FEES TP 11 Transitional Provisions for the Benchmarks Order 2015
111.1 |
Introduction |
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11.1.1 |
G |
(1) |
FEES TP 11 deals with transitional arrangements for firms that will administer specified benchmarks by operation of the "Benchmarks Order 2015". |
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(2) |
The "Benchmarks Order 2015" is the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (SI 2015/369) |
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11.1.2 |
R |
FEES TP 11 remains in force until all fees in FEES TP 11.2 have been paid in full. |
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11.2 |
Exceptional fee |
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11.2.1 |
R |
FEES TP 11.2 applies to a firm which: |
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(1) |
is treated as having its permission varied to include administering a specified benchmark under article 4 of the Benchmarks Order 2015; or |
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(2) |
meets the following criteria: |
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(a) |
its permission, before 1 April 2015, included administering a specified benchmark; |
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(b) |
on 1 April 2015, it is administering more than one specified benchmark; and |
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(c) |
it is not a firm in FEES TP 11.2.1R(1). |
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11.2.2 |
R |
A firm in FEES TP 11.2.1R is treated as if: |
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it had applied to carry on "administering a specified benchmark" under FEES 3.2.7R(ga)(ii) on 1 April 2015; and |
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its due date for the payment of the relevant fee is 30 days after 1 April 2015. |