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FEES 3.1 Introduction

Application

FEES 3.1.1 R RP

1This chapter applies to every person6 set out in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R6 .

6 6
FEES 3.1.1A R RP

fee-paying payment service provider A reference to firm in this chapter includes a fee-paying payment service providerand a fee-paying electronic money issuer.6

6
FEES 3.1.2 G RP

This chapter does not apply to:6

6
  1. (1)

    an EEA firm that wishes to exercise an EEA right; or6

  2. (2)

    an EEA authorised payment institution; or6

  3. (3)

    an EEA authorised electronic money institution.6

Purpose

FEES 3.1.3 G RP

The purpose of this chapter is to set out the FSA fee paying requirements on the persons set out in FEES 1.1.2R (1).

5 19
FEES 3.1.4 G RP

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 10 R.6

6
FEES 3.1.5 G RP
  1. (1)

    The rates set for authorisation fees represent an appropriate proportion of the costs of the FSA in processing the application or exercise of Treaty rights.

  2. (2)

    The fees for collective investment schemes reflect the estimated costs to the FSA 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 umbrella3.

    3
  3. (3)

    Application 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.

FEES 3.1.6 G RP

Applications for Part IV permission (and exercises of Treaty rights) are categorised by the FSA for the purpose of fee raising as complex, moderately complex and straightforward as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the FSA's risk assessment of the applicant (or Treaty firm).

FEES 3.1.6A G RP

4Application 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.

FEES 3.1.6B G RP

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.

FEES 3.1.7 G RP

A potential applicant for Part IV permission (or Treaty firm) has the opportunity to discuss its proposed application (or exercise of Treaty rights) with the FSA before submitting it formally.2 (For more information, contact the Firm Contact Centre (020 7066 3954) or visit the FSA website How do I get authorised: http://www.fsa.gov.uk/Pages/Doing/how/index.shtml.)2 If an applicant for Part IV permission (or Treaty firm) does so, the FSA 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.

2
FEES 3.1.8 G

See the FSA website How do I get authorised: http://www.fsa.gov.uk/Pages/Doing/how/index.shtml2 in relation to the procedures for making applications for Part IV permission and SUP 13A for procedures for the exercise of Treaty rights by Treaty firms.

2

FEES 3.2 Obligation to pay fees

General

FEES 3.2.1 R RP

A person in column (1) of the table in FEES 3.2.7 R as the relevant fee payer for a particular activity must pay to the FSA a fee for each application or request for vetting, or request for support relating to compatibility of its systems with FSA systems,7 or admission approval made, or notification or notice of exercise of a Treaty right given, or other matter 9as is applicable to it, as set out or calculated in accordance with the provisions referred to in column (2) of that table:

  1. (1)

    in full and without deduction; and

  2. (2)

    on or before the date given in column (3) of that table.

FEES 3.2.2 G RP

If an application for a Part IV permission (or exercise of a Treaty right) falls within more than one category set out in FEES 3 Annex 1, only one fee is payable. That fee is the one for the category to which the highest fee tariff applies.

Method of payment

FEES 3.2.3 R RP
  1. (1)

    Unless (2) or (3)10 applies, the sum payable under FEES 3.2.1 R must be paid by bankers draft, cheque or other payable order.

  2. (2)

    15The FSA does not specify a method of payment for a person seeking to:

    1. (a)

      become a recognised body or a designated professional body; or15

    2. (b)

      be added to the list of designated investment exchanges or accredited bodies.15

  3. (3)

    The sum payable under FEES 3.2.1 R by a firm applying for a variation of its Part IV permission (FEES 3.2.7 R(p)) must be paid by any of the methods described in (1) or by Maestro or credit card (Visa/Mastercard only).10 Any payment by a permitted credit card must include an additional 2% of the sum paid.10

    1374
FEES 3.2.4 G RP

The FSA expects that a person seeking to become a recognised body or a designated professional body or to be added to the list of designated investment exchanges or accredited bodies 15will generally pay their respective fees by electronic credit transfer.

FEES 3.2.5 G RP
  1. (1)
  2. (2)

    With the exception of persons seeking to become a designated professional body, all applications, notifications, requests for vetting or admission approval will be treated as incomplete until the relevant fee is fully paid and the FSA will not consider an application, notification, request for vetting or admission approval until the relevant fee is fully paid. Persons seeking to become a designated professional body have 30 days after the designation order is made to pay the relevant fee.

FEES 3.2.6 G RP

Fees paid under this chapter are not refundable.

