Related provisions for REC 6.5.1

PERG 8.4.1G01/04/2013

The Act does not contain any definition of the expressions ‘invitation’ or ‘inducement’, leaving them to their natural meaning. The ordinary dictionary entries for ‘invitation’ and ‘inducement’ offer several possible meanings to the expressions. An ‘invitation’ is capable of meanings ranging from merely asking graciously or making a request to encouraging or soliciting. The expression ‘inducement’ is given meanings ranging from merely bringing about to prevailing upon or persuading.

PERG 8.4.3G01/04/2013

The FCA recognises that the matter cannot be without doubt. However, it is the FCA view that the context in which the expressions ‘invitation’ or ‘inducement’ are used clearly suggests that the purpose of section 21 is to regulate communications which have a promotional element. This is because they are used as restrictions on the making of financial promotions which are intended to have a similar effect to restrictions on advertising and unsolicited personal communications in

PERG 8.4.4G01/04/2013

The FCA considers that it is appropriate to apply an objective test to decide whether a communication is an invitation or an inducement. In the FCA's view, the essential elements of an invitation or an inducement under section 21 are that it must both have the purpose or intent of leading a person to engage in investment activity and be promotional in nature. So it must seek, on its face, to persuade or incite the recipient to engage in investment activity. The objective test

PERG 8.4.6G01/04/2013

Merely asking a person if they wish to enter into an agreement with no element of persuasion or incitement will not, in the FCA's view, be an invitation under section 21. For example, the FCA does not consider an invitation to have been made where:(1) a trustee or nominee receives an offer document of some kind and asks the beneficial owner whether he wishes it to be accepted or declined;(2) a person such as a professional adviser enquires whether or not his client would be willing

REC 2A.4.10G01/04/2013

Sections 393 and 394 of the Act apply to notices referred to in this section. See DEPP 2.4 (Third party rights and access to FCA2 material).2

REC 2A.4.11G01/04/2013

As with cases under the Act, the FCA2 may settle or mediate appropriate cases to assist it to exercise its functions in the most efficient and economic way. The settlement discount scheme set out in DEPP 6.7 applies to penalties imposed under the RAP Regulations.2

LR 8.6.5BG01/04/2013

7Situations when the FCA may impose restrictions or limitations on the services a sponsor can provide include (but are not limited to) where it appears to the FCA that: (1) the employees of the person applying to be a sponsor whom it is proposed will perform sponsor services have no or limited relevant experience and expertise of providing certain types of sponsor services or of providing sponsor services to certain types of company; or(2) the person applying to be a sponsor

LR 8.6.5CG01/02/2015

8Where a person wishes to apply for approval as a sponsor to provide a limited range of sponsor services, it may do so on the basis that the FCA will impose a limitation or restriction on its approval (in accordance with section 88 of the Act). In such circumstances, the FCA will assess whether the person satisfies LR 8.6.5R (2) and LR 8.6.5R (3) taking into consideration the sponsor services to which the approval, as formally limited or restricted by the FCA, will relate.

DEPP 7.1.1G01/04/2013

1DEPP 7 applies when the FCA3:3(1) has appointed an investigator at the request of an overseas regulator, under section 169(1)(b) (Assistance to overseas regulators) or of an EEA regulator under section 131FA2 of the Act; and(2) has directed, or is considering directing, the investigator, under section 169(7) or section 131FA2 of the Act, to permit a representative of the overseas regulator or of the EEA regulator2 to attend, and take part in, any interview conducted for the purposes

DEPP 7.1.2G01/04/2013

In DEPP 7, a "requested2 interview" means any interview conducted for the purposes of an investigation under section 169(1)(b) or section 131FA2 of the Act in relation to which the FCA3 has given a direction under section 169(7) or section 131FA2 of the Act.23

DEPP 7.1.3G01/04/2013

The purpose of DEPP 7 is to set out the FCA's3 statement of policy on the conduct of interviews to which a direction under section 169(7) or section 131FA2 has been given or the FCA3 is considering giving. The FCA3 is required to prepare and publish this statement of policy by section 169(9) and (11) and section 131FA2 of the Act. As required by section 169(10) and section 131FA2 of the Act, the Treasury has approved the statement of policy.333

EG 3.8A.203/07/2016

The FCA's power to require information to assist EEA regulators in respect of the Market Abuse Regulation or any directly applicable EU regulation made under the Market Abuse Regulation or the auction regulation is contained in section 122B(6) of the Act. The section provides that at the request of an EEA regulator, the FCA may use its power under section 122B to require the production of information.[Note: see Regulation 6 and Schedule 1 to the RAP Regulations in relation to

EG 3.8A.303/07/2016

Section 122B(7) of the Act states that the FCA must, in deciding whether or not to exercise its power to require information, consider whether the exercise of that power is necessary to comply with the Market Abuse Regulation or any directly applicable EU regulation made under the Market Abuse Regulation or the auction regulation.

