FEES 3

Application, Notification and Vetting Fees

FEES 3.1

Introduction

Application

FEES 3.1.1

See Notes

handbook-rule
This chapter applies to every person set out in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R.

FEES 3.1.1A

See Notes

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A reference to firm in this chapter includes a reference to a fee-paying payment service provider and a fee-paying electronic money issuer.

FEES 3.1.2

See Notes

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This chapter does not apply to:

Purpose

FEES 3.1.3

See Notes

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The purpose of this chapter is to set out the FSA fee paying requirements on the persons set out in FEES 1.1.2R (1).

FEES 3.1.4

See Notes

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Most of the detail of what fees are payable by the persons referred to in FEES 3.1.3 G is set out in FEES 3 Annex 1 - FEES 3 Annex 10 R.

FEES 3.1.5

See Notes

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  1. (1) The rates set for authorisation fees represent an appropriate proportion of the costs of the FSA in processing the application or exercise of Treaty rights.
  2. (2) The fees for collective investment schemes reflect the estimated costs to the FSA of assessing applications and notifications. The level of fees payable in respect of an application or a notification will vary depending upon the provision of the Act under which it is made. This fee is adjusted when the scheme concerned is an umbrella.
  3. (3) Application fees for recognised bodies are calculated from a tariff structure intended to reflect the estimated cost of processing an application of that type and complexity.

FEES 3.1.6

See Notes

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Applications for Part IV permission (and exercises of Treaty rights) are categorised by the FSA for the purpose of fee raising as complex, moderately complex and straightforward as identified in FEES 3 Annex 1. This differentiation is based on the permitted activities sought and does not reflect the FSA's risk assessment of the applicant (or Treaty firm).

FEES 3.1.6A

See Notes

handbook-guidance
Application fees for authorisation or registration under the Payment Services Regulations are set out in FEES 3 Annex 8R. The fee depends on the type of payment services a firm wishes to provide and whether it will be a small payment institution or an authorised payment institution. The fee may also depend on the number of agents it has.

FEES 3.1.6B

See Notes

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Application fees for authorisation or registration under the Electronic Money Regulations are set out in FEES 3 Annex 10 R. The fee depends on whether the firm is an authorised electronic money institution or a small electronic money institution.

FEES 3.1.7

See Notes

handbook-guidance
A potential applicant for Part IV permission (or Treaty firm) has the opportunity to discuss its proposed application (or exercise of Treaty rights) with the FSA before submitting it formally. (For more information, contact the Firm Contact Centre (020 7066 3954) or visit the FSA website How do I get authorised: http://www.fsa.gov.uk/Pages/Doing/how/index.shtml.) If an applicant for Part IV permission (or Treaty firm) does so, the FSA will be able to use that dialogue to make an initial assessment of the fee categorisation and therefore indicate the authorisation fee that should be paid.

FEES 3.1.8

See Notes

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See the FSA website How do I get authorised: http://www.fsa.gov.uk/Pages/Doing/how/index.shtml in relation to the procedures for making applications for Part IV permission and SUP 13A for procedures for the exercise of Treaty rights by Treaty firms.

FEES 3.2

Obligation to pay fees

General

FEES 3.2.1

See Notes

handbook-rule

A person in column (1) of the table in FEES 3.2.7 R as the relevant fee payer for a particular activity must pay to the FSA a fee for each application or request for vetting, or request for support relating to compatibility of its systems with FSA systems, or admission approval made, or notification or notice of exercise of a Treaty right given, or other matter as is applicable to it, as set out or calculated in accordance with the provisions referred to in column (2) of that table:

  1. (1) in full and without deduction; and
  2. (2) on or before the date given in column (3) of that table.

FEES 3.2.2

See Notes

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If an application for a Part IV permission (or exercise of a Treaty right) falls within more than one category set out in FEES 3 Annex 1, only one fee is payable. That fee is the one for the category to which the highest fee tariff applies.

Method of payment

FEES 3.2.3

See Notes

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  1. (1) Unless (2) or (3) applies, the sum payable under FEES 3.2.1 R must be paid by bankers draft, cheque or other payable order.
  2. (2) The FSA does not specify a method of payment for a person seeking to:
    1. (a) become a recognised body or a designated professional body; or
    2. (b) be added to the list of designated investment exchanges or accredited bodies.
  3. (3) The sum payable under FEES 3.2.1 R by a firm applying for a variation of its Part IV permission (FEES 3.2.7 R(p)) must be paid by any of the methods described in (1) or by Maestro or credit card (Visa/Mastercard only). Any payment by a permitted credit card must include an additional 2% of the sum paid.

