FEES TP 15 Transitional Provisions for the MiFID II Order

115.1

Introduction

15.1.1

G

FEES TP 15 deals with transitional arrangements for applicants applying for permissions as introduced by the MiFID II Order.

15.2

Interpretation

15.2.1

R

The “MiFID II Order” is the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (SI 2017/xxxx).

15.2.2

G

The MiFID II Order makes amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order (SI 2001/544) to transpose parts of MiFID II.

The MiFID II Order was brought into force on 1st April 2017, and enables the FCA to determine applications made under it.

15.3

Application

15.3.1

R

(1)

FEES TP 15.4.1R applies:

(a)

to a person who:

(i)

makes an application to the FCA for a Part 4A permission or an application for a variation of a Part 4A permission other than under article [15] of the MiFID II Order; and also

(ii)

makes an application to the FCA for a Part 4A permission or an application for a variation of a Part 4A permission under article 15 of the MiFID II Order;

(b)

where

(i)

applications under FEES TP 15.3.1R(1)(a)(i) and FEES TP 15.3.1R(1)(a)(ii) are made on the same date; or

(ii)

an application under FEES TP 15.3.1R(1)(a)(i) is made before an application under FEES TP 15.3.1R(1)(a)(ii); and

(c)

either:

(i)

the applications under FEES TP 15.3.1R(1)(a)(i) and FEES TP 15.3.1R(1)(a)(ii) are made on the same date; or

(ii)

an application under FEES TP 15.3.1R(1)(a)(i) is made before an application under FEES TP 15.3.1R(1)(a)(ii), where the following two conditions apply:

(A)

a draft of the application described in FEES TP 15.3.1R(1)(a)(ii) is received by the FCA before the date the MiFID II Order came into force; and

(B)

the applicant confirmed that the draft application can be treated as a formal application on or after the date that the MiFID II Order came into force.

15.3.2

G

FEES TP 15.4.1R does not apply to dual regulated firms which are authorised or have applied to become authorised by the PRA.

15.4

Calculation of fees payable under FEES 3.2.1R

15.4.1

R

Where this rule applies, the fee payable under FEES 3.2.1R in respect of the application described under FEES TP 15.3.1R(1)(b) is any positive amount that results from the following calculation:

(1)

the fee payable under the application described under FEES TP 15.3.1R(1)(a)(ii);

LESS

(2)

the fee paid for the application described under FEES TP 15.3.1R(1)(a)(i).

15.5

Transitional provisions: dates in force

15.5.1

R

FEES TP 15 will remain in force until 3 January 2018.