EG 3.8A.403/07/2016

The FCA may give information under 122D(1) or 176(1) (Entry of premises under warrant) at the request of an EEA regulator where the regulator makes the request in the exercise of its functions under the Market Abuse Regulation. Section 122D(11) of the Act states that the FCA must, in deciding whether or not to exercise it powers of entry of premises under warrant, consider whether the exercise of that power is necessary for the purpose of the exercise by it of its obligations

FEES 3.2.5G03/07/2017

(1) (a) 37The appropriate authorisation or registration 8fee is an integral part of an application for, or an application for a variation of, a Part 4A permission ,24 authorisation, registration or variation under the Payment Services Regulations or the Electronic Money Regulations, registration under article 8(1) of the MCD Order, authorisation under regulation 7 of the DRS Regulations or verification under regulation 8 of the DRS Regulations45 or notification or registration

FEES 3.2.7R13/01/2018

Table of application, notification, vetting and other fees payable to the FCA32

31

31Part 1: Application, notification and vetting fees
31(1) Fee payer	(2) Fee payable (£)37	Due date
(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (ga) of this table26	(1) Unless (2),41 (3) or (4)41 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. When both (A) and (B) apply, 50% of the tariff payable under (1):34 (2) 50% of the tariff payable under (1) is payable when either (a) or (b) apply: (a) the application is one referred to in paragraph p; or (b) the application is a limited permission case under . (A) the application only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6; and34 (B) the application is:34 (i) a straightforward case under paragraph 2(d) or 3(g) of FEES 3 Annex 1; (ii) a moderately complex case under paragraph 2(e) or 3(h) of FEES 3 Annex 1; or (iii) a limited permission case under paragraph 3(i) of FEES 3 Annex 1. (3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission, the fee payable is the higher of: 80 (i) the fee otherwise payable in (1) or (2); and 80 (ii) the fee payable in FEES 3 Annex 10AR. 80 (4) No fee is payable if the applicant satisfies the criteria set out in FEES 4 Annex 2BR(5)(a).41 1 80 34 34 34 34	On or before the application is made
(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant application”)30	As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application.	Within 30 days of the date of the invoice.
(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 under section 272 of the Act 27 of, a collective investment scheme	FEES 3 Annex 2R, part 227 27	On or before the application is made
(da) Applicants for the authorisation of an AIF as a UK ELTIF 36	FEES 3 Annex 2R, part 2A36	On or before the date the application is made36
(e) The management company 27 of a scheme making a notification under section 264 of the Act 27 27	FEES 3 Annex 2R, part 327 27	On or before the date the application is made28
28(ea) (i) An AIFM (other than a UK AIFM or an EEA AIFM with a branch in the UK) notifying the FCA of its intention to market an AIF in the UK under regulation 57 of the AIFMD UK regulation (ii) An AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation	FEES 3 Annex 2 R, part 4	On or before the date the notification is made
28(eb) An applicant for registration on the register of small registered UK AIFM which the FCA is required to maintain under regulation 10 of the AIFMD UK regulation	£750	On or before the date 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:17 (i) under section 287 of the Act; or17 (ii) under regulation 2(1) of the RAP regulations 17 78	FEES 3 Annex 3, part 1	On or before the date the application is made26
26(ga) Any applicant for: (i) a Part 4A permission to carry out the regulated activity of administering a specified benchmark; or35 administering a specified benchmark for one or more specified benchmarks or;35 (ii) varying its Part 4A permission to carry out the regulated activity of administering a specified benchmark for one or more specified benchmarks 35	FEES 3 Annex 3, part 1	On or before the date the application is made
(h) Any applicant for recognition as an ROIE 78 under section 287 or section 292 of the Act 78 78	FEES 3 Annex 3, part 2	On or before the date the application is made
(i) [deleted]35 35	35	35
(j) [deleted]38	38	38
(k) [deleted]35 35	35	35
(l) [deleted]38	38 7 2	38
(m) [deleted]38	38 7 2	38
(n) Applicants to be added to the list of designated investment exchanges	50,000	On or before the date the application is made
2(o) In relation to a BIPRU firm, either:29 (i) a firm applying to the FCA 29 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 FCA 29 as EEA consolidated supervisor under the (transposing parts of the BCD and CAD, as applicable under article 95(2) of the EU CRR 29)) any firm making such an application ;5 or (ii) in the case of an application to 5a Home State regulator other than the FCA 29 5for the use of the Internal Ratings Based approach and the Home State regulator requesting the FCA's 29 assistance in accordance with the Capital Requirements Regulations 2006 (transposing parts of the BCD and CAD, as applicable under article 95(2) of the EU CRR 29), any firm to which the FCA 29 would have to apply any decision to permit the use of that approach.5 1 1 2 29 5 78 29 5 78 29 5 78 29 78 29 78 29	(1) Unless5 (2) applies, FEES 3 Annex 6.5 (2) (a) Unless5 (b) applies a1 firm submitting a second application for the permission or5 guidance 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 described in paragraph (o)(ii) of column 1 except in the cases specified in 5FEES 3 Annex 6.2 5 2 5 1 2 5 5 5 78 5 78 5	Where the firm has made an application directly to the FCA 29, on or before the date the application is made, otherwise within 30 days after the FCA 29 notifies the firm that its EEA parent's Home State regulator has requested assistance.2 29 2 78 29 78 29 78
