Content Options

Content Options

View Options

REC 7.1 Introduction


REC 7.1.1R

1This chapter applies to every recognised body and to every applicant for recognition as a recognised body under Part XVIII of the Act (Recognised investment exchanges and clearing houses).


REC 7.1.2G

The purpose of this chapter is to set out the requirements on recognised bodies and applicants for recognition as recognised bodies to pay fees which (with other fee requirements in the Handbook) provide the funding for the FSA's functions.


REC 7.1.3G

GEN 3 (FSA Fees - General Provisions) applies to fees required by this chapter, and explains how the FSA sets its fees.

REC 7.1.4G

Most of the detail of the fees payable by recognised bodies is set out in REC 7 Annex 1. The provisions of the annex will vary from one financial year to another. Accordingly a new annex will come into force, following consultation, for each financial year.2

REC 7.1.5G

The fee applicable to a recognised body reflects the estimated cost to the FSA of discharging its functions in relation to that recognised body. Fees are set for recognised bodies on an individual basis.3

REC 7.1.6G

Application fees are calculated from a tariff structure intended to reflect the estimated cost of processing an application of that type and complexity.

REC 7.1.7G

A recognised body may also have obligations to pay fees to the FSA under other rules or arising from legislation other than the Act. For example, a recognised body may have an obligation to pay a fee as an approved operator of a relevant system under the Uncertificated Securities Regulations 1995.

REC 7.1.8G

The FSA does not specify a method of payment for recognised bodies or applicants. However the FSA expects that a recognised body or an applicant will generally pay its fee by electronic credit transfer.