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FEES 4 Annex 2A FCA Fee rates and EEA/Treaty firm modifications for the period from 1 April 2013 to 31 March 2014

R

39Part 1

This table shows the tariff rates applicable to each of the fee blocks set out in Part 1 of FEES 4 Annex 1AR.

(1)

For each activity group specified in the table below, the fee is the total of the sums payable for each of the tariff bands applicable to the firm's business, calculated by multiplying the value of the firm's tariff base by the rate applicable to each tranche of the tariff base, as indicated.

(2)

A firm may apply the relevant tariff bases and rates to non-UK business, as well as to its UK business, if:

(a)

it has reasonable grounds for believing that the costs of identifying the firm's UK business separately from its non-UK business in the way described in Part 3 of FEES 4 Annex 1A R are disproportionate to the difference in fees payable; and

(b)

it notifies the FCA in writing at the same time as it provides the information concerned under FEES 4.4 (Information on which fees are calculated), or, if earlier, at the time it pays the fees concerned.

(3)

For a firm which has not complied with FEES 4.2.2 G (Information on which fees are calculated) for this period:

(a)

the fee is calculated using (where relevant) the valuation or valuations of business applicable to the previous period, multiplied by the factor of 1.10;

(b)

an additional fee of £250 is payable, unless the firm is a PRA-authorised person in which case an additional fee of £125 is payable instead; and

(c)

The minimum total fee (including the administrative fee in (b)) is £430, unless the firm is a PRA-authorised person in which case the total minimum total fee (including the administrative fee in (b)) is £215.

Activity group

Fee payable

A.1

Band width (million of Modified Eligible Liabilities (MELs))

Fee (/m or part m of MELs)

General Periodic fee

>10 - 140

[tbc]

>140 - 630

[tbc]

>630 - 1,580

[tbc]

>1,580 - 13,400

[tbc]

>13,400

[tbc]

The tariff rates in A.1 are not relevant for the permissions relating to operating a dormant account fund. Instead a flat fee of 6,000 is payable in respect of these permissions

A.2

Band width (No. of mortgages and/or home finance transactions)

Fee (/mortgage)

>50 - 130

[tbc]

>130 - 320

[tbc]

>320 - 4,570

[tbc]

>4,570 - 37,500

[tbc]

>37,500

[tbc]

A.3

Gross premium income (GPI)

Periodic fee

Minimum fee ()

Not applicable

Band Width (million of GPI)

Fee (/m or part m of GPI)

>0.5 - 10.5

[tbc]

>10.5 - 30

[tbc]

>30 - 245

[tbc]

>245 - 1,900

[tbc]

>1,900

[tbc]

PLUS

Gross technical liabilities (GTL)

General Periodic fee

Band Width (million of GTL)

Fee (/m or part m of GTL)

>1 - 12.5

[tbc]

>12.5 - 70

[tbc]

>70 - 384

[tbc]

>384 - 3,750

[tbc]

>3,750

[tbc]

For UK ISPV's UK ISPVs the tariff rates are not relevant and a flat fee of 430 is payable in respect of each FCA financial year (the 12 months ending 31 March).

A.4

Adjusted annual gross premium income (AGPI)

General Periodic fee

Band Width (million of AGPI)

Fee (/m or part m of AGPI)

>1 - 5

[tbc]

>5 - 40

[tbc]

>40 - 260

[tbc]

>260 - 4,000

[tbc]

>4,000

[tbc]

PLUS

Mathematical reserves (MR)

General Periodic fee

Band Width (million of MR)

Fee (/m or part m of MR)

>1 - 20

[tbc]

>20 - 270

[tbc]

>270 - 7,000

[tbc]

>7,000 - 45,000

[tbc]

>45,000

[tbc]

A.5

Band Width (million of Active Capacity (AC))

Fee (/m or part m of AC)

>50 - 150

[tbc]

>150 - 250

[tbc]

>250 - 500

[tbc]

>500 - 1,000

[tbc]

>1,000

[tbc]

A.6

Flat fee

[tbc]

A.7

For class 1(C), (2) and (3)firms:

Band Width (million of Funds under Management (FuM))

Fee (/m or part m of FuM)

>10 - 150

[tbc]

>150 - 2,800

[tbc]

>2,800 - 17,500

[tbc]

>17,500 - 100,000

[tbc]

>100,000

[tbc]

For class 1(B) firms: the fee calculated as for class 1(C) firms above, less 15%. For class 1(A) firms: the fee calculated as for class 1(C) firms above, less 50%.

A.8

This activity group does not apply for this period.

