Related provisions for SUP 13A.5.4A

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SUP 8.3.1GRP
Under section 138A(4) of the Act, the appropriate regulator8 may not give a waiver unless it is satisfied that:88(1) compliance by the firm with the rules, or with the rules as unmodified, would be unduly burdensome, or would not achieve the purpose for which the rules were made; and(2) the waiver would not adversely affect the advancement of, in the case of the PRA, any of its objectives and, in the case of the FCA, any of its operational objectives.88
SUP 8.3.1AGRP
Even if the conditions in section 138A(4)8 of the Act are satisfied, the appropriate regulator8will consider other relevant factors before giving a waiver, such as whether the waiver would be compatible with European law, including relevant EC Directives.288
SUP 8.3.2GRP
The appropriate regulator8 is required by section 138B8 of the Act to publish a waiver unless it is satisfied that it is inappropriate or unnecessary to do so (see SUP 8.6).88
SUP 8.3.2AGRP
8The FCA must consult the PRA before publishing or deciding not to publish a waiver which relates to:(1) a PRA-authorised person; or(2) an authorised person who has as a member of its immediate group a PRA-authorised person;unless the waiver relates to rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.3.3AGRP
(1) 58The appropriate regulator's preferred method of submission for waiver applications is by e-mail.85(2) The form is available on the appropriate regulator's website.8558
SUP 8.3.4AGRP
8Firms or persons other than PRA-authorised persons should send applications for waivers or applications for variations of waivers to the FCA.
SUP 8.3.4BGRP
8PRA-authorised persons should send applications for waivers or applications for variations of waivers to: (1) the FCA in respect of rules in the FCA Handbook applicable to that PRA-authorised person; and(2) the PRA in respect of rules in the PRA Handbook.
SUP 8.3.5GRP
The appropriate regulator8 will acknowledge an application promptly and if necessary will seek further information from the firm. The time taken to determine an application will depend on the issues it raises. A firm should make it clear in the application if it needs a decision within a specific time.86
SUP 8.3.5AGRP
The appropriate regulator8 will treat a firm's application for a waiver as withdrawn if it does not hear from the firm within 20 business days of sending a communication which requests or requires a response from the firm. The appropriate regulator8 will not do this if the firm has made it clear to the appropriate regulator8 in some other way that it intends to pursue the application. 3888
SUP 8.3.6GRP
In some cases, the appropriate regulator8 may give a modification of a rule rather than direct that the rule is not to apply. The appropriate regulator8 may also impose conditions on a waiver, for example additional reporting requirements. A waiver may be given for a specified period of time only, after which time it will cease to apply. A firm wishing to extend the duration of a waiver should follow the procedure in SUP 8.3.3 D. A waiver will not apply retrospectively.88
SUP 8.3.7GRP
If the appropriate regulator8 decides not to give a waiver, it will give reasons for the decision.8
SUP 8.3.8GRP
A firm may withdraw its application at any time up to the giving of the waiver. In doing so, a firm should give the appropriate regulator8 its reasons for withdrawing the application.8
SUP 8.3.9GRP
If the appropriate regulator8 believes that a particular waiver given to a firm may have relevance to other firms, it may publish general details about the possible availability of the waiver. For example, IPRU(INV) 3-80(10)G explains that a firm that wishes to use its own internal model to calculate its position risk requirement (PRR) will need to apply for a waiver of the relevant rules.8
SUP 8.3.10GRP
Under section 138A(1) of the Act the appropriate regulator8 may give a waiver with the consent of a firm. This power may be used by the appropriate regulator8 in exceptional circumstances where the appropriate regulator8 considers that a waiver should apply to a number of firms (for example, where a rule unmodified may not meet the particular circumstances of a particular category of firm). In such cases the appropriate regulator8 will inform the firms concerned that the waiver
SUP 8.3.13GRP
For an application for a waiver of the presumption of contravention of a binding rule, which is actionable under section 138D8 of the Act, the appropriate regulator8 would normally wish to be satisfied that the evidential rule is itself unduly burdensome or does not achieve the purpose of the rule.288
SUP 8.6.1GRP
The appropriate regulator3 is required by sections 138B(1) and (2)3 of the Act to publish a waiver unless it is satisfied that it is inappropriate or unnecessary to do so. If the appropriate regulator3 publishes a waiver, it will not publish details of why a waiver was required or any of the supporting information given in a waiver application.333
SUP 8.6.1AGRP
3The FCA must consult the PRA before publishing or deciding not to publish a waiver which relates to:(1) a PRA-authorised person; or(2) an authorised person who has as a member of its immediate group a PRA-authorised person;unless the waiver relates to rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.6.2GRP
When considering whether it is satisfied under section 138B(2)3, the appropriate regulator3 is required by section 138B(3)3 of the Act:333(1) to take into account whether the waiver relates to a rule contravention of which is actionable under section 138D3 of the Act (Actions for damages); Schedule 5 identifies such rules;3(2) to consider whether its publication would prejudice, to an unreasonable degree, the commercial interests of the firm concerned, or any other member of its
SUP 8.6.3GRP
Waivers can affect the legal rights of third parties, including consumers. In the appropriate regulator's3 view it is important that the fact and effect of such waivers should be transparent. So the fact that a waiver relates to a rule that is actionable under section 138D3 of the Act (see SUP 8.6.2 G (1)) will tend to argue in favour of publication.33
SUP 8.6.5GRP
In considering whether commercial interests would be prejudiced to an unreasonable degree (see SUP 8.6.2 G (2)), the appropriate regulator3 will weigh the prejudice to firms' commercial interests against the interests of consumers, markets and other third parties in disclosure. In doing so the appropriate regulator3 will consider factors such as the extent to which publication of the waiver would involve the premature release of proprietary information to commercial rivals, for
SUP 8.6.6GRP
The appropriate regulator3 may consider publication unnecessary where, for example, the waiver relates to a minor matter that does not affect any third party and is unlikely to be of relevance or interest to other firms.3
SUP 8.6.7GRP
If, after taking into account the matters in SUP 8.3.3 D to SUP 8.6.6 G, a firm believes there are good grounds for the appropriate regulator3 either to withhold publication or to publish the waiver without disclosing the identity of the firm, it should make this clear in its application. If the appropriate regulator3proposes to publish a waiver against the wishes of the firm, the appropriate regulator3 will give the firm the opportunity to withdraw its application before the
SUP 8.6.8GRP
A decision to withhold a waiver or identity of a firm from publication may be for a limited period only, usually as long as the duration of the relevant grounds for non-publication. If the appropriate regulator3 proposes to publish information about a waiver that had previously been withheld, it will first give the firm an opportunity to make representations.3