29(oa) Either: (i) a firm applying to the 37 FCA for permission to use one of the internal approaches listed in FEES 3 Annex 6A (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 37 FCA as consolidating supervisor under the EU CRR) any firm making such an application; or (ii) in the case of an application to the consolidating supervisor other than the 37 FCA for the use of the IRB approach and the consolidating supervisor requesting the 37 FCA's assistance in accordance with the EU CRR, any firm to which the 37 FCA would have to apply any decision to permit the use of that approach. 37 37 37 37 37	(1) Unless (2) applies, FEES 3 Annex 6A. (2) (a) Unless (b) applies a firm submitting a second application for the permission or guidance 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 6A, but only in respect of that second application. (b) No fee is payable by a firm in relation to a successful application for a permission 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. (c) No fee is payable where the consolidating supervisor has requested the assistance described in paragraph (oa)(ii) of column 1. 37	Where the firm has made an application directly to the 37 FCA , on or before the date the application is made, otherwise within 30 days after the 37 FCA notifies the firm that its EEA parent's consolidating supervisor has requested assistance. 37 37
(p) A firm applying for a variation of its Part 4A permission whose fee is not payable pursuant to sub- paragraph (ga) of this table26	(1) Unless (2), (2A), (3), (3A), (3B), (3C), (3D) or 3(E)44 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 1AR not applicable before the application1, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 which apply to that application. (2) Subject to (2A) below, if the firm's application includes an application for a Part 4A permission to carry on a new credit-related regulated activity, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 that would be payable under (1) above or, if higher, 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 that would be payable in relation to the new credit-related regulated activity 30.37 (2A) If an applicant which already has a Part 4A permission to carry on a credit-related regulated activity exclusively applies for a Part 4A permission to carry on a new credit-related regulated activity, that is specified in Part 3 of FEES 3 Annex 1R37 in the straightforward category (or if it exclusively applies for a number of such permissions), the fee is £25030.37 (3) If the firm is in the A.1 fee-block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3 Annex 1 R that applies to that application11 (3A) If the applicant had a limited permission prior to the application to vary its Part 4A permission, 100% of the highest of the tariffs set out in FEES 3 Annex 1R37 which apply to that application30.37 (3B) If the applicant has a limited permission and its application exclusively relates to another limited permission, the fee is 030 (3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its Part 4A permission, the fee is the highest of the fees set out in FEES 3 Annex 10AR and the amount otherwise payable in (1), (2), (2A), (3), (3A) or (3B), or (4).80 (3D) No fee is payable if the applicant satisfies the criteria set out in FEES 4 Annex 2BR(5)(a).41 (4) 11 In all other cases, other than applications by credit unions, the fee payable is 250 for firms which are not, or are not seeking to become, a PRA-authorised person, and 125 for firms which are, or are seeking to become, a PRA-authorised person,78 unless the variation involves only the reduction (and no other increases) in the scope of a Part 4A permission in which case no fee is payable.1 (3E) The fee is 12,500 if the firm applying:44 (i) is an MTF operator and the proposed new business of the firm is to be an OTF operator; or44 (ii) is an OTF operator and the proposed new business of the firm is to be an MTF operator.44 30 80 41 30 80 80 1 78 78 37 78 37 80 80 37 1 37 30 30 23 37 37 37 11 37	On or before the date the application is made
30(pa) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant variation application”)	As (a) or 31(p) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application.	Within 30 days of the date of the invoice.
2(q) [deleted]38 7 7 13 79 13 79 7 7 22 22 7	38	38 3 3 3
2(r) [deleted]46	6 6	5 6 6
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, 9,25037; or (2) in the case of an insurance business transfer scheme not involving long term insurance business, 5,000. 77 77 37 77 77 37 77 37	On or before any application is made for the appointment of a person as an independent expert. 37
6(t) [deleted]46 20
(u) [deleted]34 34	34	34
(v) [deleted]38 22 22	38	38
[deleted]35 35	35	35
(x)[deleted]38	38	38 8
8(y) An applicant for authorisation as an authorised payment institution under regulation 5 of the Payment Services Regulations	The highest of the tariffs set out in FEES 3 Annex 8 which apply to that application. Where an application 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 8R.47	On or before the date the application is made.
47(ya) An applicant for registration as an account information service provider under regulation 17 of the Payment Services Regulations.	47FEES 3 Annex 8R, paragraph (2)(i). Where an application 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 8R.	47On or before the date the application is made.
