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FEES 4.1 1Introduction

Application

FEES 4.1.1R

1This chapter applies to every person set out in FEES 1.1.2R (2).

Purpose

FEES 4.1.2GRP

The purpose of this chapter is to set out the requirements on firms and others to pay periodic fees and transaction reporting fees in certain circumstances.

Background

FEES 4.1.3GRP

Most of the detail of the periodic fees that are payable by firms is set out in FEES 4 Annexes 1-8. Most of the provisions of the Annexes will vary from one financial yearto another. Accordingly fresh FEES 4 Annexes will come into force, following consultation, for each financial year.

FEES 4.1.4GRP
  1. (1)

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

  2. (2)

    The provision of the Direct Reporting System andTransaction Reporting System facilities for firms reporting transactions under SUP 17 incurs costs to the FSA. These costs depend upon the amount the facility is used. Accordingly the income which the FSA receives from these transactions reporting fees will be set and accounted for separately from the fee-block tariffs, and are set out in FEES 4 Annex 3.

FEES 4.1.5GRP

The Society of Lloyd's, which has permission under section 315(2) of the Act (The Society: authorisation and permission), has its own fee block.

FEES 4.1.6G

The FSA will allocate penalties received for the benefit of relevant fee payers by way of a permitted deduction specified in FEES 4 Annex 2, or in the case of listed issuers, as notified to issuers annually, for the relevant year.

FEES 4.1.7GRP

In the case of periodic fees for firms, fees are calculated individually for each firm, but they may be paid on a group basis, if the group so wishes.