SUP 8.6.9GRP
The principal means of publication of waiver information will be the appropriate regulator's3 website.33
SUP 6.3.1AGRP
25Under section 55H of the Act, an FCA-authorised person may apply to the FCA to vary its Part 4A permission to:(1) allow it to carry on further regulated activities, other than a PRA-regulated activity; or(2) reduce the number of regulated activities it is permitted to carry on; or (3) vary the description of its regulated activities (including by the removal or variation of any limitations).
SUP 6.3.1BGRP
25Under section 55I of the Act, an FCA-authorised person may apply to the PRA to vary its Part 4A permission to add regulated activities which include a PRA-regulated activity.
SUP 6.3.28AGRP
25Where a firm applies to the PRA for the variation of its Part 4A permission, the FCA, in giving consent to such an application or imposing any requirements on the firm, is required by section 55B(3) of the Act to ensure that the firm satisfies and will continue to satisfy the threshold conditions for which the FCA is responsible in relation to all the regulated activities for which the firm has or will have Part 4A permission after the variation.
SUP 6.3.32AGRP
25The FCA's power to vary a Part 4A permission after it receives an application from a firm extends to including in the Part 4A permission as varied any provision that could be included as though a fresh permission was being given in response to an application under section 55A of the Act (Application for permission). Under section 55E of the Act (Giving permission: the FCA) the FCA may:(1) incorporate in the description of a regulated activity such limitations (for example, as
SUP 6.3.32CGRP
25If a firm has applied (whether to the FCA or the PRA) for the variation of a Part 4A permission, the FCA has the power to impose on that person such requirements, taking effect on or after the variation of permission, as the FCA considers appropriate.
SUP 6.3.34AGRP
25Where a firm has made an application to the PRA for the variation of its Part 4A permission and requirements are imposed by the FCA which were not included in the firm's application, the FCA will be required to issue the firm with a warning notice and decision notice (see SUP 6.3.39 G).
SUP 6.3.36AGRP
25Where the application cannot be determined by the PRA without the consent of the FCA, section 55V(3) of the Act requires that the FCA's decision must also be made within the period required in SUP 6.3.35 G or SUP 6.3.36 G as appropriate.
SUP 6.3.42GRP
(1) Firms should be aware that the appropriate regulator may exercise its own-initiative variation power to vary or cancel their Part 4A permission if they do not (see section 55J of the Act (Variation or cancellation on initiative of regulator)):2525(a) commence a regulated activity for which they have Part 4A permission25 within a period of at least 12 months from the date of being given; or25(b) carry on a regulated activity for which they have Part 4A permission25 for a period
SUP 10A.6.1GRP
Every firm will have one or more persons responsible for directing its affairs. These persons will be performing the FCA governing functions and will be required to be FCA-approved persons unless the application provisions in SUP 10A.1, or the particular description of an FCA controlled function, provide otherwise. For example, each director of a company incorporated under the Companies Acts will perform an FCA governing functions. However, if the firm is a PRA-authorised person,
SUP 10A.6.11GRP
The director function does not apply in relation to a PRA-authorised person. PRA approval is required instead.
SUP 10A.6.34GRP
In practice, the FCA expects that most non-directive friendly societies will be PRA-authorised persons. Where that is the case, the small friendly society function will not apply. PRA approval is required instead.
DEPP 1.2.1GRP
Section 395 of the Act (The FCA's and PRA's procedures) requires the FCA2 to publish a statement of its procedure for the giving of statutory notices. The procedure must be designed to secure, among other things, that the decision which gives rise to the obligation to give a statutory notice is taken by a person not directly involved in establishing the evidence on which that decision is based or by two or more persons who include a person not directly involved in establishing
DEPP 1.2.4AGRP
2Section 395 of the Act also requires the FCA to publish a statement of its procedure for decisions which gives rise to an obligation for the PRA to include a statement under section 387(1A) in a warning notice or a statement under section 388(1A) in a decision notice as follows:(1) Section 387(1A) provides that where the FCA proposes to refuse consent for the purposes of section 55F, 55I or 59 of the Act, or to give conditional consent as mentioned in section 55F(5) or 55I(8),
DEPP 1.2.4BGRP
2Where an application for Part 4A permission is made to the PRA as the appropriate regulator (section 55A(2)(a) of the Act), the PRA may only give permission with the consent of the FCA (section 55F of the Act). FCA consent can be conditional on the PRA imposing limitations or specifying the permission is for certain regulated activities only.
DEPP 1.2.4CGRP
2Where an application to vary a Part 4A permission is made to the PRA as the appropriate regulator (section 55A(2)(a) of the Act), the PRA may only give permission with the consent of the FCA (section 55I of the Act). The FCA may withhold its consent to a proposed variation if it appears to it that it is desirable to do so in order to advance one or more of its operational objectives. FCA consent can be conditional on the PRA imposing limitations, or the PRA specifying the permission
DEPP 1.2.4DGRP
2Where an application to perform a controlled function is made to the PRA as the appropriate regulator, the PRA can only approve a person to perform a controlled function with the consent of the FCA (section 59(4)(b) of the Act).
SUP 6.2.1GRP
A firm authorised under Part 4A5 of the Act (Permission to carry on regulated activity) has a single Part 4A permission5 granted by the FCA or the PRA. A firm'sPart 4A permission5 specifies all or some of the following elements (see PERG 2 Annex 2 (Regulated activities and the permission regime) and the information online at the FCA and PRA websites):5555335(1) a description of the activities the firm may carry on, including any limitations;(2) the specified investments involved;
SUP 6.2.3AGRP
5If an FCA-authorised person wishes to change its Part 4A permission to:(1) add a regulated activity, other than a PRA-regulated activity; or(2) remove a regulated activity from those to which the permission relates; or(3) vary the description of a regulated activity to which the permission relates; or(4) cancel the permission;it can apply to the FCA under section 55H of the Act (Variation by FCA at request of authorised person).
SUP 6.2.3BGRP
5If an FCA-authorised person wishes to change its Part 4A permission, by adding to the regulated activities to which the permission relates one or more regulated activities, which include a PRA-regulated activity, it can apply to the PRA under section 55I of the Act (Variation by PRA at request of authorised person). The PRA can determine such an application only with the consent of the FCA.
SUP 6.2.4AGRP
1If a firm intends to transfer its business to a different legal entity it will need to apply to the relevant regulator5 for cancellation of its Part 4A permission5 and the entity to which the business is to be transferred will need to apply for a Part 4A permission.55555
SUP 6.2.5GRP