FEES 3.2.7 R RP

Table of application, notification and vetting fees

(1) Fee payer

(2) Fee payable

Due date

(a) Any applicant for Part IV permission (including an incoming firm applying for top-up permission)

(1) Unless (2) applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part 11 which apply to that application.

(2) In respect of a particular application which is:

(i) a straightforward or moderately complex case for the purposes of FEES 3 Annex 1 part 1, and

(ii) only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6,

the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 1 part 11

1

On or before the application is made

(b) Any Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right, except for a firm providing cross border services only4

(1) Where no certificate has been issued under paragraph 3(4) of Schedule 4 to the Act the fee payable is, in respect of a particular exercise, set out in FEES 3 Annex 1, part 4

(2) Where a certificate in (i) has been issued no fee is payable

On or before the notice of exercise is given

(c) Any applicant for a certificate under article 54 of the Regulated Activities Order

2,000

On or before the application is made

(d) Applicants for an authorisation order for, or recognition of, a collective investment scheme

FEES 3 Annex 2 , part 1

On or before the application is made

(f) Any person seeking an order under section 326(1) of the Act to become a designated professional body.

10,000

30 days after the order is granted

(g) Any applicant for recognition as a UK recognised body:17

(i) under section 287 or section 288of the Act; or17

(ii) under regulation 2(1) of the RAP regulations17

FEES 3 Annex 3 , part 1

On or before the date the application is made

(h) Any applicant for recognition as an overseas recognised body under section 287 or section 288 and section 292 of the Act

FEES 3 Annex 3 , part 2

On or before the date the application is made

(i) An applicant for listing (under the listing rules)

FEES 3 Annex 4 , part 1

On or before the date the application is made

(j) Applicant for approval as sponsor (under the listing rules)

FEES 3 Annex 4 , part 2

On or before the date the application is made

(k) Issuers of tranches from debt issuance programmes and securitised derivative tranches

FEES 3 Annex 4 , part 1

An upfront fee is required per tranche for draw downs in the following 12 months

(l) Under the listing rules, an issuer involved in specific events or transactions during the year where documentation is subject to a transaction vetting

FEES 3 Annex 5 , part 1, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category 7(q) in this table, in which case the fee payable under that category.2

On or before the date that relevant documentation is first submitted to the FSA

(m) Under the prospectus rules, an issuer or person requesting approval or vetting of the documents arising in relation to specific events or transactions that it might be involved in during the year

FEES 3 Annex 5 , part 2, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category 7(q) in this table, in which case the fee payable under that category.2

On or before the date that relevant documentation is first submitted to the FSA

(n) Applicants to be added to the list of designated investment exchanges

50,000

On or before the date the application is made

2(o) Either:5

(i) a firm applying to the FSA for permission to use one of the advanced prudential calculation approaches listed in FEES 3 Annex 6 R (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the FSA as EEA consolidated supervisor under the ) any firm making such an application ;5 or

(ii) in the case of an application to 5a Home State regulator other than the FSA5for the use of the Internal Ratings Based approach and the Home State regulator requesting the FSA's assistance in accordance with the Capital Requirements Regulations 2006 , any firm to which the FSA would have to apply any decision to permit the use of that approach.5

1 1 2 5 5 5

(1) Unless5 (2) applies, FEES 3 Annex 6.5

(2) (a) Unless5 (b) applies a1firm submitting a second application for the permission or5guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6, but only in respect of that second application

(b) No fee is payable by a firm in relation to a successful application for a permission5 based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements.1

(c) No fee is payable where the Home State regulator has requested the assistance of the FSAas described in paragraph (o)(ii) of column 1 except in the cases specified in 5FEES 3 Annex 6.2

5 2 5 1 2 5 5 5 5 5

Where the firm has made an application directly to the FSA, on or before the date the application is made, otherwise within 30 days after the FSA notifies the firm that its EEA parent's Home State regulator has requested the FSA's assistance.2

2

(p) A firm applying for a variation of its Part IV permission

(1) Unless (2) or (3)11 applies, if the proposed new1 business of the firm would1 fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1 not applicable before the application1, the fee is 50% of the highest of the tariffs set out in which apply to that application.

