FEES 3.1 Introduction
Application
A reference to firm in this chapter includes a fee-paying payment service provider20, a CBTL firm,10 a fee-paying electronic money issuer, a designated finance platform,12 a designated credit reference agency and a data reporting services provider12.6
2011106This chapter does not apply to:6
6- (1)
an EEA firm that wishes to exercise an EEA right unless it is:13
6- (a)
an incoming data reporting services provider connecting to the market data processor system; or13
- (b)
an EEA firm connecting to the market data processor system; or13
- (a)
- (2)
- (3)
Purpose
Most of the detail of what fees are payable by the persons referred to in FEES 3.1.3 G is set out in FEES 3 Annex 1 - FEES 3 Annex 12R10.
66202017The fees for funds8 reflect the estimated costs to the FCA of assessing applications and notifications. The level of fees payable in respect of an application or a notification will vary depending upon the provision of the Act under which it is made. This fee is adjusted when the scheme concerned is an umbrella.
817Application fees for recognised bodies are calculated from a tariff structure intended to reflect the estimated cost of processing an application of that type and complexity.
Applications for Part 4A permission (and exercises of Treaty rights) other than in respect of credit-related regulated activities7 are categorised by the 9FCA for the purpose of fee raising as straightforward, moderately complex and complex7 as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the 9FCA's risk assessment of the applicant (or Treaty firm).
9794Application fees for authorisation or registration under the Payment Services Regulations are set out in FEES 3 Annex 8R . The fee depends on the type of payment services a firm wishes to provide and whether it will be a small payment institution or an authorised payment institution. The fee may also depend on the number of agents it has.
6Application fees for authorisation or registration under the Electronic Money Regulations are set out in FEES 3 Annex 10 R. The fee depends on whether the firm is an authorised electronic money institution or a small electronic money institution.
20Application fees for registration under article 8(1) of the MCD Order are set out in FEES 3 Annex 10AR. The fee depends on whether the firm holds an existing Part 4A permission or an interim permission or has previously registered as a CBTL firm and that registration has been revoked under article 13 of the MCD Order.
- (1)
10Fees for designated credit reference agencies and designated finance platforms11 are set out at FEES 3 Annex 10B.
- (2)
These fees are charged under regulation 21 of the Small and Medium Sized Business (Credit Information) Regulations11 and regulation 18 of the Small and Medium Sized Business (Finance Platforms) Regulations.11
- (1)
12Application fees for authorisation under regulation 7 of the DRS Regulations, and for operators of trading venues seeking verification of their compliance with Title V of MiFID14 under regulation 8 of the DRS Regulations and for variation of an authorisation under regulation 12 of the DRS Regulations are set out in the table at FEES 3.2.7R.
- (2)
The fee depends on the number of data reporting services for which the firm is making an application.
A potential applicant for Part 4A permission17 (or Treaty firm) has the opportunity to discuss its proposed application (or exercise of Treaty rights) with the 9FCA before submitting it formally.2 If an applicant for Part 4A permission17 (or Treaty firm) does so, the 9FCA will be able to use that dialogue to make an initial assessment of the fee categorisation and therefore indicate the authorisation fee that should be paid.
171717922171717179[Deleted]17
Application fees for applications for and variations of Part 4A permission in respect of credit-related regulated activities are also set out in FEES 3 Annex 1F. Applications for Part 4A permission in respect of credit-related regulated activities are categorised by the 9FCA for the purposes of fee raising as straightforward, moderately complex and complex as identified in FEES 3 Annex 1, unless the application is for a limited permission.7
99[Note: PRA-authorised persons may also pay regulatory transaction fees to the PRA set out in Chapter 4 of the Fees Part of the PRA Rulebook.]