FEES 4.2 Obligation to pay periodic fees

A person shown in column (1) of the table in FEES 4.2.11 R as the relevant fee payer must pay each periodic fee applicable to it, calculated in accordance with the provisions referred to in column (2) of thattable, as adjusted by any relevant provision in this chapter:

1. (1)

   in full and without deduction (unless permitted or required by a provision in FEES); and

2. (2)

   on or before the date given in column (3) of that table, unless FEES 4.2.10 R applies.

A firm (other than andICVC or UCITS qualifier) which becomes authorised, or whose permission isextended, during the course of the financial yearmust pay a fee which is calculated by:

1. (1)

   identifying each of the tariffs set out in Part 1 of FEES 4 Annex 2R for the relevant financial yearthat apply to the firm only after the permission is received or extended, but ignoring:

   1. (a)

      the A.13 activity group if, before the variation, the A.12 activity group applied to the firm's business; or

   2. (b)

      the A.12 activity group if, before the variation, the A.13 activity group applied to the firm's business;

2. (2)

   calculating the amount for each of thosetariffs which is the higher of:

   1. (a)

      the minimum fee specified for the tariff; and

   2. (b)

      the result of applying the tariff to the projected valuation, for its first year (as provided to the FSA in the course of the firm's application), of the business to which the tariff relates(or, where relevant, the number of approved persons immediately after the permission is given);

3. (3)

   adding together the amounts calculated under (2); and10

4. (4)

   modifying the result as indicated by the table in FEES 4.2.6 R.

In relation to an incoming EEA firm or an incoming Treaty firm the modification provisions of FEES 4.2.7 R apply only in relation to the relevant regulated activities of the firm, which are passported activities or Treaty activities and which are carried on in the United Kingdom.

A person need not pay a periodic fee on the date on which it is due under the relevant provision in FEES 4.2.1 R, if:

1. (1)

   that date falls during a period during which circumstances of the sort set out in GEN 1.3.2 R (Emergencies) exist, and that person has reasonable grounds to believe that those circumstances impair its ability to pay the fee, in which case he must pay it on or before the fifth business day after the end of that period; or

2. (2)

   unless FEES 4.3.6R (3) or FEES 4.3.6R (4) (Time and method for payment) applies, that date would otherwise fall on or before the 30th day after the date on which the FSA has sent written notification to that person of the fee payable on that date, in which case he must pay on or before the 30th day after the date on which the FSA sends the notification.