Chapter 4 Periodic Fees - FCA Handbook

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Fees ManualChapter 4Periodic fees

FEES 4 : Periodic feesSection 4.1 : Introduction4.1Introduction4Application.4.1.1RThis chapter applies to every person set out in FEES 1.1.2R (2).4.1.1ARA reference to firm in this chapter includes a reference to:(1) a fee-paying payment service provider;(2) a CBTL firm;(3) a fee-paying electronic money issuer;(4) a recognised investment exchange; and(5) a data reporting services provider provider (other than an incomingdata reporting services provider).Purpose.4.1.2GThe purpose of this chapter is to set out the requirements on firms andothers to pay periodic fees and transaction reporting fees in certaincircumstances.Background.4.1.3G4.1.4GMost of the detail of the periodic fees that are payable by firms is set out in FEES 4 Annexes 1A to 11BR. FEES 4 Annex 12 G and FEES 4 Annex 13Gprovide guidance on the calculation of certain tariffs. Most of the provisionsof the Annexes will vary from one fee year to another. Accordingly fresh FEES 4 Annexes will come into force, following consultation, for each feeyear.(1) The periodic fees for collective investment schemes reflect theestimated costs to the FCA of considering proposals to changeregulated collective investment schemes, maintaining up to daterecords about them, and related policy work.(2) [deleted](3) The periodic fees for fee-paying payment service providers, feepaying electronic money issuers, CBTL firms, data reporting serviceproviders (other than incoming data reporting services providers andissuers of regulated covered bonds are set out in FEES 4 Annex 11R.This annex sets outFEES 4/2www.handbook.fca.org.uk Release 5 Mar 2021

FEES 4 : Periodic feesSection 4.1 : Introductionthe activity groups, tariff base, valuation dates and, where applicable,the flat fees due for these firms.4.1.5GThe Society of Lloyd's, which has permission, has its own fee block.4.1.6G[deleted]4.1.7GIn the case of periodic fees for firms, fees are calculated individually for eachfirm, but they may be paid on a group basis, if the group so wishes. Release 5 Mar 2021www.handbook.fca.org.uk4FEES 4/3

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic fees4.2Obligation to pay periodic fees4General.4.2.1RA person shown in column (1) of the table in FEES 4.2.11 R as the relevantfee payer must pay each periodic fee applicable to it, calculated inaccordance with the provisions referred to in column (2) of the applicabletable, as adjusted by any relevant provision in this chapter:(1) in full and without deduction (unless permitted or required by aprovision in FEES); and(2) on or before the date given in column (3) of that table, unless FEES 4.2.10 R applies.4.2.2GA relevant fee payer will be required to pay a periodic fee for every yearduring which they have the status in column 1 of the table in FEES 4.2.11 R(or in relation to collective investment schemes, for every year during whichit is a regulated collective investment scheme) subject to any reductions orexemptions applicable under this chapter. If a person is the relevant feepayer for more than one status listed in column 1 of the table in FEES 4.2.11 R (or in relation to collective investment schemes, the relevantfee payer for more than one regulated collective investment scheme) he willbe required to pay a fee in relation to each.(2) [deleted]4.2.2AGA recognised body may also have obligations to pay fees to the FCA underother rules arising from legislation other than the Act. For example arecognised body may have an obligation to pay a fee as an approvedoperator of a relevant system under the Uncertificated Securities Regulations1995 (SI 1995/3272).4.2.3GThe FCA will issue invoices online at least 30 days before the dates on whichpayments fall due under FEES 4.2.1 R.4.2.3ARIf, in response to a request from a fee payer, the FCA issues a paper invoice,an administration charge of 50 per year will be added to the fee otherwisepayable.Methodof payment.4.2.4FEES 4/4R(1) A periodic fee must be paid using either direct debit, credit transfer(BACS/CHAPS), cheque, Maestro, Visa Debit or by credit card (Visa/www.handbook.fca.org.uk Release 5 Mar 2021