A.9

Band Width (million of Gross Income (GI))

Fee (/m or part m of GI)

>1 - 4.5

[tbc]

>4.5 - 17

[tbc]

>17 - 145

[tbc]

> 145 - 750

[tbc]

>750

[tbc]

A.10

Band Width (No. of traders)

Fee (/person)

2 - 3

[tbc]

4 - 5

[tbc]

6 - 30

[tbc]

31 - 180

[tbc]

>180

[tbc]

For firms carrying on auction regulation bidding, the fee in A.10 is calculated as above less 20% for each trader that carries on auction regulation bidding but not MiFID business bidding or dealing in investments as principal.

A.12

Band Width (£ thousands of annual income (AI))

Fee (£/£ thousand or part £ thousand of AI)

[tbc]

[tbc]

A.13

Band Width (£ thousands of annual income (AI))

Fee (£/£ thousand or part £ thousand of AI)

[tbc]

[tbc]

A.14

Band Width (£ thousands of annual income (AI))

Fee (£/£ thousand or part £ thousand of AI)

[tbc]

[tbc]

A.18

Band Width (thousands of Annual Income (AI))

Fee (/ thousand or part thousand of AI)

>100 - 180

[tbc]

>180 - 1,000

[tbc]

>1,000 - 12,500

[tbc]

>12,500 - 50,000

[tbc]

>50,000

[tbc]

A.19

Band Width (thousands of Annual Income (AI))

Fee (/ thousand or part thousand of AI)

>100 - 325

[tbc]

>325 - 10,000

[tbc]

>10,000 - 50,750

[tbc]

>50,750 - 250,000

[tbc]

>250,000

[tbc]

B. Market operators

[tbc]

-

B. Service companies

Bloomberg LP

[tbc]

LIFFE Services Ltd

[tbc]

OMGEO Ltd

[tbc]

Reuters Ltd

[tbc]

Swapswire Ltd

[tbc]

Plus Derivative Exchange Ltd

[tbc]

DTCC Derivatives Repository

[tbc]

Avelo Portal Limited

[tbc]

Calestone Ltd

[tbc]

Xtracter Ltd

[tbc]

Pirum Systems Limited

[tbc]

Fidessa

[tbc]

B. MTF operators

As set out in FEES 4 Annex 10 (Periodic fees for MTF operators).

Part 2

This table shows the tariff rates applicable to each of the fee blocks set out in Part 2 of FEES 4 Annex 1AR.

(a)

It is a credit union that meets the conditions in (2), in which case the minimum fee payable is as set out in (2);

(b)

it is a non-directive friendly society that falls into the A.3 activity group but not the A.4 activity group and meets the conditions set out in (3)(a), in which case the minimum fee payable is [tbc]; or

(c)

it is a non-directive friendly society that falls into the A.4 activity group but not the A.3 activity group and meets the conditions in (3)(b), in which case the minimum fee payable is or

(d)

it is a non-directive friendly society that falls into the A.3 and A.4 activity groups and meets the conditions in (3)(a) and (3)(b), in which case the minimum fee payable is [tbc];

(e)

it is also a PRA-authorised person, in which case the minimum fee is 50% of any fee which would otherwise apply under (1)(a) to (1)(d) or (2).

(2)

The conditions referred to in (1)(a) are that the credit union has a tariff base (Modified Eligible Liabilities) of:

(a)

0 to 0.5million, in which case a minimum fee of [tbc]is payable; or

(b)

greater than 0.5millon but less than 20million, in which case a minimum fee of [tbc]is payable.

(3)

The conditions referred to in (1) are that:

(a)

the non-directive friendly society falls into the A.3 activity group and has, for that activity, 0.5 million or less in gross premium income and holds gross technical liabilities of 1.0 million or less;

(b)

the non-directive friendly society falls into the A.4 activity group and has, for that activity, written 1.0 million or less in adjusted gross premium income and holds mathematical reserves of 1.0 million or less.

The figures for gross premium income, gross technical liabilities, adjusted gross premium income and mathematical reserves are the same as used for Part 1 of this Annex.

AP.0

Periodic fees payable under Part 1 multiplied by rate £[tbc]

Part 3

This table shows the modifications to fee tariffs that apply in respect of the FCA to incoming EEA firms and incoming Treaty firms which have established branches in the UK.

Activity Group

Percentage deducted from the tariff payable under Part 1 applicable to the firm

A.1

[tbc]

A.3

[tbc]

A.4

[tbc]

A.7

[tbc]

A.9

[tbc]

A.10

In relation to each trader that carries on auction regulation bidding but not MiFID business bidding or dealing in investments as principal, 100%.

In relation to all other traders, 0%.

A.12

[tbc]

A.13

[tbc]

A.19

[tbc]

B. MTF operators

Not applicable

AP.0

100%

Note 1

The modifications to fee tariffs payable by an incoming EEA firm or an incoming Treaty firm which has established a branch in the UK 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 UK.

Note 2

The FCA minimum fee described in Part 2 of FEES 4 Annex 2A R applies in full and the modifications in this Part do not apply to it.