Variation and cancellation of Part 4A permission and imposition, variation and cancellation of requirements. See SUP 6.2.3A G to SUP 6.2.3E G5

5Question

Variation of Part 4A permission

Cancellation of Part 4A permission

Imposition, variation and cancellation of requirements

What does the application apply to?

Individual elements of a firm'sPart 4A permission. Variations may involve adding or removing categories of regulated activity or specified investments or varying or removing any limitations in the firm'sPart 4A permission.

A firm's entire Part 4A permission and not individual elements within it.

Any requirement imposed on a firm with a Part 4A permission. Requirements may involve requiring the firm concerned to take or refrain from taking a specified action.

In what circumstances is it usually appropriate to make an application?

If a firm:

1. wishes to change the regulated activities it carries on in the United Kingdom under a Part 4A permission (SUP 6.3); or

2. has the ultimate intention of ceasing carrying on regulated activities but due to the nature of those regulated activities (for example, accepting deposits, or insurance business) it will require a long term (normally over six months) to wind down (run off) its business (see SUP 6.2.8 G to SUP 6.2.11 G and SUP 6 Annex 4).

If a firm: 1. has ceased to carry on all of the regulated activities for which it has Part 4A permission (SUP 6.4); or 2. wishes or expects to cease carrying on all of the regulated activities for which it has Part 4A permission in the short term (normally not more than six months). In this case, the firm may apply to cancel its Part 4A permission prior to ceasing the regulated activities (see SUP 6.4.3 G).

If a firm:

1. wishes to have a new requirement imposed on it; or

2. wishes to vary or cancel an existing requirement imposed by the FCA or PRA (for example, if anything relating to the firm's individual circumstances change and any existing requirement should be varied or cancelled).