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic feesMastercard only).(2) [deleted]4.2.4ARThe FCA does not specify a method of payment for a recognised body or adesignated professional body.4.2.5GThe FCA expects a recognised body or a designated professional body willgenerally pay their respective fees by electronic credit transfer.4Modifications for persons becoming subject to periodic feesduringthe course of a fee .2.7ER(1) (a) A firm (other than an ICVC, a,or an issuer of regulated coveredbonds) which becomes authorised or registered, or whosepermission and/or activities is extended, during the course of thefee year must pay a fee based on its projected valuation for thefirst twelve months of its new business.(b) This is the valuation provided by the firm in the course of itsapplication or if not provided at that time, the valuationprovided subsequently.(2) The calculation for the first year of authorisation or registration for:(a) an ICVC is in FEES 4 Annex 4R Part 1; and(b) an issuer of regulated covered bonds is in FEES 4 Annex 11R Part 4.Calculatingthe fee in the firm’s first year of authorisation.4.2.7F Release 5R(1)Identify the tariff rate or rates whichwill be relevant to the firm as a result of its new or extended permission; and then(2)apply the formula (A B C) x D,where: Mar 2021www.handbook.fca.org.ukFEES 4/5

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic feesA the amount arrived at by applying the tariff rates to the firm’s projected valuation for the first twelvemonths of its new business, as provided by it in accordance with FEES4.2.7ER;B the A.0 minimum fee, unless already paid;C any fee that becomes due inAP.0 following the calculation of A;and4D the number of calendar months(inclusive) between the calendarmonth during which the firm received its new or extended permission and the last calendar month ofthat fee year 12.Calculating fees in the second fee-year where the firm receivedpermission between 1 January and 31 March in its first feeyear.4.2.7GRWhen a firm receives permission between 1 January and 31 March, its fee forthe following fee year starting 1 April will be calculated from:(a) the projected valuation for the first twelve months of its newbusiness that it provided in accordance with FEES 4.2.7ER; or(b) an annualised figure based on actual data provided by 30 April in thefee year following obtaining its new or extended permission.If the annualised tariff base figure provided under (b) is a cumulativemeasure like income, covering the full year, it must apply the formula (A B)x 12, where:A the total income from the date the new or extended permission wasobtained up to the firm’s financial year end or 31 March (whichever issooner) of its first fee year, calculated according to the relevant rules; andB the number of months in the period referred to in A.Where the measure is not cumulative (e.g. the number of traders for feeblock A10), the firm must use the figure as at the firm’s financial year end or31 March (whichever is sooner) of its first fee year, calculated in accordancewith the relevant rules. If trading has not commenced by the applicable datethe figure is nil.Calculating all other fees in the second and subsequent yearsofauthorisation where a full year of tariff data is not available.4.2.7HFEES 4/6RIf it can, a firm must provide data from a complete period (as specified in FEES 4 Annex 1AR Part 5 or FEES 4 Annex 11R Part 4) that begins on or afterthe date that the firm obtained the relevant permissions to which the tariffbase relates.www.handbook.fca.org.uk Release 5 Mar 2021

FEES 4 : Periodic fees4.2.7IRSection 4.2 : Obligation to pay periodic feesIf a firm does not have sufficient tariff data to enable the periodic feescalculation to be made in respect of that fee year, it must calculate anannualised figure based on actual data where possible. If the tariff base is acumulative measure like income, covering the full year, it must apply theformula (A B) x 12, where:A the total income from the date of authorisation up to the firm’s financialyear end or 31 December (whichever is sooner), calculated according to therelevant rules; andB the number of months in the period referred to in A.4.2.7JG4For example, suppose the tariff data for a particular permission is based onincome for the financial year ending during the calendar year ending 31December before the relevant fee year starting the following April. A firm isauthorised in October and its financial year ends in June. By April, it will nothave been able to report on the basis of its financial year. The value of Awould therefore cover the period from October to December and the valueof B would be two i.e. November and December.If the firm was authorised in June and its financial year ended in October,then the value of A would cover June to October and the value of B wouldbe four i.e. July to October.4.2.7KRWhere the measure is not cumulative (e.g. the number of traders for feeblock A10), the firm must use the figure relating to the valuation datespecified in FEES 4 Annex 1R Part 5 (e.g. 31 December for A10). Table A setsout the reporting requirements for the key fee-blocks when full actual datais not available:Table A: calculating tariff data for second and subsequent years ofauthorisation when full trading figures are not availableFee-blockTariff baseCalculation where trading data are notavailableA1. Deposit acceptorsAverage MELS for October - DecemberUse data available at 31December or, if tradinghas not commenced by31 December, use nil.A2. Home finance providers and administratorsNumber of relevant con- Apply the formulatracts entered into or(A B) x 12 to arrive atbeing administered inan annualised figure.the twelve months upto 31 DecemberA3. Insurers - generalGross written premiumfor fees purposes (GWP)for the financial yearended in the calendaryear ending 31 December and best estimate liabilities for feespurposes (BEL) valuedat the end of the financial yearA4. Insurers - life Release 5 Mar 2021GWP – apply the formula (A B) x 12 to arrive at an annualisedfigure.BEL – use data at valuation date or, if trading has not commenced by then, usenil.Gross written premiumfor fees purposes(GWP) for the financialyear ended in thewww.handbook.fca.org.ukFEES 4/7