(2) If the only change is that the1 A.12 activity group tariff applied to the firm's business before the variation and the A.13 activity group will apply after variation, no fee is payable

(3) If the firm is in the A.1 fee-block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3 Annex 1 R that applies to that application11

(4) 11 In all other cases, other than applications by credit unions, the fee payable is 250, unless the variation involves only the reduction (and no other increases) in the scope of a Part IV permission in which case no fee is payable.1

1 1 11

On or before the date the application is made

2(q) A super7transaction, being one where:

(i) the issuer has a market capitalisation in excess of 1.5 billion and it is a new applicant for a premium listing1374 under the listing rules, or involved in a reverse or hostile takeover or a significant restructuring; or

(ii) the issuer has a market capitalisation in excess of 5 billion and is involved in a class 1 transaction,7 a transaction requiring vetting of an equity prospectus or equivalent document or a transaction requiring vetting of a prospectus in relation to a Depositary Receipt.7

7 13 74 7 7

50,000

On or before the date that the relevant documentation is first submitted to the FSA.3

3 3

2(r) Providers of reporting or trade matching systems applying for recognition under MiFID as an Approved Reporting Mechanism.

100,0006

6

Having received its application, within 30 days after the FSA has notified the applicant that it is to commence testing of the applicants systems.6

5 6

5(s) In the case of an insurance business transfer scheme, a transferor.

Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly.

Either (1) or (2) as set out below:

(1) In the case of an insurance business transfer scheme involving long term insurance business, 18,500; or

(2) in the case of an insurance business transfer scheme not involving long term insurance business, 10,000.

On or before any application is made to the FSA for the appointment of a person as an independent expert.

6(t) A firm, a third party acting on a firm's behalf, an operator of a regulated market or an operator of an MTF applying to the FSA to report transaction reports directly to the FSA.

20

100,000

Having received its application, within 30 days after the FSA has notified the applicant that it is to commence testing of the applicants systems.

7(u) Any of the following:

(i) an operator of an approved reporting mechanism;

(ii) a firm;

(iii) a third party acting on behalf of a firm;

(iv) a market operator; or

(v) an MTF operator;

that satisfies the following conditions:

(1) it provides transaction reports directly to the FSA; and

(2) having made changes to its reporting systems, it asks the FSA to support the testing of the compatibility of its systems with the FSA's systems.

As set out in FEES 3 Annex 7.

Within 30 days of the date of the invoice.

(v) A significant transaction, being one where:

(i) the issuer has a market capitalisation in excess of 500 million and is producing an equity prospectus, a prospectus in relation to a Depository Receipt or a document in relation to a class 1 transaction; or

(ii) the issuer is producing a document for vetting in relation to a reverse takeover, a hostile takeover or a significant restructuring.

A significant transaction does not include a super transaction.

20,000

On or before the date that the relevant documentation is first submitted to the FSA.

(w) A listed issuer that requests or whose representative requests the FSA to amend the Official List, or any records held by the FSA in relation to the Official List, otherwise than pursuant to an application for listing.

FEES 3 Annex 4 part 3

On or before the date the request is made.

(x)

(i) An issuer or person who:

(1) is a fee payer under one or more of the categories set out in (ii); and

(2) requests the FSA's approval or vetting of a document that includes a mineral expert's report.

(ii) The categories are (1), (m) (q), and (v) of this table.

(iii) A fee under this category is payable in addition to any fee payable under the categories set out in (ii).

5,000

On or before the date the relevant documentation is first submitted to the FSA.8

8(y) An applicant for authorisation as an authorised payment institution under regulation 5 of the Payment Services Regulations

The highest of the tariffs set out in FEES 3 Annex 8 which apply to that application.

Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable in

FEES 3 Annex 8R

On or before the date the application is made.

(z) An application by a small payment institution for authorisation as an authorised payment institution because regulation 15 of the Payment Services Regulations applies

The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application.

On or before the date the application is made.

(za) An applicant for registration as a small payment institution under regulation 12 of the Payment Services Regulations

FEES 3 Annex 8R , paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R.

On or before the date the application is made.

(zb) An authorised payment institution applying to vary its authorisation under regulation 8 of the Payment Services Regulations.

(1) If the payment services carried on by the authorised payment institution prior to the variation only fall within paragraph (f) or (g) or (h) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application.

(2) Where the

authorised payment institution:(i) already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (g); or

(ii) has authorisation to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its authorisation to include the other paragraph ((f) or (g));

the fee payable is 250 irrespective of the number of agents it has.

(3) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable.

On or before the date the application is made.

(zc) A small payment institution applying to vary its registration under regulation 12 of the Payment Services Regulations

(1) If the payment services carried on by the small payment institution prior to the variation only fall within paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8Rwhich apply to that application.

(2) Where the small payment institution:

(i) is already registered to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other of the services in (a) to (g); or

(ii) is registered to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its registration to include the other paragraph ((f) or (g));the fee payable is 250 irrespective of the number of agents it has.