(z) An application by a small payment institution for authorisation as an authorised payment institution because regulation 16 47 of the Payment Services Regulations applies	The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application.	On or before the date the application is made.
(za) An applicant for registration as a small payment institution under regulation 13 47 of the Payment Services Regulations	FEES 3 Annex 8R, paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R.	On or before the date the application is made.
(zb) An authorised payment institution applying to vary its authorisation under regulation 5 47 of the Payment Services Regulations.	(1) If50 prior to the variation the authorised payment institution is authorised to carry on any one or more of the payment services falling50 within paragraph (f), 47 (g) or (h) of Part 1 of Schedule 1 to the Payment Services Regulations and the authorised payment institution is applying to extend its authorisation to include any one or more of the payment services in (a) to (e)50, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. (2) Where the authorised payment institution 50 already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (f);50 the fee payable is £47250 irrespective of the number of agents it has. 50(3) Where the authorised payment institution already has authorisation to provide payment services within any one or more of paragraphs (a) to (f) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or both of the services in (g) and (h) the fee payable is £750, irrespective of the number of agents it has. (4)50 In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. 47 47 47 47 47	On or before the date the application is made.
(zc) A small payment institution applying to vary its registration under regulation 13 47 of the Payment Services Regulations	(1)The 47 fee is 50% of the tariff 47set out in FEES 3 Annex 8R, paragraph (1). 47 (2) 47 In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. 47 47	On or before the date the application is made.
(zd) 47	47	[deleted]47
(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12 12	Special Project Fee for restructuring in accordance with FEES 3 Annex 9 .	30 days of the date of the invoice.9
(zf) [deleted]78 78	78	9 16 78
16(zg) An applicant for authorisation as an authorised electronic money institution under regulation 5 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zh) An applicant for registration as a small electronic money institution under regulation 12 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zi) An application by a small electronic money institution for authorisation as an authorised electronic money institution 14because regulation 16 of the Electronic Money Regulations applies.	The amount set out in FEES 3 Annex 10 R.	On or before the date the application is made.
16(zj) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations.	50(1) Subject to (2) below, the fee is 50% of the tariff for an electronic money institution authorisation application set out in FEES 3 Annex 10R. 50(2) Where the authorised electronic money institution applies to vary its permission so as to be able to provide one or both of the payment services in paragraphs (g) and (h) of Part 1 of Schedule 1 to the Payment Services Regulations the fee payable is £750.	On or before the date the application is made.
16(zk) A small electronic money institution applying to vary its registration under regulation 12 of the Electronic Money Regulations.	The amount set out in FEES 3 Annex 10 R.	On or before the date the application is made.
15(zl) An applicant for recognition as an accredited body.	2,500	On or before the date the application is made.18
18(zm) An issuer applying for registration of a regulated covered bond.	(1) Unless (2) or (3)41 applies, 45,000. (2) In the case of a proposed covered bond or programme where the assets in the asset pool will consist primarily of UK residential mortgages, 25,000. (3) No fee is payable if the issuer satisfies the criteria set out in FEES 4 Annex 2BR(5)(b).41	On or before the date the application is made.
18(zn) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4 D.	(1) Unless (2) applies 6,500.41 (2) No fee is payable if the issuer satisfies the criteria set out in FEES 4 Annex 2BR(5)(c).41	On or before the date the notification under RCB 3.5.4 D is made.21
21(zo) In the case of persons in respect of which the FCA has given notice of its intention to take, or appoint a competent person to take, any steps under CONRED 2.5.12R, either: (i) a Firm (as defined in CONRED 2.1.1R(1); or (ii) a person falling within CONRED 2.1.2R(1).	An amount equal to: (1) a sum determined by the number of hours, or part of an hour, taken by the FCA in relation to work conducted in taking steps under recorded on the FCA's systems, multiplied by the rate in FEES 3 Annex 9 (11)R; or (2) any amount invoiced to the FCA by a competent person in relation to any work carried out by that competent person in connection with its appointment by the FCA under CONRED 2.5.12R.	Within 30 days of the date of the invoice.
78(zp) A person in respect of which the FCA 37 has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act and SUP 5.2. 37	Any amount invoiced to the FCA 37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166(3)(b) of the Act. 37	Within 30 days of the date of the invoice.
78(zq) A person in respect of which the FCA 37 has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act . 37	Any amount invoiced to the FCA 37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166A(2)(b) of the Act. 37 37	Within 30 days of the date of the invoice.33