SUP 6.2.10AGRP
5In certain circumstances the FCA and/or the PRA may use their own-initiative powers (see SUP 7 and EG 8) (Variation and cancellation of permission on the FCA's own initiative and intervention against incoming firms)).
SUP 6.2.14GRP
A firm making an application in accordance with SUP 65 which requires any approval from the Society of Lloyd's should apply to the Society for this at the same time as applying to the relevant regulator.5 See SUP 6 Annex 4 for additional procedures.55
SUP 10A.11.1GRP
SUP 10A.11 deals with how the FCA'sapproved persons regime applies to PRA-authorised persons. SUP 10A.11 therefore only applies if the firm in question is a PRA-authorised person.
SUP 10A.11.2GRP
Both the FCA and the PRA may specify a function as a controlled function in relation to a PRA-authorised person. However, only the FCA has power to specify a customer-dealing function as a controlled function.
SUP 10A.11.3GRP
Therefore, if a person's job for a firm involves:(1) an FCA controlled function, the firm should apply to the FCA for approval;(2) a PRA controlled function, the firm should apply to the PRA for approval;(3) both an FCA controlled function and a PRA controlled function, the firm should apply to both the FCA and the PRA for approval (the purpose of SUP 10A.11 is to cut down the need for this sort of dual approval).
SUP 10A.11.4GRP
The PRA cannot give its approval for the performance of a PRA controlled function without the consent of the FCA. The firm does not need to apply to the FCA for that consent. The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of an application to the PRA.
SUP 10A.11.5GRP
Under section 59B of the Act (Role of FCA in relation to PRA decisions) the FCA may arrange with the PRA that in agreed cases the PRA may give approval without obtaining the consent of the FCA. No such arrangements are currently in force.
SUP 10A.11.6GRP
The FCA and PRA have coordinated their approved persons regime to reduce the amount of overlap. These arrangements relate to significant-influence functions only.
SUP 10A.11.8GRP
SUP 10A.11 disapplies the apportionment and oversight function for a person who is the subject of an application for approval to perform a PRA governing function, subject to certain conditions set out in SUP 10A.11.11 R. Where this is the case the apportionment and oversight function is included in the PRA governing function for which the person has approval. SUP 10B.7 of the PRA'sHandbook deals with this.
COND 2.4.1DGRP
8Paragraph 3C of Schedule 6 to the Act sets out the appropriate non-financial resources threshold condition which is relevant to the discharge by the FCA of its functions under the Act in relation to firms carrying on, or seeking to carry on, regulated activities which include a PRA-regulated activity.
COND 2.4.1EGRP
8The guidance in COND 2.4 should be read as applying to both paragraph 2D of Schedule 6 of the Act and, as far as relevant to the discharge by the FCA of its functions in respect of firms carrying on, or seeking to carry on, a PRA-regulated activity under the Act, paragraph 3C of Schedule 6 of the Act.
COND 2.4.2GRP
(1) [deleted]88(2) In this context, the FCA will interpret the term 'appropriate88' as meaning sufficient in terms of quantity, quality and availability, and 'resources' as including all financial resources (though only in the case of firms not carrying on, or seeking to carry on, a PRA-regulated activity)8, non-financial resources and means of managing its resources; for example, capital, provisions against liabilities, holdings of or access to cash and other liquid assets, human
COND 2.4.3GRP
(1) [deleted]88(2) Although8 it is the firm that is being assessed, the FCA8 may take into consideration the impact of other members of the firm's group on the adequacy of its resources8, where relevant to the discharge of the FCA's functions8. For example, in relation to a firm other than a firm carrying on, or seeking to carry on, a PRA-regulated activity, the FCA8 may assess the consolidated solvency of the group. The FCA's8 approach to the consolidated supervision of such
COND 2.4.4GRP
(1) [deleted]88(2) Relevant matters to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition8may include but are not limited to:(a) (in relation to a firm other than a firm carrying on, or seeking to carry on, a PRA-regulated activity),8 whether there are any indications that the firm may have difficulties if the application is granted, at the time of the grant or in the future, in complying with any of the
SUP 10A.14.1GRP
An FCA-approved person's job may change from time to time as a result, for instance, of a change in personal job responsibilities or a firm'sregulated activities. Where the changes will involve the person performing one or more FCA controlled functions different from those for which approval has already been granted, then an application must be made to the FCA for approval for the person to perform those FCA controlled functions. The firm must take reasonable care to ensure that
SUP 10A.14.2GRP
If an FCA-approved person or a PRA-approved person is ceasing to perform FCA controlled functions or PRA controlled function, as well as applying for approval in respect of FCA controlled functions, SUP 10A.14.4 D generally applies. Further details can be found in SUP 10A Annex 2.
SUP 10A.14.8RRP
A firm must submit to the FCA a completed Form C, in the form set out in SUP 10A Annex 6R, no later than seven business days after an FCA-approved person ceases to perform an FCA controlled function. This does not apply if the firm has already notified the FCA of the proposal to do that using Form E in accordance with this chapter or has notified the PRA of the proposal to do that using the PRA's Form E in accordance with SUP 10B of the PRA's Handbook.
FEES 4.4.1RRP
A firm (other than the Society and an MTF operator in relation to its MTF business5) must notify to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA) the value (as at the valuation date specified in Part 5 of FEES 4 Annex 1AR in relation to fees payable to the FCA or Part 5 of FEES 4 Annex 1BR in relation to fees payable to the PRA)12 of each element of business on which the periodic fee payable by the firm is to be calculated.
FEES 4.4.2RRP
A firm (other than the Society) must send to the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA)12 in writing the information required under FEES 4.4.1 R as soon as reasonably practicable, and in any event within two months, after the date specified as the valuation date in Part 5 of FEES 4 Annex 1AR in relation of fees payable to the FCA or Part 5 of FEES 4 Annex 1B R in relation to fees payable to the PRA12 (or FEES 4.2.7B R where
FEES 4.4.4GRP
In most cases a firm will provide the information required by this section as part of its compliance with the provisions of SUP. To the extent that the FCA (in its own capacity and, if applicable, in its capacity as collection agent for the PRA),11 does not obtain sufficient, or sufficiently detailed, information the FCA or the PRA, as appropriate,11 may seek this by using the general information gathering powers (see SUP 2 (Information gathering by the appropriate regulator11
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
DEPP 2.5.3GRP
FCA6 staff under executive procedures will take the decision to give a warning notice if the FCA6 proposes to:66(1) refuse an application for a Part 4A permission6 or to refuse an application to cancel a Part 4A permission6;66(2) impose a limitation or a requirement which was not applied for, or specify a narrower description of regulated activity than that applied for, on the grant of a Part 4A permission6;6(3) refuse an application to vary a Part 4A permission6, or to restrict
DEPP 2.5.6AGRP
6FCA staff under executive procedures will take the decision where the FCA is proposing or deciding to:(1) refuse its consent to the granting by the PRA of an application for a Part 4A permission, or give its consent subject to conditions; (2) refuse its consent to the granting by the PRA of an application for the variation of a Part 4A permission, or give its consent subject to conditions; or(3) refuse its consent to the granting by the PRA of an application to perform a controlled
DEPP 2.5.18GRP
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
COND 2.5.1DGRP
15Paragraph 3D of Schedule 6 to the Act sets out the suitability threshold condition which is relevant to the discharge by the FCA of its functions under the Act in relation to firms carrying on, or seeking to carry on, regulated activities which include a PRA-regulated activity.
COND 2.5.1EGRP
15The guidance in COND 2.5 should be read as applying to both paragraph 2E of Schedule 6 to the Act and, as far as relevant to the discharge by the FCA of its functions under the Act in respect of firms carrying on, or seeking to carry on, a PRA-regulated activity, paragraph 3D of Schedule 6 of the Act.
COND 2.5.3GRP
(1) The emphasis of the threshold conditions set out in paragraphs 2E and 3D of Schedule 6 of the Act15 is on the suitability of the firm itself. The suitability of each person who performs a controlled function will be assessed by the FCA and/or the PRA, as appropriate,15 under the approved persons regime (see SUP 10 (Approved persons) and FIT). In certain circumstances, however, the FCA15 may consider that the firm is not suitable because of doubts over the individual or collective
COND 2.5.6GRP
Examples of the kind of particular considerations to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition include, but are not limited to, whether:1515(1) the firm has been open and co-operative in all its dealings with the FCA15and any other regulatory body (see Principle 11 (Relations with regulators)) and is ready, willing and organised to comply with the requirements and standards under the regulatory system
SUP 10A.17.2GRP
If the firm or its advisers have further questions, they should contact the FCA's Contact Centre (see SUP 10A.12.6 G).
GEN 4.5.6GRP
(1) Neither an incoming EEA firm nor an incoming Treaty firm is authorised by the FCA or PRA2 when acting as such.2(2) It is likely to be misleading for a firm that is not authorised by the FCA or PRA2 to state or imply that it is so authorised. It is also likely to be misleading for a firm to state or imply that a client will have recourse to the Financial Ombudsman Service or the FSCS where this is not the case.2(3) [deleted]22
GEN 4.5.6AGRP
2As well as potentially breaching the requirements in this section, misleading statements by a firm may involve a breach of Principle 7 (Communications with clients) or section Part 7 (Offences relating to financial services) of the Financial Services Act 2012, as well as giving rise to private law actions for misrepresentation.
GEN 2.2.13ARRP
22Unless a contrary intention appears, to the extent that a provision made by the appropriate regulator ('the referring provision') contains a cross-reference to another provision that is not made by that regulator ('the referred provision'), the referred provision is to be taken to have been made by the appropriate regulator to the extent necessary to make the referring provision function with the full effect indicated by the reference.
GEN 2.2.23RRP
(1) 22This rule applies to Handbook provisions made by both the FCA and the PRA. It may affect their application by the FCA to PRA-authorised persons and PRAapproved persons, and may affect their application by the PRA to any authorised person or approved person.(2) Where a Handbook provision (or part of one) goes beyond the FCA's or PRA's powers or regulatory responsibilities, it is to be interpreted as applied by that regulator to the extent of that regulator's powers and regulatory
GEN 2.2.24GRP
22The published Memorandum of Understanding between the FCA and the PRA describes their regulatory responsibilities.
GEN 2.2.25GRP
22Examples of rules being interpreted as cut back by GEN 2.2.23 R include the following:(1) [deleted]1212(2) SYSC 6.1.1 R requires a firm to maintain adequate policies and procedures to ensure compliance with its obligations under the regulatory system; SYSC 6.1.1 R should be interpreted:(a) as applied by the FCA in respect of a PRA-authorised person's compliance with regulatory obligations that are the responsibility of the FCA (for example, in respect of a bank maintaining policies
FEES 3.2.1RRP
A person in column (1) of the table in FEES 3.2.7 R and, if applicable, FEES 3.2.7A R57 as the relevant fee payer for a particular activity must pay to the FCA (in its own capacity or, if the fee is payable to the PRA, in its capacity as collection agent for the PRA)57 a fee for each application or request for vetting, or request for support relating to compatibility of its systems with appropriate regulator57 systems,7 or admission approval made, or notification or notice of
FEES 3.2.7RRP

