Related provisions for PERG 1.2.4
Key steps in the section 298 procedure
The FSA will: |
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(1) |
give written notice to the recognised body (or applicant); |
The notice will state why the FSA intends to take the action it proposes to take, and include an invitation to make representations, and the date by which representations should be made . |
(2) |
take such steps as it considers reasonably practicable to bring the notice to the attention of the members of the recognised body or of the applicant, as the case may be; |
The FSA will also notify persons individually (as far as it considers it reasonably practicable to do so) if it considers that the action it proposes to take would affect them adversely in a way which would be different from its effect on other persons of the same class. |
(3) |
publish the notice so as to bring it to the attention of other persons likely to be affected; |
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(4) |
receive representations from the recognised body or applicant concerned, any member of the recognised body or applicant, and any other person who is likely to be affected by the action the FSA proposes to take; |
The FSA will not usually consider oral representations without first receiving written representations from the person concerned. It will normally only hear oral representations from the recognised body (or applicant) itself or of a person whom it has notified individually, on request. |
(5) |
write promptly to any person who requests the opportunity to make oral representations if it decides not to hear that person's representations; |
The FSA will indicate why it will not hear oral representations and the FSA will allow the person concerned further time to respond. |
(6) |
have regard to representations made; |
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(7) |
(when it has reached its decision) notify the recognised body (or applicant) concerned in writing. |
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(8) |
(if it has decided to give a direction, or revoke or refuse to make a recognition order) take such steps as it considers reasonably practicable to bring its decision to the attention of members of the recognised body or applicant and to other persons likely to be affected. |
The FSA will usually give notice of its decision to the same persons and in the same manner as it gave notice of its intention to act. |
2The applicable data items referred to in SUP 16.12.4 R are set out according to type of firm in the table below:
Description ofData item |
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IPRU(INV)2Chapter 13 firms carrying out European-wide activities under MiFID |
IPRU(INV)2Chapter 13 firms not carrying out European-wide activities under MiFID |
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Annual accounts |
No standard format |
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Annual accounts of the mixed-activity holding company (note 10) |
No standard format |
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Solvency statement |
No standard format (note 11) |
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Balance Sheet |
FSA001 (note 2) |
FSA001 (note 2) |
FSA001 (note 2) |
Section A RMAR2 |
Section A RMAR2 |
Income Statement |
FSA002 (note 2) |
FSA002 (note 2) |
FSA002 (note 2) |
Section B RMAR2 |
Section B RMAR2 |
Capital Adequacy |
FSA003 (note 2) |
FSA003 (note 2) |
FSA003 (note 2) |
FSA0312 |
Section CAPITAL ADEQUACYD1 and D2 RMAR2 |
Credit risk |
FSA004 (notes 2, 3) |
FSA004 (notes 2, 3) |
FSA004 (notes 2, 3) |
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Market risk |
FSA005 (notes 2, 4) |
FSA005 (notes 2, 4) |
FSA005 (notes 2, 4) |
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Market risk - supplementary |
FSA006 (note 5) |
FSA006 (note 5) |
FSA006 (note 5) |
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Operational risk |
FSA007 (notes 2, 6, 7) |
FSA007 (notes 2, 6, 7) |
FSA007 (notes 2, 6, 7) |
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Large exposures |
FSA008 (note 2) |
FSA008 (note 2) |
FSA008 (note 2) |
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UK integrated group large exposures |
FSA018 (note 12) |
FSA018 (note 12) |
FSA018 (note 12) |
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Solo consolidation data |
FSA016 |
FSA016 |
FSA016 |
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Pillar 2 questionnaire |
FSA019 (note 8) |
FSA019 (note 8) |
FSA019 (note 8) |
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Non-EEA sub-group |
FSA028 (note 9) |
FSA028 (note 9) |
FSA028 (note 9) |
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Professional indemnity insurance |
Section E RMAR |
Section E RMAR |
Section E RMAR |
Section E RMAR2 |
Section E RMAR2 |
Threshold Conditions |
Section F RMAR |
Section F RMAR |
Section F RMAR |
Section F RMAR2 |
Section F RMAR2 |
Training and Competence |
Section G RMAR |
Section G RMAR |
Section G RMAR |
Section G RMAR2 |
Section G RMAR2 |
COB data |
Section H RMAR |
Section H RMAR |
Section H RMAR |
Section H RMAR2 |