33(zr) [deleted]38	38	38
30(zs) Applicant for FCA permission for an agreement to be enforced under section 28A(3)(a) and/or money paid or property transferred under and agreement to be retained under 3128A(3)(b) of the Act	(1) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act and for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act, the fee is 31£3,500 per type of agreement specified in the application.30 (2) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act only, the fee is £3,500 per type of agreement specified in the application.31 (3) If the application is for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act only, the fee is £3,500 per type of agreement specified in the application.31 Where there are a number of agreements of the same type, only one fee is payable in respect of those agreements. A number of agreements are of the same type when those agreements are entered into on the same terms and conditions.	On or before the date the application is made.
(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 80	Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 80 (1) If the applicant is applying for a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (a), column (2) paragraph (3) of this Table. 80 (2) If the applicant is applying for a variation of a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (p), column 2 paragraph (3)(c) of this Table. 80	On or before the application is made.80
(zu)40 Any person to which the Designated Credit Reference Agencies and Finance Platform42 Fee applies under FEES 3 Annex 10B. 39	Designated Credit Reference Agencies and Finance Platform42 Fee in accordance with FEES 3 Annex 10B.	Within 30 days of the date of the invoice.
43(zv) Any firm that meets the test in FEES 3 Annex 10C(1)R(1) (PPI campaign fees).	The amount set out in FEES 3 Annex 10C(1) R(2).	Within 30 days of the date of the invoice.
45(zw) An applicant for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with Title V of MiFID 49 under regulation 8 of the DRS Regulations or an applicant for variation of an authorisation under regulation 12 of the DRS Regulations.	Either (1), (2), or (3) applies as set out below: (1) If the applicant is applying for permission to operate one data reporting service, 5,000. (2) If the applicant is applying for permission to operate more than one data reporting services, 50% of the fee at (1) for each additional service plus the fee at (1). (3) If the applicant is applying for variation of an authorisation, 50% of the fee at (1) for each additional service.	On the date the application is made.
46(zx) (1) Unless (2) applies any person applying to connect to the market data processor system to make transaction reports directly to the FCA under MiFIR. (2) If a person has previously applied as stated in (zx)(1) above and has been connected then no further fee is payable for any further such applications.	1) Unless (2) applies, 20,000. (2) Any incoming data reporting services provider will pay 80% of the fee at (1).	On the date the application is made
46(zy) (1) Subject to (2) and (3) below, any person applying to connect to the market data processor system to provide markets data (other than transaction reports) under MiFID 49 and MiFIR. (2) If a person has previously applied as stated in (zy)(1) above and has been connected then no further fee is payable for any further such applications in relation to reporting the same data. (3) If a person has previously applied as stated in (zy)(1) above and makes a further application in relation to the provision of different data then a separate fee is payable for such application.	(1) Unless (2) applies, 10,000. (2) Any incoming data reporting services provider authorised by another EEA State will pay 80% of the fee at (1).	On the date the application is made.
51(zz) an applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company.	500	On or before the date the application is made.
32Part 2: UKLA38 fees
(1) Fee payer	(2) Fee payable	(3) Due date
(a) (i) An issuer which has not made public its annual financial report before the latest time specified in DTR 4.1.3 R. (ii) An issuer which has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2).	FEES 3 Annex 12R38	Within 30 days of the date of the invoice.
38(b) An applicant for approval as a sponsor.	FEES 3 Annex 12R	On or before the date the application is made.
38(c) For the purposes of48 the listing rules:48 (i)48 an issuer requesting approval of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction; or48 48(ii) an issuer or person applying for eligibility for listing of its securities.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(d) Under the prospectus rules, Prospectus Rules or the Prospectus Regulation, an issuer or a person requesting approval or review of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(e) An issuer requesting the approval or review of a document in connection with a super transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(f) An issuer requesting the approval or review of a document in connection with a significant transaction.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(g) A person who requests the FCA’s approval of a document that includes a mineral expert’s report and who is a fee payer under one or more of the categories (c), (d), (e), and (f) above must additionally pay a fee under this category.	FEES 3 Annex 12R	On or before the date that relevant document is first submitted to the FCA.
38(h) An applicant for approval as a primary information provider.	FEES 3 Annex 12R	On or before the date the application is made.