(2)

(3) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable.

On or before the date the application is made.

A financial institution notifying the FSA in accordance with regulation 121(2)(a) of the Payment Services Regulations.

50% of the highest of the tariffs set out in FEES 3Annex 8R, paragraphs (2) to (5) which apply to that application.

On or before the date the application is made.

(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12

12

Special Project Fee for restructuring in accordance with FEES 3 Annex 9 .

30 days of the date of the invoice.9

(zf) An applicant for a ceding insurer's waiver.

20,000

On or before the date the application is made.916

16(zg) An applicant for authorisation as an authorised electronic money institution under regulation 5 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zh) An applicant for registration as a small electronic money institution under regulation 12 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zi) An application by a small electronic money institution for authorisation as an authorised electronic money institution14because regulation 16 of the Electronic Money Regulations applies.

The amount set out in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zj) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zk) A small electronic money institution applying to vary its registration under regulation 12 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R.

On or before the date the application is made.

15(zl) An applicant for recognition as an accredited body.

2,500

On or before the date the application is made.18

18(zm) An issuer applying for registration of a regulated covered bond.

(1) Unless (2) applies, 45,000.

(2) In the case of a proposed covered bond or programme where the assets in the asset pool will consist primarily of UK residential mortgages, 25,000.

On or before the date the application is made.

18(zn) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4 D.

6,500

On or before the date the notification under RCB 3.5.4 D is made.

[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19

FEES 3 Annex 1 Authorisation fees payable

R

Part 1 - Authorisation fees payable

9

Application type (see Part 2)

Amount payable

(a) Credit unions - registration of common bond

200

(b) Version 1 credit unions - authorisation

300

(c) Version 2 credit unions - authorisation

1,800

(d) Straightforward

1,500 (unless otherwise specified in Part 2)9

(e) Moderately complex

5,000 (unless otherwise specified in Part 2)9

(f) Complex

25,000

Part 2 - Complexity Groupings Straightforward Cases

9

Straightforward cases

Activity grouping

Description

A.3

Friendly societies only

A.4

Friendly societies only16

16A.10

A firm to the extent it is bidding in emissions auctions

A.12

Advisory arrangers, dealers or brokers (holding or controlling client money and/or assets)

A.13

Advisory only firms and advisory arrangers, dealers or brokers (not holding or controlling client money and/or assets)

A.14

Corporate finance advisers

A.181

Home finance providers 4, advisers and arrangers (excluding home finance providers4).1

4 4 9 12 11

A.191

General insurance mediation1

Moderately Complex Cases

9

Moderately complex cases

Activity grouping

Description

[deleted]13

13

[deleted]13

13

A.21

Home finance providers 4 and administrators.1

4 9 12 11

5A.3

UK ISPVs

A.48[deleted]8

[deleted]8

8

A.5

Managing agents at Lloyd's

A.7

Fund managers

A.9

Operators, trustees and depositaries of , operators of personal pension schemes and operators of stakeholder pension schemes3

A.10

Firms dealing as principal, except to the extent the firm is bidding in emissions auctions16

B.

Service companies

Complex Cases R

Complex cases

Activity grouping

Description

A.1

Deposit acceptors (excluding e-money issuers and credit unions) and dormant account fund operators10

A.3

Insurers - general (excluding friendly societies and UK ISPVs5)

A.4

Insurers - life (excluding friendly societies)

8

6B

MTF operators

Part 4 - Authorisation Fees for Treaty Firms R

If the Treaty firm wishes to undertake the permitted activities in question through its branch in the United Kingdom, the fee is 50% of the fee that would be payable under FEES 3.2.7 R for an applicant for Part IV permission.

If the Treaty firm wishes to undertake the permitted activities in question by providing services in the United Kingdom, the fee is 25% of the fee which would be payable under FEES 3.2.7 R for an applicant for Part IV permission.

