FEES 4 Annex 16R Periodic fees for credit rating agencies, trade repositories and securitisation repositories

Part 1 – Method for calculating the fee for fee-paying payment service providers

The periodic fee is calculated by identifying the relevant activity group under Part 2 and multiplying the tariff base identified in Part 3 of FEES 4 Annex 16R by the appropriate rates in the table at Part 42.

Part 2 – Activity groups

Activity group

Fee payer falls into this group if:

J.1

it is a credit rating agency or certified credit rating agency; or

J.2

it is a trade repository or recognised trade repository; or

J.3

it is a securitisation repository.

Part 3

This table indicates the tariff base for each fee-block. The tariff base is the means by which the FCA measures the amount of business conducted by a firm.

J.1 Credit rating agencies

APPLICABLE TURNOVER

This is revenue generated from the credit rating agency’s 2 activities and ancillary services.

J.2 Trade repositories

APPLICABLE TURNOVER

This is the sum of revenues generated from:

(a) the core functions of centrally collecting and maintaining records of derivatives and securities financing transactions2; and

(b) ancillary services that are directly related to centrally collecting and maintaining records of derivatives and securities financing transactions2.

Ancillary services include:

(i) direct provision by the trade repository;

(ii) indirect provision by a company within the trade repository’s group; and

(iii) where an entity with which the trade repository has concluded an agreement in the context of the trading or post-trading chain or business line to cooperate in the provision of services provides the ancillary services.

Where a trade repository’s accounts do not distinguish revenue from ancillary services under different activities, it should determine the share each activity represents of the turnover from providing core services and apply that to the composite ancillary revenue figure.

J.3 Securitisation repositories

APPLICABLE TURNOVER

This is the sum of revenues generated from:

(a) the core functions of centrally collecting and maintaining records of securitisations; and

(b) ancillary services that are directly related to centrally collecting and maintaining records of securitisations.

Ancillary services include:

(i) direct provision by the securitisation repository;

(ii) indirect provision by a company within the securitisation repository’s group;

(iii) where an entity with which the securitisation repository has concluded an agreement in the context of the trading or post-trading chain or business line to cooperate in the provision of services provides the ancillary services.

Part 4 2– Tariff rates

Fee block

Activity group

Fee payable in relation to the fee year 2024/256

J.1

Registered credit rating agencies and third country certified credit rating agencies with applicable turnover of £8.670m6 or less

Exempt

Registered credit rating agencies with turnover above £8.670m6

£2.656 per £1k or part-£1k (applies to all turnover)

Certified credit rating agencies with turnover above £8.670m6

£5,202.006

J.2

Registered trade repositories

£11.036 per £1k or part-£1k, subject to a minimum payment of £26,013.006

Recognised trade repositories

£4,335.006

J.3

Registered securitisation repositories

£11.036 per £1k or part-£1k subject to a minimum payment of £26,013.006