FEES TP 11 Transitional Provisions for the Benchmarks Order 2015

111.1

Introduction

11.1.1

G

(1)

FEES TP 11 deals with transitional arrangements for firms that will administer specified benchmarks by operation of the "Benchmarks Order 2015".

(2)

The "Benchmarks Order 2015" is the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (SI 2015/369)

11.1.2

R

FEES TP 11 remains in force until all fees in FEES TP 11.2 have been paid in full.

11.2

Exceptional fee

11.2.1

R

FEES TP 11.2 applies to a firm which:

(1)

is treated as having its permission varied to include administering a specified benchmark under article 4 of the Benchmarks Order 2015; or

(2)

meets the following criteria:

(a)

its permission, before 1 April 2015, included administering a specified benchmark;

(b)

on 1 April 2015, it is administering more than one specified benchmark; and

(c)

it is not a firm in FEES TP 11.2.1R(1).

11.2.2

R

A firm in FEES TP 11.2.1R is treated as if:

it had applied to carry on "administering a specified benchmark" under FEES 3.2.7R(ga)(ii) on 1 April 2015; and

its due date for the payment of the relevant fee is 30 days after 1 April 2015.