Part 5 - Activity Groupings R

The activity group definitions are set out in FEES 4 Annex 1R2

2

Part 6 - Change of legal status2

2

An application involving only a simple change of legal status for the purposes of FEES 3.2.7 R, FEES 3.2.7R (y),14FEES 3.2.7R (za)7, FEES 3.2.7 R (zg) and FEES 3.2.7 R (zh)14 is from an applicant:

2

(1) which is a new legal entity intending to carry on the business, using the same business plan, of an existing firm with no outstanding regulatory obligations cancelling its Part IV permission or14 authorisation or registration under the Payment Services Regulations or the Electronic Money Regulations,147 and

(2) which is to:

(a) have the same or narrower permission, scope of authorisation or registration under the Payment Services Regulations or Electronic Money Regulations147and the same branches (if any), as the firm;

(b) assume all of the rights and obligations in connection with any of14 the regulated activities,14payment services7 and electronic money issuance14 carried on by the firm;

(c) continue the same compliance arrangements and compliant client asset and client money procedures, as the firm, subject to any changes required only as a result of the change of legal status;

(d) continue with a risk profile and arrangements for controlling and monitoring risk which will not be materially different from those of the firm; and

(e) have the individuals within the firm that are responsible for insurance mediation activity perform the same role for the applicant.

Part 7 - Change of legal status - sponsors fees

15An application involving only a simple change of legal status for the purposes of FEES 3.2.7 R(j) is from an applicant:

(1) which is a new legal entity intending to carry on the business of an existing sponsor (as defined in the listing rules) in respect of which the FSA does not currently require, and is not proposing to require, remedial action relating to any aspect of its provision of sponsor services); and

(2) which (subject to any changes required only as a result of the change in legal status) is to:

(a) assume all of the rights and obligations in connection with any of the sponsor activities of the existing sponsor under the listing rules;

(b) make no changes to the systems and controls of the existing sponsor which ensure that the existing sponsor can carry out its role as sponsor in accordance with LR 8 (Sponsors: Premium listing);

(c) have the individuals within the existing sponsor that are engaged in the provision of sponsor services engaged in the same role for the applicant; and

(d) otherwise continue to comply in all respects with the criteria for approval as a sponsor set out in LR 8.6.5 R.

FEES 3 Annex 2 Application and notification fees payable in relation to collective investment schemes

R

Legislative provision

Nature and purpose of fee

Payable by

Amount of fee

Umbrella factor (note 1) 1

1

Part 1 [deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

[deleted]1

1

Part 2 Application fees payable for firms to be subject to COLL

Regulation 12 of the OEIC Regulations1

1

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

An applicant

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

2

UCITS scheme

1,200

Non-UCITS retail scheme

1,500

Qualified investor scheme

2,400

Section 272 of the Act

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

An applicant

14,000

2

Section 264 of the Act

On giving notice under section 264 of the Act

The operator

600

2

Section 270 of the Act

On giving notice under section 270 of the Act

The operator

600

2

Part 4 (Alternative Investment Funds: fees payable for making a notification to the FCA to market an AIF)

Notes:

1.

For an umbrella1 the fee is multiplied by the factor shown in the final column of the table.

1

FEES 3 Annex 3 1Application fees payable in connection with Recognised Investment Exchanges, Recognised Clearing Houses and Recognised Auction Platforms1

R

Description of applicant

Amount payable

Due date

Part 1 (UK recognised bodies)

Applicant for recognition as a UK RIE

100,000

Date the application is made

Applicant for recognition as a UK RCH

100,000

Date the application is made1

1Applicant for recognition as an RAP (payable in addition to any other application fee due under this part)

35,000

Date the application is made

Additional fees for a UK RIE or UK RCH1 applicant who proposes to:

- act as a central counterparty

25,000

Date the application is made

- offer safeguarding and administration services

25,000

Date the application is made

- use substantially new and untested information technology systems in the performance of its relevant functions

25,000

Date the application is made

Part 2 (overseas recognised bodies)

Applicant for recognition as a recognised overseas investment exchange

50,000

Date the application is made

Applicant for recognition as a recognised overseas clearing house

50,000

Date the application is made

Additional fees for applicant who proposes to:

- act as a central counterparty

25,000

Date the application is made

- offer safeguarding and administration services

25,000

Date the application is made

FEES 3 Annex 4 3Application and administration 6 fees in relation to listing rules

R

Part 1

Fee type

Fee amount

Application Fees

2

Application for listing

2251 plus 100 per each additional issue of securities with its own International Securities Identification Number 2unless the fee in Categories 6 or4 8 of FEES 3 Annex 5 Part 2 applies.3

1 2 4
3 3

Part 2

Sponsor Application Fees

1

Fee type

Fee amount

Application for approval as sponsor

15,00057

5

7Application for approval as sponsor following change of legal status in accordance with FEES 3 Annex 1, Part 7

5,000

Part 3 6

Fee type

Fee amount

Administration fee where the FSA makes amendments to the Official List, or any records held by the FSA in relation to the Official List, as a result of a request made by a listed issuer or its representative.