Table of application, notification, vetting and other fees payable to the FCA32

31

31Part 1: Application, notification and vetting fees

31(1) Fee payer

(2) Fee payable

Due date

(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (ga) of this table26

(1) Unless (2) or (3) 59applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part 11 which apply to that application.

When both (A) and (B) apply, 50% of the tariff payable under (1):34

(A) the application only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6; and34

(B) the application is:34

(i) a straightforward case under paragraph 2(d) or 3(g) of FEES 3 Annex 1;

(ii) a moderately complex case under paragraph 2(e) or 3(h) of FEES 3 Annex 1; or

(iii) a limited permission case under paragraph 3(i) of FEES 3 Annex 1.

(3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission, the fee payable is the higher of: 59

(i) the fee otherwise payable in (1) or (2); and 59

(ii) the fee payable in FEES 3 Annex 10AR. 59

134343434

On or before the application is made

(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant application”)30

As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application.

Within 30 days of the date of the invoice.

(b) Any Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right, except for a firm providing cross border services only4

(1) Where no certificate has been issued under paragraph 3(4) of Schedule 4 to the Act the fee payable is, in respect of a particular exercise, set out in FEES 3 Annex 1, part 4

(2) Where a certificate in (i) has been issued no fee is payable

On or before the notice of exercise is given

(c) Any applicant for a certificate under article 54 of the Regulated Activities Order

2,000

On or before the application is made

(d) Applicants for an authorisation order for, or recognition under section 272 of the Act27 of, a collective investment scheme

FEES 3 Annex 2R, part 227

27

On or before the application is made

28(ea)

(i) An AIFM (other than a UK AIFM or an EEA AIFM with a branch in the UK) notifying the FCA of its intention to market an AIF in the UK under regulation 57 of the AIFMD UK regulation

(ii) An AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation

FEES 3 Annex 2 R, part 4

On or before the date the notification is made

28(eb) An applicant for registration on the register of small registered UK AIFM which the FCA is required to maintain under regulation 10 of the AIFMD UK regulation

£750

On or before the date the application is made

(f) Any person seeking an order under section 326(1) of the Act to become a designated professional body.

10,000

30 days after the order is granted

(g) Any applicant for recognition as a UK recognised body:17

(i) under section 287 of the Act; or17

(ii) under regulation 2(1) of the RAP regulations17

57

FEES 3 Annex 3, part 1

On or before the date the application is made26

26(ga) Any applicant for:

(i) a Part 4A permission to carry out the regulated activity of administering a specified benchmark; or35administering a specified benchmark for one or more specified benchmarks or;35

(ii) varying its Part 4A permission to carry out the regulated activity of administering a specified benchmark for one or more specified benchmarks35

FEES 3 Annex 3, part 1

On or before the date the application is made

(h) Any applicant for recognition as an ROIE57 under section 287 or section 292 of the Act

5757

FEES 3 Annex 3, part 2

On or before the date the application is made

(i) [deleted]35

35
35 35

(j) Applicant for approval as sponsor (under the listing rules)

FEES 3 Annex 4, part 2

On or before the date the application is made

(k) [deleted]35

35
35 35

(l) Under the listing rules, an issuer involved in specific events or transactions during the year where documentation is subject to a transaction vetting

FEES 3 Annex 5, part 1, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category 7(q) in this table, in which case the fee payable under that category.2

On or before the date that relevant documentation is first submitted to the FCA

(m) Under the prospectus rules, an issuer or person requesting approval or vetting of the documents arising in relation to specific events or transactions that it might be involved in during the year

