REC 7
Fees
REC 7.1
Introduction
- 01/12/2004
Application
REC 7.1.1
See Notes
This
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).
- 17/01/2002
Purpose
REC 7.1.2
See Notes
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.
- 17/01/2002
Background
REC 7.1.3
See Notes
- 17/01/2002
REC 7.1.4
See Notes
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.
- 01/04/2004
REC 7.1.5
See Notes
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.
- 01/06/2004
REC 7.1.6
See Notes
Application fees are calculated from
a tariff structure intended to reflect the estimated cost of processing an
application of that type and complexity.
- 17/01/2002
REC 7.1.7
See Notes
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.
- 17/01/2002
REC 7.1.8
See Notes
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.
- 17/01/2002
REC 7.2
[to follow]
- 01/12/2004
REC 7.2.1
See Notes
.
- 17/01/2002
REC 7.3
Application fees
- 01/12/2004
Amount
REC 7.3.1
See Notes
An applicant for recognition as a UK recognised body under
section 287 or section 288 of the Act must
pay to the FSA in
full and without any deduction the application fee specified for that type
of application in part 1 of REC 7 Annex 2 R.
- 01/04/2004
REC 7.3.2
See Notes
An applicant for recognition as an overseas recognised body under
section 287 or section 288 and section 292 of the Act must pay to the FSA in full and without any deduction the
application fee specified in part 2 of REC 7 Annex 2 R.
- 01/04/2004
Due dates
REC 7.3.3
See Notes
An applicant must pay the application
fee on or before the date on which the application is made.
- 17/01/2002
REC 7.3.4
See Notes
The FSA will
not consider an application for recognition until the application fee has
been paid.
- 17/01/2002
REC 7 Annex 1
Fees payable in relation to the period from 1 April 2005 to 31 March 2006
- 01/06/2005
See Notes
| In this Annex: |
| - the term recognised body includes a body which was a recognised investment exchange or a recognised clearing house recognised under the Financial Services Act 1986 and which is a recognised body as a result of Regulation 9 of the Recognition Requirements Regulations; and |
| - the term recognition order includes a recognition order made by the FSA under section 37 or section 39 of the Financial Services Act 1986 or a recognition order made by the Treasury under section 40 of the Financial Services Act 1986. |
| Part 1 - Periodic fees for UK recognised bodies |
| Name of UK recognised body | Amount payable | Due date |
| CRESTCo Limited | £294,000 | 30 April 2005 |
| £271,000 | 1 September 2005 | |
| The International Petroleum Exchange of London Limited | £166,000 | 30 April 2005 |
| £159,500 | 1 September 2005 | |
| LIFFE Administration and Management | £361,000 | 30 April 2005 |
| £439,000 | 1 September 2005 | |
| LCH.Clearnet Limited | £309,500 | 30 April 2005 |
| £395,500 | 1 September 2005 | |
| The London Metal Exchange Limited | £217,500 | 30 April 2005 |
| £242,500 | 1 September 2005 | |
| London Stock Exchange plc | £352,500 | 30 April 2005 |
| £382,500 | 1 September 2005 | |
| virt-x Exchange Ltd | £117,000 | 30 April 2005 |
| £93,000 | 1 September 2005 | |
| EDX London Ltd | £95,000 | 30 April 2005 |
| £65,000 | 1 September 2005 | |
| Any other UK recognised investment exchange recognised as such by a recognition order made in the period | £150,000 | 30 days after the date on which the recognition order is made |
| Any other UK recognised clearing house recognised as such by a recognition order made in the period | £250,000 | 30 days after the date on which the recognition order is made |
| Part 2 - Periodic fees for overseas recognised bodies |
| Name of overseas recognised body | Amount payable | Due date |
| Cantor Financial Futures Exchange | £10,000 | 1 July 2005 |
| The Chicago Mercantile Exchange | £10,000 | 1 July 2005 |
| Chicago Board of Trade | £10,000 | 1 July 2005 |
| EUREX (Zurich) | £10,000 | 1 July 2005 |
| National Association of Securities and Dealers Automated Quotations (NASDAQ) | £10,000 | 1 July 2005 |
| NQLX LLC | £10,000 | 1 July 2005 |
| New York Mercantile Exchange Inc. | £10,000 | 1 July 2005 |
| The Swiss Stock Exchange | £10,000 | 1 July 2005 |
| Sydney Futures Exchange Limited | £10,000 | 1 July 2005 |
| Warenterminborse Hannover | £10,000 | 1 July 2005 |
| US Futures Exchange LLC | £10,000 | 1 July 2005 |
| SIS x-clear AG | £35,000 | 30 days after the date on which the invoice is issued by the FSA |
| Any other overseas investment exchange recognised as such by a recognition order made in the period | £10,000 | 30 days after the date on which the recognition order is made |
| Any other overseas clearing house recognised as such by a recognition order made in the period | £35,000 | 30 days after the date on which the recognition order is made |
- 01/07/2005
REC 7 Annex 2
Application fees payable
- 01/12/2004
See Notes
| Description of applicant | Amount payable | Due date |
| Applicant for recognition as a UK RIE | £100,000 | Date the application is made |
| Applicant for recognition as a UK RCH | £100,000 | Date the application is made |
| Additional fees for applicant who proposes to: | ||
| - act as a central counterparty | £25,000 | Date the application is made |
| - offer safeguarding and administration services | £25,000 | Date the application is made |
| - use substantially new and untested information technology systems in the performance of its relevant functions | £25,000 | Date the application is made |
| Description of applicant | Amount payable | Due date |
| Applicant for recognition as a recognised overseas investment exchange | £50,000 | Date the application is made |
| Applicant for recognition as a recognised overseas clearing house | £50,000 | Date the application is made |
| Additional fees for applicant who proposes to: | ||
| - act as a central counterparty | £25,000 | Date the application is made |
| - offer safeguarding and administration services | £25,000 | Date the application is made |
- 21/06/2001