Section H RMAR2 |
Supplementary product sales data |
Section I RMAR |
Section I RMAR |
Section I RMAR |
Section I RMAR2 |
Section I RMAR2 |
Client money and client assets |
Section C RMAR2 |
Section C RMAR2 |
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Fees and levies |
Section J RMAR |
Section J RMAR |
Section J RMAR |
Section J RMAR2 |
Section J RMAR2 |
6IRB portfolio risk |
FSA045 (note 13) |
FSA045 (note 13) |
FSA045 (note 13) |
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6Securitisation |
FSA046 (note 14) |
FSA046 (note 14) |
FSA046 (note 14) |
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Note 1 |
When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 24 R, or SUP 16 Annex 18A in the case of the RMAR2. Guidance notes for completion of the data items are contained in SUP 16 Annex 25 G, or SUP 16 Annex 18B in the case of the RMAR2. |
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Note 2 |
Firms that are members of a UK consolidation group subject to the capital resources requirement at stages 2, 3 or 4 of BIPRU 8 Annex 5 are also required to submit this report on a UK consolidation group basis. |
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Note 3 |
This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date, (a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two submissions in the previous year show that the threshold was exceeded; or (b) for a firm that was not reporting this data item or similar in the previous year, both of the last two submissions in the previous year show that the threshold was exceeded; and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above. In both cases, the threshold is exceeded if data element 77A in data item FSA003 (or similar) is greater than £10 million, or its currency equivalent at the reporting date. |
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Note 4 |
This is only applicable to a firm where, at the annual review of this requirement, following its accounting reference date, (a) for a firm that was reporting this data item or similar in the previous year, one or both of the last two submissions in the previous year show that the threshold was exceeded; or (b) for a firm that was not reporting this data item or similar in the previous year, both of the last two submissions in the previous year show that the threshold was exceeded; and in either case the FSA has notified the firm that it is required to submit the data item in accordance with the above. In both cases, the threshold is exceeded if data element 93A in data item FSA003 (or similar) is greater than £50 million, or its currency equivalent at the reporting date. |
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Note 5 |
Only applicable to firms with a CAD2 waiver under GENPRU 2.1.52 R. |
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Note 6 |
This will not be applicable to BIPRU limited activity firms or BIPRU limited licence firms unless they have a waiver under BIPRU 6.1.2 G. |
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Note 7 |
This is only applicable to a firm that has adopted, in whole or in part, either the Standardised Approach, Alternative Standardised Approach, or Advanced Modelling Approaches under BIPRU 63. |
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Note 8 |
Only applicable to BIPRU investment firms5 that are: (a) subject to consolidated supervision under BIPRU 8, except those that are either included within the consolidated supervision of a group that includes a UK credit institution, or that have been granted an investment firm consolidation waiver; (b) subject to consolidated supervision under BIPRU 8 that have been granted an investment firm consolidation waiver; and (c) not subject to consolidated supervision under BIPRU 8. A BIPRU investment firm5 under (a) should complete the report on the basis of its UK consolidation group. A BIPRU investment firm5 under (b) or (c) should complete the report on the basis of its solo position. |
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Note 9 |
This will be applicable to firms that are members of a UK consolidation group4 on the reporting date. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group. |
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Note 10 |
Only applicable to a firm whose ultimate parent is a mixed-activity holding company. |
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Note 11 |
Only applicable to a firm that is a sole trader or a partnership, when the report must be submitted by each partner. |
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Note 12 |
Members of a UK integrated group should only submit this data item at the UK integrated group level. Firms' attention is drawn to SUP 16.3.25 G regarding a single submission for all firms in the group. |
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6Note 13 |
Only applicable to firms that have an IRB permission to use the IRB approach and BIPRU 4. |
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6Note 14 |
Only applicable to firms that undertake securitisations. |
2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.