225 plus, if the request relates to more than one issue of securities, 100 per each additional issue of securities (with its own International Securities Identification Number).

FEES 3 Annex 5 Document vetting and approval fees in relation to listing and prospectus rules

R

Part 1

Fee type

Fee amount

Transaction vetting fees

Transaction vetting fees relate to specific events or transactions that an issuer might be involved in during the year.

2

Eligibility

New applicants

1,4306

6

Category 1

Class 1 transactions

Listing particulars for Depositary Receipts4

6,2706

6

Category 2

Listing particulars for issuers of specialist securities4

4

2,7506

6

Category 3

All other vetting only transactions

2,7506

6

Category 4

Supplementary listing particulars

5506

6

Part 2

These fees relate to approval or vetting of the documents referred to in the second column of this table arising in relation to specific events or transactions that an issuer, offeror or person requesting admission might be involved in during the year.

2

Category 1

Equity prospectus

Equivalent document referred to in PR 1.2.2R(2) or (3) or PR 1.2.3R(3) or (4)

Depositary Receipt prospectus4

6,2706

6

Category 2

Equity registration document

3,5208

6 8

Category 3

Equity securities note and summary

Summary document referred to in PR 1.2.3R(8)

2,7506

6

Category 4

Non-equity prospectus or base prospectus

Equivalent document referred to in PR 1.2.2R(2) or (3) or PR 1.2.3R(3) or (4)

4 9

2,7506

6

Category 5

Non-equity registration document

1,9256

6

Category 6

Non-equity securities note and summary

Summary document referred to in PR 1.2.3R(8)

82596

4 6 9

Category 7

Supplementary prospectus and any details produced in a document in relation to LR 16.3.6 R.6

55069

For the purposes of categories 1-3 of this fee schedule, equity does not include convertible securities or depositary receipts. These are treated as non-equity.

Where a fee in category 6 or5 8 of this fee schedule is payable, the listing application fee under FEES 3 Annex 4 Part 1 does not apply.4

Fees from other fee schedules contained in other sections of the sourcebook may be applicable to a single submission.

Certain transactions may come within the category of super or 7significant transactions and thus attract a higher fee, as set out in 7FEES 3.2.7 R(q) and FEES 3.2.7 R(v)7.4

1

FEES 3 Annex 6 1Fees payable for a permission or guidance on its availability in connection with the Basel Capital Accord

R

3 2Part 1Fees payable other than in relation to the 4counterparty credit risk internal model method.1

1 4 1

(1) Paragraphs (2) and (3) deal with an application made to the FSA rather than a request for assistance under the Capital Requirements Regulations 2006.

(2) 4For firms falling into a group (Group 1) in which there are 4five or more significant overseas entities to which the application relates and the application is for permission to use one of the advanced prudential calculation approaches listed in Tables 1 or 2 or guidance on the availability of such a permission4 the fees in Table 1 are applicable.

(3) For all other firms the fees in Table 2 are applicable.4

(4)

(4)4Where a request for assistance regarding an Advanced or Foundation IRB application under the Capital Requirements Regulations 2006 has been made to the FSA as detailed in FEES 3.2.7 R (o), the fees in Table 1 and Table 2 are applicable if any firm referred to in FEES 3.2.7 R (o)(ii) meets the following conditions:4

(i) it is a UK domestic firm4 and has permission to accept deposits; and

(ii) the firm does not fall within Group 4 as defined in 4Table 2.3

(5) If however the application or request is in relation to the use of the advanced IRB approach and the FSA (in the case of (2) or (3)) or the relevant Home State regulator (in the case of (4)) has already granted permission for the use of the foundation IRB approach at the time of the application then Table 3 applies.4

4 4 4

Table 1

Application group

Description of group

Application fee 2

2 3 4 5

Advanced IRB ('000)

Foundation IRB ('000)

AMA ('000)

Group 1

Five or more significant overseas entities as described in more detail in the definition of Group 1 in the introduction to Part 1 of this Annex4

4

2684

3 3 4

2324

2 3 4

1814

2 3 4

Table 2

Application group

Description of group

Application fee 2

2 3 4 5

Modified eligible liabilities (m)

Number of traders as at the 31 December prior to the FSA financial year in which the fee is payable5

2 3 4 5

Advanced IRB ('000)

Foundation IRB ('000)

AMA ('000)

Group 2

>40,000

>200

2324

2 3 4

1984

2 3 4

1464

2 3 4

Group 3

>5,000 - 40,000

26 - 200

944

2 3 4

724

2 3 4

514

2 3 4

Group 4

0 - 5,000

0 - 25

424

2 3 4

304

2 3 4

244

2 3 4

(1)

[Deleted]4

4

(2)

For the purposes of Table 2, a firm's A.1 or A10 tariff data for the relevant period will be used to provide the value of modified eligible liabilities or number of traders.