FEES 3.2.4

See Notes

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The FSA expects that a person seeking to become a recognised body or a designated professional body or to be added to the list of designated investment exchanges or accredited bodies will generally pay their respective fees by electronic credit transfer.

FEES 3.2.5

See Notes

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  1. (1) The appropriate authorisation or registration fee is an integral part of an application for, or an application for a variation of, a Part IV permission or authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations. Any application received by the FSA without the accompanying appropriate fee, in full and without deduction (see FEES 3.2.1 R), will not be treated as an application made, incomplete or otherwise, in accordance with section 51(3)(a) or section 44, of the Act or regulation 5(3) or 12(3) of the Payment Services Regulations or regulation 5 or 12 of the Electronic Money Regulations. Where this is the case, the FSA will contact the applicant to point out that the application cannot be progressed until the appropriate fee has been received. In the event that the appropriate authorisation fee, in full and without deduction, is not forthcoming, the application will be returned to the applicant and no application will have been made.
  2. (2) With the exception of persons seeking to become a designated professional body, all applications, notifications, requests for vetting or admission approval will be treated as incomplete until the relevant fee is fully paid and the FSA will not consider an application, notification, request for vetting or admission approval until the relevant fee is fully paid. Persons seeking to become a designated professional body have 30 days after the designation order is made to pay the relevant fee.

FEES 3.2.6

See Notes

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Fees paid under this chapter are not refundable.

FEES 3.2.7

See Notes

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Table of application, notification and vetting fees

FEES 3 Annex 1

Authorisation fees payable

See Notes

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Part 1 - Authorisation fees payable Part 2 - Complexity Groupings Straightforward Cases
Moderately Complex Cases
Complex Cases R
Part 4 - Authorisation Fees for Treaty Firms R
Part 5 - Activity Groupings R
Part 6 - Change of legal status

FEES 3 Annex 2

Application and notification fees payable in relation to collective investment schemes

See Notes

handbook-rule

FEES 3 Annex 3

Application fees payable in connection with Recognised Investment Exchanges, Recognised Clearing Houses and Recognised Auction Platforms

See Notes

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FEES 3 Annex 4

Application and administration fees in relation to listing rules

See Notes

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Part 1 Part 2 Part 3

FEES 3 Annex 5

Document vetting and approval fees in relation to listing and prospectus rules

See Notes

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Part 1
Part 2
These fees relate to approval or vetting of the documents referred to in the second column of this table arising in relation to specific events or transactions that an issuer, offeror or person requesting admission might be involved in during the year. For the purposes of categories 1-3 of this fee schedule, equity does not include convertible securities or depositary receipts. These are treated as non-equity.
Where a fee in category 6 or 8 of this fee schedule is payable, the listing application fee under FEES 3 Annex 4 Part 1 does not apply.
Fees from other fee schedules contained in other sections of the sourcebook may be applicable to a single submission.
Certain transactions may come within the category of super or significant transactions and thus attract a higher fee, as set out in FEES 3.2.7 R(q) and FEES 3.2.7 R(v).

FEES 3 Annex 6

Fees payable for a permission or guidance on its availability in connection with the Basel Capital Accord

See Notes

handbook-rule
Part 1 Fees payable other than in relation to the counterparty credit risk internal model method. Part 2
Fees payable in relation to the counterparty credit risk internal model method.
54,000

FEES 3 Annex 7

Fees where changes are made to firms transaction reporting systems and the FSA is asked to check that these systems remain compatible with FSA systems

See Notes

handbook-rule

FEES 3 Annex 8

Fees payable for authorisation as an authorised payment institution or registration as a small payment institution in accordance with the Payment Services Regulations

See Notes

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Authorisation and registration fees payable

FEES 3 Annex 9

Special Project Fee for restructuring

See Notes

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FEES 3 Annex 10

Fees payable for authorisation as an authorised electronic money institution or registration as a small electronic money institution or variation thereof in accordance with the Electronic Money Regulations

See Notes

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Authorisation, registration and variation fees payable

FEES 3 Annex 11

Guidance on fees due under FEES 3.2.7R

See Notes

handbook-guidance
The following table sets out guidance on how a firm liable to pay a fee under both FEES 3.2.7 R (s) and FEES 3.2.7 R (ze) for the same transaction should expect to be treated.

Firms liable under both FEES 3.2.7R(s) and FEES 3.2.7R(ze)