FEES 3 Annex 5, part 2, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category 7(q) in this table, in which case the fee payable under that category.2

On or before the date that relevant documentation is first submitted to the FCA

(n) Applicants to be added to the list of designated investment exchanges

50,000

On or before the date the application is made

2(o) In relation to a BIPRU firm, either:29

(i) a firm applying to theFCA29 for permission to use one of the advanced prudential calculation approaches listed in FEES 3 Annex 6 R (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the FCA29 as EEA consolidated supervisor under the (transposing parts of the BCD and CAD, as applicable under article 95(2) of the EUCRR29)) any firm making such an application ;5 or

(ii) in the case of an application to 5a Home State regulator other than the FCA295for the use of the Internal Ratings Based approach and the Home State regulator requesting the FCA's29 assistance in accordance with the Capital Requirements Regulations 2006 (transposing parts of the BCD and CAD, as applicable under article 95(2) of the EUCRR29), any firm to which the FCA29 would have to apply any decision to permit the use of that approach.5

1122955729557295572957295729

(1) Unless5 (2) applies, FEES 3 Annex 6.5

(2) (a) Unless5 (b) applies a1firm submitting a second application for the permission or5guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6, but only in respect of that second application

(b) No fee is payable by a firm in relation to a successful application for a permission5 based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements.1

(c) No fee is payable where the Home State regulator has requested the assistance described in paragraph (o)(ii) of column 1 except in the cases specified in 5FEES 3 Annex 6.2

52512555575575

Where the firm has made an application directly to theFCA29, on or before the date the application is made, otherwise within 30 days after theFCA29 notifies the firm that its EEA parent's Home State regulator has requested assistance.229

25729572957

29(oa) Either:

(i) a firm applying to the

appropriate regulator

for permission to use one of the internal approaches listed in FEES 3 Annex 6A (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the

appropriate regulator

as consolidating supervisor under the EU CRR) any firm making such an application; or

(ii) in the case of an application to the consolidating supervisor other than the

appropriate regulator

for the use of the IRB approach and the consolidating supervisor requesting the

appropriate regulator's

assistance in accordance with the EU CRR, any firm to which the

appropriate regulator

would have to apply any decision to permit the use of that approach.

(1) Unless (2) applies, FEES 3 Annex 6A.

(2) (a) Unless (b) applies a firm submitting a second application for the permission or guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6A, but only in respect of that second application.

(b) No fee is payable by a firm in relation to a successful application for a permission based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements.

(c) No fee is payable where the consolidating supervisor has requested the assistance described in paragraph (oa)(ii) of column 1.

except in the cases specified in FEES 3 Annex 6A

Where the firm has made an application directly to the appropriate regulator, on or before the date the application is made, otherwise within 30 days after the appropriate regulator notifies the firm that its EEA parent's consolidating supervisor has requested assistance.

(p) A firm applying for a variation of its Part 4A permission whose fee is not payable pursuant to sub- paragraph (ga) of this table26

(1) Unless (2), (2A), (3), (3A), (3B) or 3(C) 59 applies, if the proposed new1 business of the firm would1 fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1A or Part 1 of 57FEES 4 Annex 1BR 59 not applicable before the application1, the fee is 50% of the highest of the tariffs set out in which apply to that application.

(2) Subject to (2A) below, if the firm's application includes an application for a Part 4A permission to carry on a new credit-related regulated activity, the fee is 50% of the highest of the tariffs set out in

FEES 3 Annex 1

that would be payable under (1) above or, if higher, 50% of the highest of the tariffs set out in

FEES 3 Annex 1

that would be payable in relation to the new credit-related regulated activity30

(2A) If an applicant which already has a Part 4A permission to carry on a credit-related regulated activity exclusively applies for a Part 4A permission to carry on a new credit-related regulated activity, that is specified in Part 3 of

FEES 3 Annex 1

in the straightforward category (or if it exclusively applies for a number of such permissions), the fee is £25030

(3) If the firm is in the A.1 fee-block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3 Annex 1 R that applies to that application11

(3A) If the applicant had a limited permission prior to the application to vary its Part 4A permission, 100% of the highest of the tariffs set out in

FEES 3 Annex 1

which apply to that application30

(3B) If the applicant has a limited permission and its application exclusively relates to another limited permission, the fee is 030

(3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its Part 4A permission, the fee is the highest of the fees set out in FEES 3 Annex 10AR and the amount otherwise payable in (1), (2), (2A), (3), (3A) or (3B), or (4).59

(4) 11 In all other cases, other than applications by credit unions, the fee payable is 250 for firms which are not, or are not seeking to become, a PRA-authorised person, and 125 for firms which are, or are seeking to become, a PRA-authorised person,57 unless the variation involves only the reduction (and no other increases) in the scope of a Part 4A permission in which case no fee is payable.1

303059591575759130302311

On or before the date the application is made

30(pa) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant variation application”)

As (a) or 31(p) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application.

Within 30 days of the date of the invoice.

2(q) A super7transaction, being one where:

(i) the issuer has a market capitalisation in excess of 1.5 billion and it is a new applicant for a premium listing1358 under the listing rules, or involved in a reverse or hostile takeover or a significant restructuring; or

(ii) the issuer has a market capitalisation in excess of 5 billion and is involved in a class 1 transaction,7 a transaction requiring vetting of an equity prospectus or equivalent document or a transaction requiring vetting of a prospectus or listing particulars in relation to a Depositary Receipt.22

713587227

50,000

On or before the date that the relevant documentation is first submitted to the FCA.3

33

2(r) Providers of reporting or trade matching systems applying for recognition under MiFID as an Approved Reporting Mechanism.

100,0006

6

Having received its application, within 30 days after the FCA has notified the applicant that it is to commence testing of the applicants systems.6

56

5(s) In the case of an insurance business transfer scheme, a transferor.

Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly.