4Table 3 (Advanced IRB approach where the FSA or Home State regulator has already given permission to use the foundation IRB approach)

Application group

Advanced IRB Application fee ()

5

Group 1

67,000

Group 2

58,000

Group 3

23,500

Group 4

10,500

The four application groups have the same meaning as they do in Tables 1 and 2.

2Part 2

Fees payable in relation to4 the counterparty credit risk internal model method.1

54,000

1 4 1 3 4 4

FEES 3 Annex 7 1Fees where changes are made to firms transaction reporting systems and the FSA is asked to check that these systems remain compatible with FSA systems

R

Hourly rate (£)

Method of calculating fee

168.09

The fee is calculated as follows:

(1) Determine the number of hours, or part of an hour, taken by the FSA (or any person acting on behalf of the FSA) to test the fee payers transaction reporting systems for compatibility with the relevant FSA systems.

2) Then multiply the figure in the first column by the number of hours or part hours obtained under (1). The resulting figure is the fee.

(3) The number of hours or part hours referred to in (1) shall be the number of hours or part hours as recorded on the FSA's systems.

FEES 3 Annex 8 Fees payable for authorisation as an authorised payment institution or registration as a small payment institution, including notification fees, 2 in accordance with the Payment Services Regulations

R

1Authorisation and registration fees payable

Application type for authorisation, registration and notification 2under Part 2 of the Payment Services Regulations

2

Amount payable

(1) small payment institution

500

(2) authorised payment institution - where the applicant is applying for authorisation to provide payment services in paragraph(s) (f) (money remittance) and/or (g) (consent given by electronic device) of Part 1 of Schedule 1 to the Payment Services Regulations

1,500

(3) authorised payment institution - where the applicant is applying for authorisation to provide payment services in any one or more of paragraph(s):

(a)

(cash placed on payment account);

(b)

(cash withdrawals enabled);

(c) (execution of direct debts,

etc);

(d) (execution of

direct debits, etc where credit line available);

(e) (issuing payments

and transactions)

of Part 1 of Schedule 1 to the Payment Services Regulations.

5,000

(4) authorised payment institution - where, at the time the application is made, the applicant intends to use agents2

2

3 for each agent registered with the FSA at the time of application.

This fee is in addition to any fee due under paragraph (2) or (3) of this table.2

2

(5) authorised payment institution - where, during the course of the FSA financial year (12 months ending 31 March), the firm notifies the FSA of any changes to the list of agents it has registered since authorisation2

2

3 for each change notified to the FSA during the FSA financial year.

No fee is due under paragraph (5) if the total number of notifications to the FSA during the FSA financial year numbers 100 or less.2

2

FEES 3 Annex 9 Special Project Fee for restructuring

R

2(1) R

The Special Project Fee for restructuring (the SPFR) is only payable by a person in one of the following categories:

(a)

if it is in any of the A fee-blocks (as defined in Part 1 of FEES 4 Annex 1), except if it is in fee-block A.16 only; or

(b)

if it is in fee-block G.3 (as defined in FEES 4 Annex 11); or

(c)

if it is a recognised investment exchange; or

(d)

if it is a recognised clearing house; or

(e)

if it is in any of the B fee-blocks (as defined in Part 1 of FEES 4 Annex 1).

(2) R

The SPFR becomes payable by a person falling into (1)(a) or (b) if it engages in, or prepares to engage in, activity which involves it undertaking or making arrangements with a view to any of the following:

(a)

raising additional capital; or

(b)

a significant restructuring of the firm or the group to which it belongs, including:

(i) mergers or acquisitions;

(ii) reorganising the firm'sgroup structure; and

(iii) reattribution.

(3) R

No SPFR is payable under (2) if the transaction only involves the firm seeking to raise capital within the group to which it belongs.

(4) R

Where the transaction in (2) involves raising capital outside the group to which the firm belongs, any SPFR in relation to that transaction is only payable by the largest firm in that group. The largest firm is the one that pays the highest periodic fee in the FSA financial year (the 12 months ending 31 March) in which the bill is raised. For the purpose of the calculation in (9), all time spent and fees and disbursements incurred in relation to the group are added together.

(5) R

The definition of group is limited for the purposes of calculating the SPFR to parent undertakings and their subsidiary undertakings.