[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19

EG 10.4.101/03/2016

1The FCA has a range of powers it can use to take remedial, protective and disciplinary action against a person who has contravened a relevant requirement or engaged in market abuse, as well as its powers to seek injunctions under sections 380 and 381 of the Act and under the courts' inherent jurisdiction. Where appropriate, the FCA may exercise these other powers before, at the same time as, or after it applies for an injunction against a person.

EG 10.4.401/03/2016

1In certain cases, conduct that may be the subject of an injunction application will also be an offence which the FCA has power to prosecute under the Act. In those cases, the FCA will consider whether it is appropriate to prosecute the offence in question, as well as applying for injunctions under section 380, section 381, or both.

REC 2.5.1UK03/01/2018

Schedule to the Recognition Requirements Regulations, paragraphs 3 – 3H4

Paragraph 3 – Systems and controls4
(1)	The [UK RIE] must ensure that the systems and controls, including procedures and arrangements,4 used in the performance of its functions and the functions of the trading venues it operates are adequate, effective4 and appropriate for the scale and nature of its business.
(2)	Sub-paragraph (1) applies in particular to systems and controls concerning -
	(a)	the transmission of information;
	(b)	the assessment, mitigation and management of risks to the performance of the [UK RIE's relevant functions];
	(c)	the effecting and monitoring of transactions on the [UK RIE];
	(ca)	the technical operation of the [UK RIE], including contingency arrangements for disruption to its facilities;
	(d)	the operation of the arrangements mentioned in paragraph 4(2)(d); and
	(e)	(where relevant) the safeguarding and administration of assets belonging to users of the [UK RIE's] facilities.
	4(f)	the resilience of its trading systems;
	4[Note:MiFID RTS 7 contains requirements on the resilience of trading systems operated by trading venues that enable algorithmic trading]
	4(g)	the ability to have sufficient capacity to deal with peak order and message volumes;
	4[Note:MiFID RTS 7 contains requirements on the adequacy of capacity of trading systems operated by trading venues that enable algorithmic trading]
	4(h)	the ability to ensure orderly trading under conditions of severe market stress;
	4(i)	the effectiveness of business continuity arrangements to ensure the continuity of the [UK RIE’s] services if there is any failure of its trading systems including the testing of the [UK RIE’s] systems and controls;
	4(j)	the ability to reject orders that exceed predetermined volume or price thresholds or which are clearly erroneous;
	4(k)	the ability to ensure algorithmic trading systems cannot create or contribute to disorderly trading conditions on trading venues operated by the [UK RIE];
	4(l)	the ability to ensure disorderly trading conditions which arise from the use of algorithmic trading systems, including systems to limit the ratio of unexecuted orders to transactions that may be entered into the [UK RIE’s] trading system by a member or participant are capable of being managed;
	[Note:MiFID RTS 9 contains requirements on the ratio of unexecuted orders to transactions to be taken into account by a trading venue that operates electronic continuous auction order book, quote-driven or hybrid trading systems]
	4(m)	the ability to ensure the flow of orders is able to be slowed down if there is a risk of system capacity being reached;
	4(n)	the ability to limit and enforce the minimum tick size which may be executed on its trading venues; and
	4(o)	the requirement for members and participants to carry out appropriate testing of algorithms.
	4[Note:MiFID RTS 7 contains requirements on the appropriate testing of algorithms to ensure that trading systems, when they enable algorithmic trading, cannot create or contribute to disorderly trading conditions]
4(3)	For the purposes of sub-paragraph 2(c), the [UK RIE] must -
	4(a)	establish and maintain effective arrangements and procedures including the necessary resource for the regular monitoring of the compliance by members or participants with its rules; and
	4(b)	monitor orders sent including cancellations and the transactions undertaken by its members or participants under its systems in order to identify infringements of those rules, disorderly trading conditions or conduct that may indicate behavior that is prohibited under the market abuse regulation or system disruptions in relation to a financial instrument.