Either (1) or (2) as set out below:

(1) In the case of an insurance business transfer scheme involving long term insurance business, 9,250 to the PRA and 9,250 to the FCA56; or

(2) in the case of an insurance business transfer scheme not involving long term insurance business, 5,000. to the PRA and 5,000 is payable to the FCA.56

56The amount payable to the PRA above is collected by the FCA as agent of the PRA.

5656

On or before any application is made to the PRA for the appointment of a person as an independent expert.

6(t) A firm, a third party acting on a firm's behalf, an operator of a regulated market or an operator of an MTF applying to the FCA to report transaction reports directly to the FCA.

20

100,000

Having received its application, within 30 days after the FCA has notified the applicant that it is to commence testing of the applicants systems.

(u) [deleted]34

34
34 34

(v) A significant transaction, being one where:

(i) the issuer has a market capitalisation in excess of 500 million and is producing an equity prospectus or equivalent document, a prospectus or listing particulars22 in relation to a Depository Receipt or a document in relation to a class 1 transaction; or

(ii) the issuer is producing a document for vetting in relation to a reverse takeover, a hostile takeover or a significant restructuring.

A significant transaction does not include a super transaction.

22

20,000

On or before the date that the relevant documentation is first submitted to the FCA.

[deleted]35

35
35 35

(x)

(i) An issuer or person who:

(1) is a fee payer under one or more of the categories set out in (ii); and

(2) requests the FCA's approval or vetting of a document that includes a mineral expert's report.

(ii) The categories are (1), (m) (q), and (v) of this table.

(iii) A fee under this category is payable in addition to any fee payable under the categories set out in (ii).

5,000

On or before the date the relevant documentation is first submitted to the FCA.8

8(y) An applicant for authorisation as an authorised payment institution under regulation 5 of the Payment Services Regulations

The highest of the tariffs set out in FEES 3 Annex 8 which apply to that application.

Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable in

FEES 3 Annex 8R

On or before the date the application is made.

(z) An application by a small payment institution for authorisation as an authorised payment institution because regulation 15 of the Payment Services Regulations applies

The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application.

On or before the date the application is made.

(za) An applicant for registration as a small payment institution under regulation 12 of the Payment Services Regulations

FEES 3 Annex 8R, paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R.

On or before the date the application is made.

(zb) An authorised payment institution applying to vary its authorisation under regulation 8 of the Payment Services Regulations.

(1) If the payment services carried on by the authorised payment institution prior to the variation only fall within paragraph (f) or (g) or (h) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application.

(2) Where the

authorised payment institution:(i) already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (g); or

(ii) has authorisation to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its authorisation to include the other paragraph ((f) or (g));

the fee payable is 250 irrespective of the number of agents it has.

(3) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable.

On or before the date the application is made.

(zc) A small payment institution applying to vary its registration under regulation 12 of the Payment Services Regulations

(1) If the payment services carried on by the small payment institution prior to the variation only fall within paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and any of the payment services in paragraphs (a) to (e) of that Schedule will apply after variation, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8Rwhich apply to that application.

(2) Where the small payment institution:

(i) is already registered to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other of the services in (a) to (g); or

(ii) is registered to provide payment services in either paragraph (f) or (g) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to extend its registration to include the other paragraph ((f) or (g));the fee payable is 250 irrespective of the number of agents it has.

(2)

(3) In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable.

On or before the date the application is made.

A financial institution notifying the FSAFCA in accordance with regulation 121(2)(a) of the Payment Services Regulations.

50% of the highest of the tariffs set out in FEES 3Annex 8R, paragraphs (2) to (5) which apply to that application.

On or before the date the application is made.

(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12

12

Special Project Fee for restructuring in accordance with FEES 3 Annex 9 .

30 days of the date of the invoice.9

(zf) [deleted]57

57
57 91657

16(zg) An applicant for authorisation as an authorised electronic money institution under regulation 5 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zh) An applicant for registration as a small electronic money institution under regulation 12 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zi) An application by a small electronic money institution for authorisation as an authorised electronic money institution14because regulation 16 of the Electronic Money Regulations applies.

The amount set out in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zj) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R.

On or before the date the application is made.

16(zk) A small electronic money institution applying to vary its registration under regulation 12 of the Electronic Money Regulations.

The amount set out in FEES 3 Annex 10 R.

On or before the date the application is made.

15(zl) An applicant for recognition as an accredited body.

2,500

On or before the date the application is made.18

18(zm) An issuer applying for registration of a regulated covered bond.

(1) Unless (2) applies, 45,000.

(2) In the case of a proposed covered bond or programme where the assets in the asset pool will consist primarily of UK residential mortgages, 25,000.

On or before the date the application is made.

18(zn) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4 D.

6,500

On or before the date the notification under RCB 3.5.4 D is made.21

21(zo) In the case of persons in respect of which the FCA has given notice of its intention to take, or appoint a competent person to take, any steps under CONRED 2.5.12R, either:

(i) a Firm (as defined in CONRED 2.1.1R(1); or

(ii) a person falling within CONRED 2.1.2R(1).

An amount equal to:

(1) a sum determined by the number of hours, or part of an hour, taken by the FCA in relation to work conducted in taking steps under CONRED 2.5.12R recorded on the FCA's systems, multiplied by the rate in FEES 3 Annex 9 (11)R; or

(2) any amount invoiced to the FCA by a competent person in relation to any work carried out by that competent person in connection with its appointment by the FCA under CONRED 2.5.12R.

Within 30 days of the date of the invoice.

57(zp) A person in respect of which the appropriate regulator has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act and SUP 5.2.

Any amount invoiced to the appropriate regulator by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the appropriate regulator pursuant to section 166(3)(b) of the Act.

Within 30 days of the date of the invoice.

57(zq) A person in respect of which the appropriate regulator has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act.

Any amount invoiced to the appropriate regulator by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the appropriate regulator pursuant to section 166A(2)(b) of the Act.

Within 30 days of the date of the invoice.33

33(zr) An applicant for approval as a primary information provider.

1,500

On or before the application for approval is made.

