FEES TP 15 Transitional Provisions for the MiFID II Order
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FEES TP 15 Transitional Provisions for the MiFID II Order
03/01/2018
| 15.1 | 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 2017/488). | ||||
| 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. 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. | ||||