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COLL 10.1 Introduction

Application

COLL 10.1.1 R

This chapter applies to:

  1. (1)

    every person seeking an authorisation order for, or recognition of, a collective investment scheme;

  2. (2)

    every manager of an authorised unit trust;

  3. (3)

    every ACD of an ICVC; and

  4. (4)

    every person who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme.

Purpose

COLL 10.1.2 G

The purpose of this chapter is to set out the requirements for the payment of fees relating to collective investment schemes.

Background

COLL 10.1.3 G

GEN 3 (FSA Fees - General Provisions) applies to fees required by this chapter and explains how the FSA sets fees.

COLL 10.1.4 G

Most of the detail of the fees payable in relation to a collective investment scheme is set out in COLL 10 Annex 1 R. The provisions of the Annex may vary from one financial year to another. Accordingly a fresh COLL 10 Annex 1 R will come into force, following consultation, for each financial year.

COLL 10.1.5 G

The fees for collective investment schemes reflect the estimated costs to the FSA of assessing applications and notifications, considering proposals to change regulated collective investment schemes, maintaining up to date records about them, and related policy work.

COLL 10.1.6 G

The level of fees payable in respect of an application or notification will vary depending upon the provision of the Act under which it is made, as well as the type of scheme concerned. This fee is adjusted when the scheme concerned is an umbrella scheme.

COLL 10.2 Obligation to pay periodic fees

General

COLL 10.2.1 R

A person identified in COLL 10 Annex 1 Ras the relevant fee payer for a regulated collective investment scheme must pay each periodic fee applicable to it in full and without deduction.

COLL 10.2.2 G

A relevant fee payer will be required to pay a periodic fee for every year during which a regulated collective investment scheme has that status. If that person is the relevant fee payer for more than one regulated collective investment scheme, he will be required to pay a fee in relation to each.

Due date

COLL 10.2.3 R

The relevant fee payer must pay the amount due on or before 30 April.

Method of payment

COLL 10.2.4 R

A periodic fee must be paid using one of the payment methods specified in SUP 20.2.7A R.

Modifications for newly authorised or recognised schemes

COLL 10.2.5 R

If an authorisation order is made in relation to a scheme, or a scheme becomes a recognised collective investment scheme during the course of a financial year to which a COLL 10 Annex 1 R fee applies:

  1. (1)

    the periodic fee required under COLL 10.2 is modified in accordance with the table at COLL 10.2.6 R; and

  2. (2)

    the due date for payment is 30 days after:

    1. (a)

      the making of the authorisation order for the scheme; or

    2. (b)

      the scheme becomes recognised.

COLL 10.2.6 R

Table. Modified fees for newly authorised or recognised schemes

This table belongs to COLL 10.2.5 R

Period in which authorisation or recognition is granted

Proportion of periodic fee payable

1 April to 30 June inclusive

100%

1 July to 30 September inclusive

75%

1 October to 31 December inclusive

50%

1 January to 31 March inclusive

25%

COLL 10.3 Obligation to pay notification and application fees

General

COLL 10.3.1 R

The person identified in COLL 10 as the relevant fee payer must pay each fee applicable to any application or notification as specified in COLL 10 Annex 2 R

Due date

COLL 10.3.2 R

The relevant fee payer must pay a fee identified in COLL 10 Annex 2 Ron or before the date on which the relevant application or notification is made.

COLL 10.3.3 G

Any application or notification, for which a fee is payable under this section, will be treated as incomplete until that fee is paid.

Method of payment

COLL 10.3.4 R

A fee identified in COLL 10 Annex 2 Rmust be paid by bankers draft, cheque or other payable order.

COLL 10 Annex 1 2Periodic fees payable for the period 1 April 2005 to 31 March 200623

COLL 10 Annex 1 R

2Part 1 - Periodic fees payable

2

Scheme type

Basic fee (£)

Total funds/ sub-funds aggregate

Fund factor

2005/06 fee (£)

ICVC

AUT

Section 264 of the Act

Section 270 of the Act

610

1-2

1

610

3-6

2.5

1,525

7-15

5

3,050

16-50

11

6,710

>50

22

13,420

Section 272 of the Act

2,500

1-2

1

2,500

3-6

2.5

6,250

7-15

5

12,500

16-50

11

27,500

>50

22

55,000

Fees are charged according to the number of funds or sub-funds operated by a firm as at 31 March 2005. Where more than one fund or sub-fund is operated the number of funds (not including the umbrella or parent fund) produces a 'fund factor' in accordance with the table above which is then applied to a basic fee to produce one total fee per operator. Fund factors are applied per operator rather than per scheme so that the fees relate to the number of funds rather than the number of schemes. This means that, for example, an authorised fund manager of three schemes pays the same as an operator or authorised fund manager of one scheme with three sub-funds (as only the sub-funds are counted).2

COLL 10 Annex 2 Application and notification fees payable

COLL 10 Annex 2 R

Table

Legislative provision

Nature and purpose of fee

Payable by

Amount of fee

Umbrella scheme factor (note 1)

Regulation 12 of the OEIC Regulations

On application for an order declaring a scheme to be an ICVC, where the scheme is:

An applicant

(Note 2)

2

- UCITS scheme

£1,200

- non-UCITS retail scheme

£1,500

- qualified investor scheme

£2,400

Section 242 of the Act

On application for an order declaring a scheme to be an AUT, where the scheme is:

An applicant

(Note 2)

2

- UCITS scheme

£1,200

- non-UCITS retail scheme

£1,500

- qualified investor scheme

£2,400

Section 264 of the Act

On giving notice under section 264 of the Act

The operator

(Note 3)

£600

2

Section 270 of the Act

On giving notice under section 270 of the Act

The operator

(Note 3)

£600

2

Section 272 of the Act

On application for an order declaring a scheme to be an individually recognised overseas scheme.

An applicant

(Note 2)

£14,000

2

Notes:

(1) For an umbrella scheme the fee is multiplied by the factor shown in final column of the table.

(2) The fee must accompany the application.

(3) The fee must accompany the notice.