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic feescalendar year ending31 December and bestestimate liabilities forfees purposes (BEL) valued at the end of thefinancial yearA5. Managing agentsat Lloyd’sActive capacity in respect of the underwriting year at the beginning of the period towhich the fee relatesNot applicable.A6. The Society ofLloyd’sBespoke feeNot applicable.A7. Portfolio managersFunds under management valued at 31DecemberUse data as at 31 December or, if tradinghas not commenced by31 December, use nil.A9. Managers and depositaries of investment funds, and operators of collective investment schemes orpension schemesAnnual gross incomefor the financial yearended in the calendaryear ending 31DecemberApply the formula(A B) x 12 to arrive atan annualised figure.A10. Firms dealing asprincipalNumber of traders asat 31 DecemberUse data as at 31 December or, if tradinghas not commenced by31 December, use nil.A13. Advisors, arrangers, dealers orbrokersAnnual income for thefinancial year ended inthe calendar year ending 31 DecemberApply the formula(A B) x 12 to arrive atthe annualised figureThe highest amount ofThe highest amount of4A14. Corporate financeadvisersA18. Home finance providers, advisers andarrangersA19. General insurancedistributionA21. Firms holding cliFEES 4/8www.handbook.fca.org.uk Release 5 Mar 2021

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic feesent money or assets, orbothclient money and thehighest amount of custody assets held overthe 12 months ending31 Decemberclient money and/orcustody assets over theperiod between thedate of authorisationand 31 December or, iftrading has notstarted, use nil.B. Market operators,MTF operators and OTFoperatorsFlat feeNot applicable.B. Service companiesAnnual income for thefinancial year ended inthe calendar year ending 31 DecemberApply the formula(A B) x 12 to arrive atthe annualised figure.B. Regulatedbenchmark administratorsAnnual income for thefinancial year ended inthe calendar year ending 31 DecemberApply the formula(A B) x 12 to arrive atthe annualised figure.B. Recognised investment exchangesAnnual income for thefinancial year ended inthe calendar year ending 31 DecemberApply the formula(A B) x 12 to arrive atthe annualised figure.B. Recognised overseasinvestment exchangesFlat feeNot applicable.CC1. Credit-relatedregulated activitieswith limited permissionAnnual income for thefinancial year ended inthe calendar year ending 31 DecemberApply the formula(A B) x 12 to arrive atan annualised figure.4B. [deleted]CC2. Credit relatedregulated activitiesG.2 Payment services institutions – depositacceptorsSee A1 deposit acceptorsG.3. Large payment services institutionsRelevant incomeApply the formula(A B) x 12 to arrive atan annualised figure.G.4 Small payment institutionsFlat feeNot applicable.G.5 Other payment institutionsRelevant incomeApply the formula(A B) x 12 to arrive atan annualised figure.G.10 Large electronicmoney institutionsAverage outstanding emoney over 12 monthsending 31 DecemberAverage over theperiod from authorisation to 31 December.G.11 Small electronicmoney institutionsFlat feeNot applicable.G.15 Issuer of regulated covered bondsValue as at 31DecemberNot applicable.G.20 Consumer buy-tolet (CBTL) lenderFlat feeNot applicable.G.21 CBTL adviser andarranger Release 5 Mar 2021www.handbook.fca.org.ukFEES 4/9

FEES 4 : Periodic fees4.2.8RSection 4.2 : Obligation to pay periodic feesFor payment services and electronic money issuance, the adjustment onlyapplies to the business to which the calculation made in FEES 4.3.12A Rrelates.Fee payers ceasing to hold relevant status or reducing thescopeof their permission after start of relevant period.4.2.9G4The FCA will not refund periodic fees if, after the start of the period towhich they relate:(1) a fee payer ceases to have the status set out in column (1) of thetable in FEES 4.2.11 R; or(2) a firm reduces its permission or payment services activities so that itthen falls out of the fee-block previously applied to it;(but see FEES 2.3 (Relieving Provisions) and FEES 4.3.13 R (Firms Applying toCancel or Vary Permission Before Start of Period)).Extensionof Time.4.2.10RA person need not pay a periodic fee on the date on which it is due underthe relevant provision in FEES 4.2.1 R, if:(1) that date falls during a period during which circumstances of the sortset out in GEN 1.3.2 R (Emergencies) exist, and that person hasreasonable grounds to believe that those circumstances impair itsability to pay the fee, in which case he must pay it on or before thefifth business day after the end of that period; or(2) unless FEES 4.3.6R (3), FEES 4.3.6R (4) or FEES 4.3.6R (4A) (Time andmethod for payment) applies, that date would otherwise fall on orbefore the 30th day after the date on which the FCA (in its owncapacity or in its capacity as collection agent for the PRA) has sentwritten notification to that person of the fee payable on that date, inwhich case he must pay on or before the 30th day after the date onwhich the FCA sends the notification.4.2.11FEES 4/10RTable of periodic fees payable to the FCAwww.handbook.fca.org.uk Release 5 Mar 2021

