Related provisions for FEES 7.2.1

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(1) 1For the purposes of FEES 7.2.1R (2), FEES 4.3.6R (1), as applied by FEES 7.2.8 R, is modified so that if a firm's periodic fees for the previous financial year was at least 50,000, the firm must pay:1(a) an amount equal to 50% of the CFEB levy payable for the previous year, by 30 April in the financial year to which the sum due under FEES 7.2.1 R relates; and(b) the balance of the CFEB levy due for the current financial year by 1 September in the financial year to which that
The CFEB levy is calculated as follows:(1) identify each of the activity groups set out in Part 1 of FEES 7 Annex 1 that apply to the business of the firm for the relevant period (for this purpose, the activity groups are defined in accordance with Part 1 of and the activity groups under are defined in accordance with Part 1 of that Annex);FEES 4 Annex 1A);66(2) for each of those activity groups, calculate the amount payable in the way set out in FEES 7.2.3 R;(3) add the amounts
For the purposes of FEES 7.2.3 R:(1) a firm may apply the relevant tariff bases and rates to its non-UK business, as well as to its UK business, if:(a) it has reasonable grounds for believing that the costs of identifying the firm'sUK business separately from its non-UK business in the way described in Part 3 of FEES 4 Annex 1A6 and Part 1 of FEES 4 Annex 111 are disproportionate to the difference in fees payable; and (b) it notifies the FCA in writing at the same time as it provides
The CFEB levy in relation to the Society is specified against its activity group in Part 1 of FEES 7 Annex 1.
The Handbook provisions relating to the CFEB levy are meant to follow closely the provisions relating to the payment of periodic fees under FEES 4.3.1 R In the interests of brevity, not all of these provisions are set out again in FEES 7. In some cases, certain FEES 4 rules are applied to the payment of the CFEB levy by individual rules in FEES 7. The rest are set out in the table in FEES 7.2.9 R.
The rules set out in the table in FEES 7.2.9 R and any other rules in FEES 4 included in FEES 7 by cross-reference apply to the CFEB levy in the same way as they apply to periodic fees payable under FEES 4.3.1 R.
FEES 7.2.10GRP
References in a FEES 4rule incorporated into FEES 7 by cross-reference to a periodic fee should be read as being to the CFEB levy. References in a FEES 4rule incorporated into FEES 7 to market operators, service companies, MTF operators, investment exchanges, or6designated professional bodies should be disregarded.166
The purpose of this chapter is to set out the requirements on the persons listed in FEES 7.1.1 R to pay annual CFEB levies in order to establish and fund the CFEB.
The FCA must have regard to other anticipated sources of funding of the costs described in FEES 7.1.4 G when setting the CFEB levy.
The amounts to be paid under the CFEB levy may include a component to cover the FCA's expenses in collecting the payments.
The FCA must pay to the CFEB the amounts that it receives under the CFEB levy apart from amounts in respect of its collection costs (which it may keep).
FEES 7.1.10GRP
This chapter sets out the method by which the CFEB levy will be calculated. Details of the actual levy payable will vary from year to year, depending on the CFEB's annual budget. These details are set out in FEES 7 Annex 1. New details will be prepared and consulted on for each financial year.
FEES 7.1.11GRP
2A firm is not liable to pay a CFEB levy in relation to payment services or electronic money issuance if it is the Bank of England, a government department, a local authority, a municipal bank or the National Savings Bank.
If it appears to the appropriate regulator or410 the FSCS (in relation to any FSCS levy only) 2 that in the exceptional circumstances of a particular case, the payment of any fee, FSCS levy2,3FOS levy or CFEB levy3would be inequitable, the appropriate regulator or410 the FSCS2 as relevant, may (unless FEES 2.3.2B R applies)1 reduce or remit all or part of the fee or levy in question which would otherwise be payable. 41034104103410
If it appears to the appropriate regulator or410 the FSCS (in relation to any FSCS levy only)2 that in the exceptional circumstances of a particular case to which FEES 2.3.1R does not apply, the retention by the appropriate regulator, the FSCS,2 or the CFEB3, as relevant, of a fee, FSCS levy2,3FOS levy or CFEB levy3which has been paid would be inequitable, the appropriate regulator, the FSCS2 or the CFEB3, may (unless FEES 2.3.2B R applies)1 refund all or part of that fee or
Paragraph 23 of Schedule 1ZA17 of2 the Act,7regulation 92 of the Payment Services Regulations, 21 regulation 59 of the Electronic Money Regulations7and article 25(a) of the MCD Order21 enable the FCA17 to charge fees to cover its costs and expenses in carrying out its functions. The corresponding provisions for the FSCS levy ,5FOS levies and CFEB levies5 are set out in FEES 6.1,5FEES 5.2 and FEES 7.1.4 G5 respectively. Case fees payable to the FOS Ltd are set out in FEES 5.5B.
The key components of the appropriate regulator fee mechanism (excluding the FSCS5levy, the FOS5 levy and case fees, and the CFEB levy5which are dealt with in FEES 5,5FEES 6 and FEES 7)5 are:555(1) a funding requirement derived from:(a) the appropriate regulator's financial management and reporting framework;(b) the appropriate regulator's budget; and(c) adjustments for audited variances between budgeted and actual expenditure in the previous accounting year, and reserves movements
148FEES applies to all persons required to pay a fee or levy under a provision of the Handbook. The purpose of this chapter is to set out to whom the rules and guidance in FEES apply. FEES 2 (General Provisions) contains general provisions which may apply to any type of fee payer. FEES 3 (Application, Notification and Vetting Fees) covers one-off fees payable on a particular event for example various application fees (including those in relation to authorisation, variation of
1All fees payable or any stated hourly rate under FEES 3 (Application, notification and vetting fees),2FEES 4 (Periodic fees) and FEES 7 (The CFEB levy) 2are stated net of VAT. Where VAT is applicable this must also be included.