Description of data item |
Data item (note 1) |
Frequency |
Submission deadline |
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Annual regulated business revenue up to and including £5 million |
Annual regulated business revenue over £5 million |
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Balance Sheet |
Section A RMAR |
Half yearly |
Quarterly |
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Income Statement |
Section B RMAR |
Half yearly |
Quarterly |
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Capital Adequacy |
Section D1 RMAR |
Half yearly |
Quarterly |
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Professional indemnity insurance |
Section E RMAR |
Half yearly |
Half yearly |
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Threshold Conditions |
Section F RMAR |
Half yearly |
Half yearly |
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Training and Competence |
Section G RMAR |
Half yearly |
Half yearly |
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COB data |
Section H RMAR |
Half yearly |
Half yearly |
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Supplementary product sales data |
Section I RMAR |
Annually |
Annually |
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Client money and client assets |
Section C RMAR |
Half yearly |
Quarterly |
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Fees and levies |
Section J RMAR |
Annually |
Annually |
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Note 1 |
When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B. |
Table of application, notification and vetting fees
(1) Fee payer |
(2) Fee payable |
Due date |
(a) Any applicant for Part IV permission (including an incoming firm applying for top-up permission) |
(1) Unless (2) applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part 11 which apply to that application. (2) In respect of a particular application which is: (i) a straightforward or moderately complex case for the purposes of FEES 3 Annex 1 part 1, and (ii) only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 1 part 11 1 |
On or before the application is made |
(b) Any Treaty firm that wishes to exercise a Treaty right to qualify for authorisation under Schedule 4 to the Act (Treaty rights) in respect of regulated activities for which it does not have an EEA right, except for a firm providing cross border services only4 |
(1) Where no certificate has been issued under paragraph 3(4) of Schedule 4 to the Act the fee payable is, in respect of a particular exercise, set out in FEES 3 Annex 1, part 4 (2) Where a certificate in (i) has been issued no fee is payable |
On or before the notice of exercise is given |
(c) Any applicant for a certificate under article 54 of the Regulated Activities Order |
2,000 |
On or before the application is made |
(d) Applicants for an authorisation order for, or recognition of, a collective investment scheme |
FEES 3 Annex 2, part 1 |
On or before the application is made |
(f) Any person seeking an order under section 326(1) of the Act to become a designated professional body. |
10,000 |
30 days after the order is granted |
(g) Any applicant for recognition as a UK recognised body under section 287 or section 288 of the Act |
FEES 3 Annex 3, part 1 |
On or before the date the application is made |
(h) Any applicant for recognition as an overseas recognised body under section 287 or section 288 and section 292 of the Act |
FEES 3 Annex 3, part 2 |
On or before the date the application is made |
(i) An applicant for listing (under the listing rules) |
FEES 3 Annex 4, part 1 |
On or before the date the application is made |
(j) Applicant for approval as sponsor (under the listing rules) |
FEES 3 Annex 4, part 2 |
On or before the date the application is made |
(k) Issuers of tranches from debt issuance programmes and securitised derivative tranches |
FEES 3 Annex 4, part 1 |
An upfront fee is required per tranche for draw downs in the following 12 months |
(l) Under the listing rules, an issuer involved in specific events or transactions during the year where documentation is subject to a transaction vetting |
FEES 3 Annex 5, part 1, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category 7(q) in this table, in which case the fee payable under that category.2 |
On or before the date that relevant documentation is first submitted to the FSA |
(m) Under the prospectus rules, an issuer or person requesting approval or vetting of the documents arising in relation to specific events or transactions that it might be involved in during the year |
FEES 3 Annex 5, part 2, unless the transaction would come within the definition of significant transaction under category (v) or super transaction under category 7(q) in this table, in which case the fee payable under that category.2 |
On or before the date that relevant documentation is first submitted to the FSA |
(n) Applicants to be added to the list of designated investment exchanges |
50,000 |
On or before the date the application is made |
(i) a firm applying to the FSA for permission to use one of the advanced prudential calculation approaches listed in FEES 3 Annex 6 R (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the FSA as EEA consolidated supervisor under the ) any firm making such an application ;5 or (ii) in the case of an application to 5a Home State regulator other than the FSA5for the use of the Internal Ratings Based approach and the Home State regulator requesting the FSA's assistance in accordance with the Capital Requirements Regulations 2006 , any firm to which the FSA would have to apply any decision to permit the use of that approach.5 112555 |