(6) R

The SPFR also becomes payable by any person falling into (1) if any of the following circumstances apply to it:

(a)

an insolvency order is in effect as respects the person or the person is being voluntarily wound up or steps are being taken for the making of an insolvency order or voluntary winding up of, or with respect to, the person by someone entitled to take such steps; or

(b)

the Bank of England or the Treasury have exercised a stabilisation power in respect of the person under the Banking Act 2009.

(7) R

In (6):

(a)

references to an insolvency order or winding up include the equivalent process in any jurisdiction outside the United Kingdom; and

(b)

references to an insolvency order include such an order made under the Banking Act 2009.

(8) R

No SPFR is payable:

(a)

if the amount calculated in accordance with (9) totals less than 50,000; or

(b)

for time spent giving guidance to the person in relation to the same matter if the FSA has charged that person for that guidance.

(9) R

The SPFR is calculated as follows:

(a)

Determine the number of hours, or part of an hour, taken by the FSA in relation to regulatory work conducted as a consequence of the activities referred to in (2) or (6).

(b)

Next, multiply the applicable rate in the table at (11) by the number of hours or part hours obtained under (a).

(c)

Then add any fees and disbursements invoiced to the FSA by any person in respect of services performed by that person for the FSA in relation to assisting the FSA in performing the regulatory work referred to in (a).

(d)

The resulting figure is the fee.

(e)

The number of hours or part hours referred to in (a) are the number of hours or part hours as recorded on the FSA's systems in relation to the regulatory work referred to in (a).

(10) R

The first column in the table at (11) sets out the relevant pay grades of those employed by the FSA and the second column sets out the hourly rates chargeable in respect of those pay grades.

(11) R

Table of hourly rates:

FSA pay grade

Hourly rate ()

Administrator

303

3

Associate

553

3

Technical Specialist

1003

3

Manager

1103

3

Any other person employed by the FSA

1603

3

(12) G

The obligation to pay the SPFR is ongoing. Accordingly, there is no limitation on the number of times that the FSA may invoice a person for the SPFR in relation to the same events or circumstances referred to in (2) or (6). If the FSA does so, there is a single floor under (8)(a) and not a separate one for each instalment. Therefore, for example, if a person is subject to an administration order, the FSA may invoice the person on a periodic basis for all the related regulatory work, but may only do so once the total fee (including disbursements) equals 50,000.

(13) G

If the SPFR is payable, the full amount calculated under (9) is payable not just the excess over 50,000.

(14) G

The SPFR is a single fee. Therefore the SPFR may be payable under both (2) and (6). If it is payable under both, there is only a single floor under (8)(a), not two separate ones.

FEES 3 Annex 10 Fees payable for authorisation as an authorised electronic money institution or registration as a small electronic money institution or variation thereof, including notification fees, 2 in accordance with the Electronic Money Regulations

FEES 3 Annex 10 R

Authorisation, registration and variation fees payable

1Application type for authorisation, registration, variation or notification under Part 2 of the Electronic Money Regulations2

2

Amount payable

(1) small electronic money institution

1,000

(2) authorised electronic money institution

5,000

2(3) electronic money institution - where, at the time the application is made, the applicant intends to use agents

3 for each agent registered with the FSA at the time of application.

This fee is in addition to any fees due under paragraph (1) or (2) of this table.

2(4) electronic money institution - where, during the course of the FSA financial year (12 months ending 31 March), the firm notifies the FSA of any changes to the list of agents it has registered since its authorisation

3 for each change notified to the FSA during the FSA financial year.

No fee is due under paragraph (4) if the total number of notifications to the FSA during the FSA financial year numbers 100 or less.

FEES 3 Annex 11 Guidance on fees due under FEES 3.2.7R

G

1The following table sets out guidance on how a firm liable to pay a fee under both FEES 3.2.7 R (s) and FEES 3.2.7 R (ze) for the same transaction should expect to be treated.

Firms liable under both FEES 3.2.7R(s) and FEES 3.2.7R(ze)

(1)

The transferor in insurance business transfer schemes is liable to pay the fee set out in FEES 3.2.7 R (s). However, it may also be liable to pay the Special Project Fee for restructuring set out in FEES 3.2.7 R (ze), calculated in accordance with FEES 3 Annex 9. It is possible then for a firm to have to pay two types of fees in respect of the same insurance business transfer scheme.

(2)

Where the situation described in (1) arises, the FSA will consider whether to reduce or remit a fee under FEES 2.3 (Relieving Provisions).