4(4)	For the purpose of sub-paragraph (2)(o) the [UK RIE] must provide environments to facilitate such testing.
4(5)	The [UK RIE] must be adequately equipped to manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify all significant risks to its operation, and to put in place effective measures to mitigate those risks.
4Paragraph 3A – Market making arrangements
4(1)	The [UK RIE] must -
	4(a)	have written agreements with all investment firms pursuing a market making strategy on trading venues operated by it (“market making agreements”);
	4(b)	have schemes, appropriate to the nature and scale of a trading venue, to ensure that a sufficient number of investment firms enter into such agreements which require them to post firm quotes at competitive prices with the result of providing liquidity to the market on a regular and predictable basis;
	4(c)	monitor and enforce compliance with the market making agreements;
	4(d)	inform the FCA of the content of its market making agreements; and
	4(e)	provide the FCA with any information it requests which is necessary for the FCA to satisfy itself that the market making agreements comply with paragraphs (c) and (d) of this sub-paragraph and sub-paragraph 2.
4(2)	A market making agreement must specify-
	4(a)	the obligations of the investment firm in relation to the provision of liquidity;
	4(b)	where applicable, any obligations arising from the participation in a scheme mentioned in sub-paragraph (1)(b);
	4(c)	any incentives in terms of rebates or otherwise offered by the [UK RIE] to the investment firm in order for it to provide liquidity to the market on a regular and predictable basis; and
	4(d)	where applicable, any other rights accruing to the investment firm as a result of participation in the scheme referred to in sub-paragraph (1)(b).
4(3)	For the purposes of this paragraph, an investment firm pursues a market making strategy if -
	4(a)	the firm is a member or participant of one or more trading venues;
	4(b)	the firm’s strategy, when dealing on own account, involves posting firm, simultaneous two-way quotes of comparable size at competitive prices relating to one or more financial instruments on a single trading venue, across different trading venues; and
	4(c)	the result is providing liquidity on a regular and frequent basis to the overall market.
4Paragraph 3B – Halting trading
4(1)	The [UK RIE] must be able to -
	4(a)	temporarily halt or constrain trading on any trading venue operated by it if there is a significant price movement in a financial instrument on such a trading venue or a related trading venue during a short period; and
	4(b)	in exceptional cases be able to cancel, vary, or correct any transaction.
4(2)	For the purposes of sub-paragraph (1), the [UK RIE] must ensure that the parameters for halting trading are appropriately calibrated in a way which takes into account -
	4(a)	the liquidity of different asset classes and subclasses;
	4(b)	the nature of the trading venue market model; and
	4(c)	the types of users,
	4to ensure the parameters are sufficient to avoid significant disruptions to the orderliness of trading.
4(3)	The [UK RIE] must report the parameters mentioned in sub-paragraph (2) and any material changes to those parameters to the FCA in a format to be specified by the FCA.
4(4)	If a trading venue operated by the [UK RIE] is material in terms of liquidity of the trading of a financial instrument and it halts trading in an EEA State in that instrument it must have systems and procedures in place to ensure that it notifies the FCA.
4[Note:MiFID RTS 12 contains requirements for when a regulated market is material in terms of liquidity in a financial instrument for purposes of trading halt notifications]
4Paragraph 3C – Direct electronic access
4Where the [UK RIE] permits direct electronic access to a trading venue it operates, it must -
4(1)	(a)	ensure that a member of, or participant in that trading venue is only permitted to provide direct electronic access to the venue if the member or participant -
		4(i)	is an investment firm, as defined by Article 4.1.1 of the markets in financial instruments directive (definitions), authorised in accordance with the directive;
		4(ii)	is a credit institution authrised in accordance with the capital requirements directive;
		4(iii)	comes within Article 2.1(a), (e), (i), or (j) of the markets in financial instruments directive (exemptions) and has a Part 4A permission relating to investment services and activities;
