 or had its permission and/or payment services activities extended (the relevant permissions); and9
951175151175151
the tariff base for the fee block or fee blocks that relate to each of the relevant permissions. 9
17The starting point for calculating the fees referred to in (1)(a) is determining whether or not the firm's tariff base for the relevant fee year51 can be calculated using data from a complete period (as specified in Part 5 of FEES 4 Annex 1AR, Part 5 of FEES 4 Annex 1BR51 or Part 4 of51 FEES 4 Annex 11 R) that begins on or after the date that the firm obtained the relevant permission to which that tariff base relates.
If it can, the firm must use that data for calculating its tariff base.
If it cannot, the tariff base must be calculated using the projected valuations for its first year of the business to which the tariff relates (as provided in the course of the firm's application), unless (5)(b) or 5(c) applies.
This rule does not apply to a firm with a permission for operating a multilateral trading facility.
If a firm:17
receives a relevant permission9 between 1 April and 31 December inclusive; and
is, but for this rule, required to calculate its tariff base for that relevant permission 9by reference to the average of its modified eligible liabilities for October, November and December;
it must calculate that tariff base as at the December before the start of the fee year51.
is, but for this rule, required to calculate its tariff base for the relevant permission by reference to the firm's financial year ended in the calendar year ending on the 31 December before the start of the fee year51 and, since obtaining the relevant permission, the firm has yet to complete a full financial year ended in the calendar year ending on the 31 December before the start of the fee year;51 or17
is, but for this rule, required to calculate its tariff base by reference to the twelve months ending on the 31 December before the start of the fee year51 and, since obtaining the relevant permission, the firm has yet to complete a full twelve months ending on the 31 December before the start of the fee year;5117
999999917
it must calculate the tariff base under (d) below unless it is in its second fee year51 and was authorised between 1 January and 1 April (in which case it must use the projected valuations provided for in (2)(b) above).
If a firm satisfies either of 17the conditions in (c) it must calculate its tariff base as follows:
in respect of firms satisfying condition (5)(c)(i), 17the tariff is calculated by reference to the period beginning on the date it acquired the relevant permission relating to the tariff,9 and ending on either 17the 31 December before the start of thefee year51 or, if earlier, the start date of the firm's financial year; and
in respect of firms satisfying condition (5)(c)(ii), the tariff is calculated by reference to the period beginning on the date on which it acquired the relevant permission, and ending on the 31 December before the start of the fee year17
the figures are annualised by increasing them by the same proportion as the period of 12 months bears to the period starting from when the firm received its relevant 9permission to to the relevant period end date specified in (ii).
Where a firm is required to use the method in (d) it must notify the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA)51 of this by the date specified in FEES 4.4 (Information on which Fees are calculated).
Where a firm is required to use actual data under this rule FEES 4 Annex 1AR Part 5, FEES 4 Annex 1BR Part 551 and FEES 4 Annex 11 Part 4, are modified, where applicable,51 in relation to the calculation of that firm's valuation date in the fee years51 to which this rule applies.17
519917
Application of FEES 4.2.7BR
FEES 4.2.7CG 01/04/2013
7The table below sets out the period within which a firm's tariff base is calculated (the data period) for second year fees calculated under FEES 4.2.7B R. The example is based on a firm that acquires permission on 1 November 2009 and has a financial year ending 31 March. Where valuation dates fall before the firm receives permission it should use projected valuations in calculating its fees.
References in this table to dates or months are references to the latest one occurring before the start of the appropriate regulator's50 fee year50 unless otherwise stated.
Valuation date but for FEES 4.2.7BR
Data period under FEES 4.2.7BR
Accepting deposits (monthly reporting firms)
Modified eligible liabilities (MELs)
Average of the MELs for October, November, December - so projected valuations will be used
MELs for December 2009.
Accepting deposits (quarterly reporting firms)
Entering into a home finance transaction
Number of mortgages, home purchase plans or home reversion plans entered into
12 months ending 31 December 2009 - so projected valuations will be used
1 November to 31 December 2009.
(Insurers - general)
Gross premium income and gross technical liabilities
31 March 2009 - so projected valuations will be used
FEES 4.2.7DR 01/06/2012
15If an issuer of a regulated covered bond becomes registered after 31 December its valuation date will be calculated in the manner described in 1 R Part 4.
FEES 4.2.8R 01/06/2011 RP
In relation to an incoming EEA firm or an incoming Treaty firm the modification provisions of FEES 4.2.7 R apply only in relation to the relevant regulated activities of the firm, which are passported activities or Treaty activities and which are carried on in the United Kingdom, and which are not provided on a cross border services basis.4 For payment services and electronic money issuance, 12the adjustment only applies to the business to which the calculation made in FEES 4.3.12A R relates. 9
FEES 4.2.9G 01/04/2013 RP
The appropriate regulator will not refund periodic fees if, after the start of the period to which they relate:
a fee payer ceases to have the status set out in column (1) of the table in FEES 4.2.11 R or FEES 4.2.11AR51; or
a firm reduces its permission or payment services activities 9so that it then falls out of the fee-block previously applied to it;9
(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying to Cancel or Vary Permission Before Start of Period)).
FEES 4.2.10R 01/04/2013 RP
A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:
that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or
unless FEES 4.3.6R (3), 9 FEES 4.3.6R (4) or FEES 4.3.6R (4A)9 (Time and method for payment) applies, that date would otherwise fall on or before the 30th day after the date on which the FCA (in its own capacity or in its capacity as agent for the PRA)50 has sent written notification to that person of the fee payable on that date, in which case he must pay on or before the 30th day after the date on which the FCA50 sends the notification.
