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RCB 5.1 Application and purpose

Application

RCB 5.1.1 R

1This chapter applies to issuers in relation to regulated covered bonds.

Purpose

RCB 5.1.2 G

The purpose of this chapter is to prescribe the fees payable under RCB.

RCB 5.2 Fees to be paid

Introduction

RCB 5.2.1 G

This chapter provides for an initial fee for registration of a regulated covered bond and subsequent annual fees.

RCB 5.2.2 G

The registration fee is for the FSA's work in dealing with an issuer's application for registration of a regulated covered bond.

RCB 5.2.3 G

The annual fee is a fee for the FSA's ongoing costs in administering the regulated covered bond regime. Like the registration fee, it is charged to issuers in respect of their participation in the regime.

RCB 5.2.4 G

Fees are not refundable.

Registration Fees

RCB 5.2.5 R

An issuer applying for registration of a regulated covered bond must pay the FSA a registration fee of £25,000 in full.

Annual Fees

RCB 5.2.6 R
  1. (1)

    An issuer must pay the FSA a fee of £20,000 for each financial year (1 April to 31 March) in which the issuer is on the register of issuers as at 31 March of the previous financial year.

  2. (2)

    For the first year in which the issuer becomes registered, the issuer must pay the fee set out in the applicable row of the table at RCB 5.2.7 R of the annual fee.

  3. (3)

    Fees must be paid in full within 30 days of the date of the invoice.

RCB 5.2.7 R

Table of annual fee for first year:

Registration date of issuer

Fee

1 April to 30 June inclusive

£20,000

1 July to 30 September inclusive

£15,000

1 October to 31 December inclusive

£10,000

1 January to 31 March inclusive

£5,000

Method of payment

RCB 5.2.8 R

The issuer must pay the fees payable under this chapter by bankers draft, cheque, or by credit transfer.