(1) Unless5 (2) applies, FEES 3 Annex 6.5 (2) (a) Unless5 (b) applies a1firm submitting a second application for the permission or5guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6, but only in respect of that second application (b) No fee is payable by a firm in relation to a successful application for a permission5 based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements.1 (c) No fee is payable where the Home State regulator has requested the assistance of the FSAas described in paragraph (o)(ii) of column 1 except in the cases specified in 5FEES 3 Annex 6.2 5251255555 |
Where the firm has made an application directly to the FSA, on or before the date the application is made, otherwise within 30 days after the FSA notifies the firm that its EEA parent's Home State regulator has requested the FSA's assistance.2 2 |
(p) A firm applying for a variation of its Part IV permission |
(1) Unless (2) applies, if the proposed new1 business of the firm would1 fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1 not applicable before the application1, the fee is 50% of the highest of the tariffs set out in which apply to that application. (2) If the only change is that the1 A.12 activity group tariff applied to the firm's business before the variation and the A.13 activity group will apply after variation, no fee is payable(3) In all other cases, other than applications by credit unions, the fee payable is 250, unless the variation involves only the reduction (and no other increases) in the scope of a Part IV permission in which case no fee is payable.1 11 |
On or before the date the application is made |
2(q) A super7transaction, being one where: (i) the issuer has a market capitalisation in excess of 1.5 billion and it is a new applicant for a primary listing under the listing rules, or involved in a reverse or hostile takeover or a significant restructuring; or (ii) the issuer has a market capitalisation in excess of 5 billion and is involved in a class 1 transaction,7 a transaction requiring vetting of an equity prospectus or equivalent document or a transaction requiring vetting of a prospectus in relation to a Depositary Receipt.7 777 |
50,000 |
On or before the date that the relevant documentation is first submitted to the FSA.3 33 |
2(r) Providers of reporting or trade matching systems applying for recognition under MiFID as an Approved Reporting Mechanism. |
100,0006 6 |
Having received its application, within 30 days after the FSA has notified the applicant that it is to commence testing of the applicants systems.6 56 |
5(s) In the case of an insurance business transfer scheme, a transferor. Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly. |
Either (1) or (2) as set out below: (1) In the case of an insurance business transfer scheme involving long term insurance business, 18,500; or (2) in the case of an insurance business transfer scheme not involving long term insurance business, 10,000. |
On or before any application is made to the FSA for the appointment of a person as an independent expert. |
6(t) A firm, a third party acting on a firm's behalf, an operator of a regulated market or an operator of an MTF applying to the FSA to report transaction reports directly to the FSA other than through the FSA's Transaction Reporting System (see FEES 4.2.11 R and FEES 4 Annex 3 for the fees payable for firms using the FSA's Transaction Reporting System). |
100,000 |
Having received its application, within 30 days after the FSA has notified the applicant that it is to commence testing of the applicants systems. |
7(u) Any of the following: (i) an operator of an approved reporting mechanism; (ii) a firm; (iii) a third party acting on behalf of a firm; (iv) a market operator; or (v) an MTF operator; that satisfies the following conditions: (1) it provides transaction reports directly to the FSA; and (2) having made changes to its reporting systems, it asks the FSA to support the testing of the compatibility of its systems with the FSA's systems. |
As set out in FEES 3 Annex 7. |
Within 30 days of the date of the invoice. |
(v) A significant transaction, being one where: (i) the issuer has a market capitalisation in excess of 500 million and is producing an equity prospectus, a prospectus in relation to a Depository Receipt or a document in relation to a class 1 transaction; or (ii) the issuer is producing a document for vetting in relation to a reverse takeover, a hostile takeover or a significant restructuring. A significant transaction does not include a super transaction. |
20,000 |
On or before the date that the relevant documentation is first submitted to the FSA. |
(w) A listed issuer that requests or whose representative requests the FSA to amend the Official List, or any records held by the FSA in relation to the Official List, otherwise than pursuant to an application for listing. |
FEES 3 Annex 4 part 3 |
On or before the date the request is made. |
(x) (1) is a fee payer under one or more of the categories set out in (ii); and (2) requests the FSA's approval or vetting of a document that includes a mineral expert's report. (ii) The categories are (1), (m) (q), and (v) of this table. (iii) A fee under this category is payable in addition to any fee payable under the categories set out in (ii). |
5,000 |
On or before the date the relevant documentation is first submitted to the FSA. |