Table of periodic fees payable to the FCA51
1 Fee payer
2 Fee payable
3 Due date
4 Events occurring during the period leading to modified periodic fee
Any firm (except an AIFM qualifier,25 ICVC or a UCITS qualifier)
As specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R51
(1) Unless (2) or (3) apply7, on or before the relevant dates specified in FEES 4.3.6 R.12
(2) Unless (3) applies, if 7an event specified in column 4 occurs during the course of a fee year,50 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.7
(3) Where the permission is for operating a multilateral trading facility, the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators).
Firm receives permission, or becomes authorised or registered under the Payment Services Regulations or the Electronic Money Regulations12;9 or firm 9extends permission or its payment service activities916
Persons who hold a certificate issued by the FCA50 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.)
£1,08431
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice23
(2) If an event in column 4 occurs during the course of a fee year,50 30 days after the occurrence of that event
Certificate issued to person by FCA50 under Article 54 RAO
Any manager of an AUT23;
In relation to each unit trust the amount specified in part 1 of 25 FEES 4 Annex 4
Authorisation order is made in relation to the relevant scheme24
24Any authorised fund manager of an authorised contractual scheme;
In relation to each authorised contractual scheme the amount specified in part 1 of25 FEES 4 Annex 4
Any ACD of an ICVC; and
In relation to each ICVC,25 the amount specified in part 1 of25 FEES 4 Annex 4
Persons who, under the constitution or founding arrangements of a recognised scheme, are 33responsible for the management of the property held for or within the scheme;
In relation to each recognised scheme the amount specified in part 1 of25 FEES 4 Annex 4
The relevant scheme becomes a recognised scheme25
AIFM of a UK ELTIF33
In relation to each ELTIF the amount specified in part 1 of FEES 4 Annex 433
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice.33
(2) If an event in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event.33
The ELTIF is authorised by the FCA under the ELTIF regulation33
FEES 4 Annex 5
On or before the relevant dates specified in FEES 4.3.6 R23
FEES 4 Annex 6, part 1 for a UK RIE ; and
FEES 4 Annex 6 R, part 1A for a UK RIE that is also an RAP13
(1) On or before the relevant dates specified in FEES 4.3.6 R23
(2) If the event in column 4 occurs during the course of a fee year50, 30 days after the occurrence of that event
Recognition order is made.
The modified1152 periodic fee is specified in FEES 4 Annex 6 R, Part 1and (in the case of an RAP) Part 1A.131152
1152115211521152
ROIE51
FEES 4 Annex 6, part 2
(2) If the event in column 4 occurs during the course of a fee year50, 30 days after the occurrence of that event.
The modified1152 periodic fee is specified in FEES 4 Annex 6, Part 2.1152
Listed issuers (in LR) of shares, depositary receipts and securitised derivatives (in LR), unless the conditions set out below apply.3
The first condition is that the listed issuer, or a related entity, has already paid a periodic fee in respect of the period concerned. The second condition is that the listed issuer is subject to listing rules as a result of a reverse takeover, or that the listed issuer is a newly formed entity, created as a result of a restructuring.3
FEES 4 Annex 7
Within 30 days of the date of the invoice
Listed issuer3 (in LR) becomes subject to listing rules
£27,100 per fee year (see Note)31
10122323311210231
(1)14Approval of sponsor, unless (2) applies.14
(2) In the case of approval of a sponsor following a change of legal status in accordance with FEES 3 Annex 1 R Part 7, the balance of the fee otherwise due from the original sponsor.
Where a payment is made in accordance with (2) the original sponsor's obligation to pay that fee ceases.14
All non-listed issuers (in DTR) of shares, depositary receipts and securitised derivatives.6
FEES 4 Annex 8, except for Table 329
Non-listed issuer (in DTR) becomes subject to disclosure rules and transparency rules629
29Any primary information provider
FEES 4 Annex 8, Table 3
A person is approved as a primary information provider
6All firms reporting transactions in securities derivatives 10to the FCA50 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10
FEES 4 Annex 9 R
15Any issuer of a regulated covered bond.
(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R
(2) If an event specified in column 4 occurs during the course of a fee year50, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R
A person becomes registered as an issuer of a regulated covered bond
26(i) An AIFM (other than a UK AIFM or an EEA AIFM with a branch in the UK) which has notified the FCA of its intention to market an AIF in the UK under regulation 57 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year.
(ii) An AIFM which has notified the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year.
For each notification made by the AIFM of the kind specified in part 2 of FEES 4 Annex 4, the amount specified in part 2 of FEES 4 Annex 4
(1) Unless (2) applies, on or before 1 August, or, if later, within 30 days of the date of the invoice
(2) If an event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event
The FCA receives a notification to market in the UK
26A small registered UK AIFM
The basic fee contained in part 3 of FEES 4 Annex 4
The AIFM is registered by the FCA under regulation 10 of the AIFMD UK regulation.
30Each of the following that makes transaction reports directly to the FCA under SUP 17 (Transaction reporting):
(1) a firm;
(2) a third party acting on a firm's behalf;
(3) an approved reporting mechanism;
(4) an operator of a regulated market; and
(5) an operator of an MTF.
FEES 4 Annex 3A
The FCA enters into arrangements with the fee payer under which it can make transaction reports directly to the FCA
Note: Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2