FEES 4 Annex 2B Ring-Fencing Implementation Fee
1In the fee year starting 1 April 2016 and subsequent fee years: |
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(1) |
The FCA will charge a ring-fencing implementation fee to recover the annual cost to the FCA, as determined by the FCA, of implementing ring-fencing. |
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(2) |
All firms in a ring-fencing fees group are subject to ring-fencing implementation fees. The FCA may require that a single firm in a ring-fencing fees group pay all of the applicable ring-fencing implementation fees. |
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(3) |
In each fee year the FCA will allocate to each ring-fencing fees group the proportion referred to in (4) of the cost referred to in (1). An amount reflecting this proportion will be the total fee payable by the firms within the ring-fencing fees group. |
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(4) |
The proportion was determined by the FCA as at 1 March 2016 in accordance with the following formula (all figures are rounded to the nearest whole number): [(X + Y) ÷2] % where X= [core deposits (ring-fencing fees group) ÷ core deposits (all ring-fencing fees groups)] x 100 and Y = [assets outside expected RFB subgroup (ring-fencing fees group) ÷ assets outside expected RFB subgroups (all ring fencing fees groups)] x 100 |
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(5) |
The following are not required to pay the fee set out below if a ring-fencing implementation fee is payable by that person or another firm in the applicant’s ring-fencing fees group: |
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Fee payer |
Fee |
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(a) a firm that applies for a Part 4A permission and/or a variation of a Part 4A permission as a result of ring-fencing |
an application fee under FEES 3.2.7R Part 1(1)(a) or (p) |
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(b) an issuer that applies for registration of a regulated covered bond as a result of ring-fencing |
an application fee under FEES 3.2.7R Part 1(1)(zm) |
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(c) an issuer that proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D as a result of ring-fencing |
an application fee under FEES 3.2.7R Part 1(1)(zn) |
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