Content Options

Content Options

View Options

FEES TP 5 Transitional Provisions relating to the Special Project Fee for Restructuring


Special Project Fee for Restructuring applicable to circumstances before 1 July 2010



This rule relates to the changes to FEES 3 Annex 9 (Special Project Fee for restructuring) made by the Fees (Special Project Fee For Restructuring) (Amendment) Instrument 2010. It deals with a trigger event that occurred or started before 1 July 2010 (an "old trigger event") but which was of a type that was only brought into the definition of trigger event by that instrument. A trigger event means a circumstance or event of a type set out in paragraphs (2) or (6) of that Annex (events or circumstances that trigger liability for the Special Project Fee for restructuring).



An old trigger event is still a trigger event and thus triggers liability for the fee. However any regulatory work conducted before 1 July 2010 as a consequence of an old trigger event is not taken into account for the purposes of the calculation of the fee (including the floor in paragraph (8)(a) of FEES 3 Annex 9). Likewise any fees and disbursements invoiced to the FSA in respect of services performed for the FSA in relation to assisting the FSAin performing such regulatory work are not included to the extent that the invoice relates to the period before 1 July 2010.



For example, say that a firm goes into administration before 1 July 2010. Say that the administration did not come within the list of events that triggered liability for the fee before 1 July 2010. The fee is still potentially payable. However the fee will not cover work carried out by the FSA before 1 July 2010. The same applies even if the administration started before 1 June 2009, when the fee first came into force.