30(zs) Applicant for FCA permission for an agreement to be enforced under section 28A(3)(a) and/or money paid or property transferred under and agreement to be retained under 3128A(3)(b) of the Act

(1) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act and for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act, the fee is 31£3,500 per type of agreement specified in the application.30

(2) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act only, the fee is £3,500 per type of agreement specified in the application.31

(3) If the application is for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act only, the fee is £3,500 per type of agreement specified in the application.31

Where there are a number of agreements of the same type, only one fee is payable in respect of those agreements. A number of agreements are of the same type when those agreements are entered into on the same terms and conditions.

On or before the date the application is made.

(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 59

Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 59

(1) If the applicant is applying for a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (a), column (2) paragraph (3) of this Table. 59

(2) If the applicant is applying for a variation of a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (p), column 2 paragraph (3)(c) of this Table. 59

On or before the application is made.59

32Part 2: Other fees

(1) Fee payer

(2) Fee payable

(3) Due date

(a)

(i) An issuer which has not made public its annual financial report before the latest time specified in DTR 4.1.3 R.

(ii) An issuer which has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2).

(i) Where the issuer has not made public its annual financial report before the latest time specified in DTR 4.1.3 R, £250 in respect of that annual financial report.

(ii) Where the issuer has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2), £250 in respect of that half-yearly financial report.

Within 30 days of the date of the invoice.

[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19

FEES 4.3.3RRP
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society,10fee-paying payment service providers and fee-paying electronic money issuers)107 calculated as follows:(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR and Part 1 of FEES 4 Annex 2BR2323 which apply to the business of the firm for the period specified in that annex;(2) for each of the applicable23 tariffs, calculate the sum payable in relation to the business of the firm
FEES 4.3.6RRP
(1) Subject to FEES TP 8, if23 the firm's, designated professional body's, recognised investment exchange's, 12or regulated covered bondissuer's11periodic fee for the previous fee year23 was at least £50,000, it11 must pay the FCA:23232311(a) an amount equal to 50% of the FCA23 periodic fee payable for the previous fee year, by 30 April or, if later, within 30 days of the date of the invoice, in the fee year23 to which the sum due under FEES 4.2.1 R relates; and 23(b) the balance
FEES 4.3.7RRP
A firm which is a member of a group may pay all of the amounts due from other firms in the same group under FEES 4.2.1 R, if:(1) it notifies the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA)22 in writing of the name of each other firm within the group for which it will pay; and22(2) it pays the fees, in accordance with this chapter, as a single amount as if that were the amount required from the firm under FEES 4.2.1 R.
FEES 4.3.9GRP
If the payment made does not satisfy in full the periodic fees payable by all of the members of the group notified to the FCA22 under FEES 4.3.7 R, the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA)22 will apply the sum received among the firms which have been identified in the notification given under FEES 4.3.7R (1) in proportion to the amounts due from them. Each firm will remain responsible for the payment of the outstanding balance attributable
FEES 4.3.10GRP
If a firm pays its fees through an agent outside the scope of FEES 4.3.7 R, the firm is responsible for ensuring that the FCA (in its own capacity and, if applicable, in its capacity as agent for the PRA)22 is informed that the sum being paid is for that firm's periodic fees.22
APER 1.1A.1PRP
APER applies to FCA-approved persons and PRA-approved persons.
APER 1.1A.6GRP
APER 1.1A.7 G gives examples of the effect of APER 1.1A.1 P and APER 1.1A.2 P. The first column says whether the example involves an FCA-approved person and the second column says whether the example involves a PRA-approved person. So for example if there is a "Yes" in both columns that means that the example concerns a person who has been approved both by the FCA and by the PRA. The third column explains what functions APER covers in the scenario set out in the first two columns.
APER 1.1A.7GRP

Table: Examples of what activities APER covers

FCA approved

PRA approved

Coverage of APER

FCA-authorised person

(1) Yes, in relation to firm A

Not applicable

Applies to the FCAcontrolled function. Also applies to any other function performed for firm A in relation to the carrying on by firm A of a regulated activity even if it is not a controlled function.

(2) Yes, in relation to firm A. No, in relation to firm B,

Not applicable

In relation to firm A, the answer is the same as for scenario (1). However, APER does not apply to any function that the approved person carries on in relation to firm B even if that function relates to regulated activities carried out by firm B. However, if the function that he performs in relation to firm B is a controlled function the approved person and firm B may be subject to legal sanctions (see SUP 10A.13.1 G to SUP 10A.13.2 G).

PRA-authorised person

(3) Yes, in relation to firm A

No

The answer is the same as for scenario (1).

(4) No

Yes, in relation to firm A

Applies to PRAcontrolled function. Also applies to any other function performed for firm A in relation to the carrying on by firm A of a regulated activity even if it is not a controlled function.

(5) Yes, in relation to firm A

Yes, in relation to firm A

Applies to FCAcontrolled function and PRAcontrolled function. Also applies to any other function performed for firm A in relation to the carrying on by firm A of a regulated activity even if it is not a controlled function.

(6) Yes, in relation to firm A. No, in relation to firm B,

Yes, in relation to firm A. No, in relation to firm B,

In relation to firm A, the answer is the same as for scenario (5). However, APER does not apply to any function that the approved person carries on in relation to firm B even if that function relates to regulated activities carried out by firm B. However, if the function that he performs in relation to firm B is a controlled function the approved person and firm B may be subject to legal sanctions (see SUP 10A.13.1 G to SUP 10A.13.21G).

SUP 13.12.1GRP
(1) Given the complexity of issues raised by passporting, UK firms are advised to consult legislation and also to obtain legal advice at earliest opportunity. Firms are encouraged to contact their usual supervisory contact at the appropriate UK regulator5 to discuss their proposals. However, a UK firm which is seeking guidance on procedural or notification issues relating to passporting should contact the FCA and PRA authorisations teams, as and where appropriate.555(2) An applicant
SUP 13.12.2GRP
To contact the FCA and/or PRA authorisations teams, please see the details provided on that regulator's website.5534