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic fees1 Fee payer2 Fee payable3 Due dateAny firm (exceptan ICVC)(1) Unless (2) applies, as specifiedin FEES 4.3.1 R inrelation to FEES 4Annex 2AR andFEES 4 Annex 11 R.(1) Unless (2) or(3) apply, on orbefore the relevant dates specified in FEES 4.3.6R.(2) Where a firmis paying a ringfencing implementation fee,as specified inFEES 4 Annex 2BR.(2) Unless (3) applies, if an eventspecified in column 4 occursduring thecourse of a feeyear, 30 daysafter the occurrence of thatevent, or if laterthe dates specified in FEES 4.3.6R.4 Events occurring during theperiod leading tomodified periodicfeeFirm receivespermission, orbecomes authorised or registered under thePayment ServicesRegulations, article 8 of theMCD Order , theDRS Regulationsor the ElectronicMoney Regulations; or firm extends permissionor its paymentservice activities4(3) Where thepermission is foroperating a multilateral tradingfacility or operating an organisedtrading facility,the date specified in FEES 4 Annex 10R (Periodicfees for MTF andOTF operators).Persons whohold a certificateissued by theFCA under article 54 of theRegulated Activities Order(Advice given innewspapers etc.) 1,151Any manager ofan AUT;In relation toeach unit trustthe amount specified in part 1of FEES 4 Annex 4Any authorisedfund manager ofan authorisedcontractualscheme;In relation toeach authorisedcontractualscheme theamount specified in part 1 of(1) Unless (2) applies, on or before 1 August or,if later, within30 days of thedate of theinvoiceCertificate issuedto person by theFCA under article 54 of theRegulated Activities Order(2) If an event incolumn 4 occurs,during thecourse of a feeyear, 30 daysafter the occurrence of thatevent.Authorisation order is made in relation to the relevant schemeFEES 4 Annex 4 Release 5 Mar 2021www.handbook.fca.org.ukFEES 4/11

FEES 4 : Periodic feesSection 4.2 : Obligation to pay periodic fees1 Fee payer2 Fee payableAny ACD of anICVC; andIn relation toeach ICVC, theamount specified in part 1 of3 Due date4 Events occurring during theperiod leading tomodified periodicfeeFEES 4 Annex 44Persons who, under the constitution or foundingarrangements ofa recognisedscheme, are responsible for themanagement ofthe propertyheld for orwithin thescheme;In relation toeach recognisedscheme theamount specified in part 1 ofAIFM UK AIFMof a an LTIFIn relation toeach LTIF theamount specified in part 1 ofThe relevantscheme becomesa recognisedschemeNot applicable(1) Unless (2) applies, on or before 1 August or,if later, within30 days of thedate of theinvoice.The LTIF is authorised by theFCA under theLTIF RegulationFEES 4 Annex 4FEES 4 Annex 4(2) If an event incolumn 4 occursduring thecourse of a feeyear, 30 daysafter the occurrence of thatevent.Designated professional bodyFEES 4 Annex 5On or before therelevant datesspecified in FEESNot applicable4.3.6 RUK recognisedbodyFEES 4 Annex 6,part 1 for a UKRIE(1) On or beforethe relevantdates specifiedin FEES 4.3.6 R(2) If the eventin column 4 occurs during thecourse of a feeyear, 3

FEES 4 : Periodic fees Section 4.2 : Obligation to pay periodic fees 4 4.2.7I R 4.2.7J G 4.2.7K R Release 5 Mar 2021 www.handbook.fca.org.uk FEES 4/7 If afirmdoes not have sufficient tariff data to enable the periodic fees calculation to be made in respect of thatfee year, it must calculate an annualised figure based on actual data where possible.

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