FEES TP 8 Transitional provisions relating to FEES 3 Annex 9R and FEES 4.3.6R taking effect in 2013/14

8.1

Special project fee transitional provisions

8.1.1

[FCA] [PRA]

FEES 3 Annex 9R

R

This rule relates to a special project fee or part of a special project fee which has the following characteristics:

(1) one or more of the events described in FEES 3 Annex 9R (2) or (6) had occurred before 1 April 2013; and

(2) FSA employees conducted regulatory work which had been recorded on the FSA's systems and/or the FSA was invoiced fees and disbursements as a consequence of the applicable event or events referred to in FEES 3 Annex 9R (2) or (6) before 1 April 2013.

(3) Hours or part hours worked by FSA staff and any fees or disbursements invoiced to the FSA of the kind described in FEES 3 Annex 9R (9) which were not accounted for in an invoice issued by the FSA prior to 31 March 2013 shall be named “pre-LCO accrued costs” in FEES TP 8.1.

From 1 April 2013 indefinitely

1 April 2013

8.1.2

[FCA] [PRA]

FEES 3 Annex 9R

R

In relation to the kind of special project fee specified in FEES TP 8.1.1R,

(a) where one of the events referred to in FEES 3 Annex 9R (6)(a) had occurred, any pre-LCO accrued costs shall be included in the calculation of any amount payable to the FCA under FEES 3 Annex 9R (9);

(b) a special project fee is payable to the FCA regardless of whether the amount calculated according to FEES 3 Annex 9R for the FCA is less than £50,000; and

(c) no special project fee is payable if the sum total of adding together (i) the amount calculated in accordance with FEES 3 Annex 9R (9) in respect of the FCA and (ii) the total costs invoiced by the FSA before 1 April 2013 results in a total amount of less than £50,000.

From 1 April 2013 indefinitely

1 April 2013

8.1.3

[FCA] [PRA]

FEES 3 Annex 9R

R

In relation to the kind of special project fee specified in FEES TP 8.1.1R, where one of the events referred to in FEES 3 Annex 9R (2) or (6)(b)1had occurred:

(a) 50% of the pre-LCO accrued costs shall be included in the calculation of any amount payable to the FCA under FEES 3 Annex 9R(9);

(b) 50% of the pre-LCO accrued costs shall be included in the calculation of any amount payable to the PRA under FEES 3 Annex 9R(9);

(c) a special project fee is payable to the appropriate regulator regardless of whether the amount calculated according to FEES 3 Annex 9R for the appropriate regulator is less than £50,000; and

(d) no special project fee is payable if the sum total of adding together (i) the amount calculated in accordance with FEES 3 Annex 9R(9) in respect of the FCA, (ii) the amount calculated in accordance with FEES 3 Annex 9R(9) in respect of the PRA and (iii) the total costs invoiced by the FSA before 1 April 2013 results in a total amount of less than £50,000.

From 1 April 2013 indefinitely

1 April 2013

8.1.4

[FCA] [PRA]

FEES 3 Annex 9

G

As a result of FEES FEES TP 8.1.3R, pre-LCO accrued costs may give rise to two separate fee payment obligations following 1 April 2013, one in respect of the FCA and one in respect of the PRA if the threshold in FEES TP 8.1.3(d) is breached.

From 1 April 2013 indefinitely

1 April 2013

8.1.5

[FCA] [PRA]

FEES 3 Annex 9

G

(1) This guidance gives examples of how FEES TP 8.1 is intended to operate.

(2) If an event specified in FEES 3 Annex 9 (2) occurred on 1 April 2012, the £50,000 threshold was breached on 1 November and the FSA invoiced for the full amount outstanding as at 1 December 2012 but issued no further invoices, any accrued hours or part hours and fees or disbursements invoiced to the FSA between 1 December 2012 and 1 April 2013 will be divided equally between the FCA and the PRA and an amount would be payable to the FCA and the PRA as separate fees regardless of whether the separate thresholds contained in FEES 3 Annex 9 (8) are met as long as the combined FSA, FCA and PRA costs incurred exceeded £50,000.

(3) If an event specified in FEES 3 Annex 9 (6)(a) occurred on 1 February 2013, the FSA had begun the relevant regulatory work but had yet issued any invoices or breached the 50,000 floor before 1 April 2013, the accrued hours and disbursements will be allocated towards the FCA's fee calculation.

From 1 April 2013 indefinitely

1 April 2013

8.2

On account fee transitional provisions

8.2.1

[FCA] [PRA]

FEES 4.3.6 R (1) and FEES 4.3.6 R (1A)

R

For the 2013/2014 fee year, “previous fee year” is replaced by “FSA financial year for 2012/2013” and “periodic fee” is replaced by “periodic fee payable to the FSA”.

1 April 2013 until 31 March 2014

1 April 2013

8.2.2

[FCA] [PRA]

FEES 4.3.6 R (1)(a) and FEES 4.3.6 R (1A)(a)

R

For the 2013/2014 fee year, “FCA periodic fee” and “PRA periodic fee”, as applicable, is replaced by “FSA periodic fee” and “previous fee year” is replaced by “FSA financial year for 2012/2013.”

1 April 2013 until 31 March 2014

1 April 2013

8.2.3

[FCA] [PRA]

FEES 4.3.6 R (1)(a)

R

For the 2013/2014 fee year, in relation to PRA-authorised persons only, “50%” is replaced by “23.5%”.

1 April 2013 until 31 March 2014

1 April 2013

8.2.4

[FCA] [PRA]

FEES 4.3.6 R (1A)(a)

R

For the 2013/2014 fee year, “50%” is replaced by “26.5%”.

1 April 2013 until 31 March 2014

1 April 2013

8.2.5

[FCA] [PRA]

FEES 4.3.6 R

R

Firms, regulated covered bond issuers, designated professional bodies and recognised investment exchanges which, prior to 1 April 2013, paid to the FSA an amount equal to 50% of the FSA periodic fee payable in respect of the FSA financial year for 2012/2013 are not required to pay any amounts due under rules (1)(a) or (1A)(a). Rules (1)(b) and (1A)(b) will apply to these firms, regulated covered bond issuers, designated professional bodies and recognised investment exchanges as if they had discharged their obligations under rules (1)(a) and (1A)(a).

1 April 2013 until 31 March 2014

1 April 2013

8.2.6

[FCA] [PRA]

FEES 4.3.6 R

G

For fee year 2013/2014, invoices containing the total amount of regulatory fees required to be paid to the FCA and, if applicable, the PRA by 30 April 2013 were issued by the FSA prior to 1 April 2013. The amounts contained in those invoices should be treated as the amounts owing to the FCA and PRA under FEES 4.3.6 R (1)(a) and FEES 4.3.6 R (1A)(a).

1 April 2013 until 31 March 2014

1 April 2013