		4(iv)	is a third country firm providing the direct electronic access in the course of exercising rights under Article 46.1 (general provisions) or 47.3 (equivalence decision) of the markets in financial instruments regulation;
		4(v)	is a third country firm and the provision of the direct electronic access by that firm is subject to the exclusion in Article 72 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; or
		4(vi)	is a third country firm which does not come within paragraph (iv) or (v) and is otherwise permitted to provide the direct electronic access under the Act;
	4(b)	ensure that appropriate criteria are set and applied for the suitability of persons to whom direct electronic access services may be provided;
	4(c)	ensure that a member of, or participant in, the trading venue retains responsibility for adherence to the requirements of the markets in financial instruments directive in respect of orders and trades executed using the direct electronic access service;
	4(d)	set appropriate standards regarding risk controls and thresholds on trading through direct electronic access;
	4(e)	be able to distinguish and if necessary stop orders or trading on that trading venue by a person using direct electronic access separately from -
		4(i)	other orders; or
		4(ii)	trading by the member or participant providing the direct electronic access; and
	4(f)	have arrangements in place to suspend or terminate the provision to a client of direct electronic access to that trading venue by a member of, or participant in, the trading venue in the case of non-compliance with this paragraph.
4[Note:MiFID RTS 7 contains requirements on direct electronic access permitted through a trading venue’s systems]
4Paragraph 3D – Co-location services
4(1)	The [UK RIE’s] rules on colocation services must be transparent, fair and nondiscriminatory.
4[Note:MiFID RTS 10 contains requirements to ensure co-location services are transparent, fair and non-discriminatory]
4Paragraph 3E – Fee structures
4(1)	The [UK RIE’s] fee structure, for all fees it charges including execution fees and ancillary fees and rebates it grants, must -
	4(a)	be transparent, fair and non-discriminatory;
	4[Note:MiFID RTS 10 contains requirements to ensure fee structures are transparent, fair and non-discriminatory]
	4(b)	not create incentives to place, modify or cancel orders, or execute transactions, in a way which contributes to disorderly trading conditions or market abuse; and
	4[Note:MiFID RTS 10 contains requirements concerning prohibited fee structures]
	4(c)	impose market making obligations in individual shares or suitable baskets of shares for any rebates that are granted.
4(2)	Nothing in sub-paragraph (1) prevents the [UK RIE] from -
	4(a)	adjusting its fees for cancelled orders according to the length of time for which the order was maintained;
	4(b)	calibrating its fees to each financial instrument to which they apply;
	4(c)	imposing a higher fee -
		4(i)	for placing an order which is cancelled than an order which is executed;
		4(ii)	on participants placing a high ratio of cancelled orders to executed orders; or
		4(iii)	on a person operating a high-frequency algorithmic trading technique,
		4in order to reflect the additional burden on system capacity.
4Paragraph 3F – Algorithmic trading
4(1)	The [UK RIE] must require members of and participants in trading venues operated by it to flag orders generated by algorithmic trading in order for it to be able to identify the -
	4(a)	the different algorithms used for the creation of orders; and
	4(b)	the persons initiating those orders.
4Paragraph 3G – Tick size regimes
4(1)	The [UK RIE] must adopt tick size regimes in respect of trading venues operated by it in -
	4(a)	shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments traded on each trading venue; and
	4[Note:MiFID RTS 11 contains requirements on the tick size regime for shares, depositary receipts, exchange traded funds and certificates5]
	4(b)	any financial instrument for which regulatory technical standards are adopted by the European Commission pursuant to Article 49.3 or 4 of the markets in financial instruments directive which is traded on that trading venue.
	[Note:MiFID RTS 11]
4 (2)	The tick size regime must -
	4(a)	be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread taking into account desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; and
	4(b)	adapt the tick size for each financial instrument appropriately.
4(3)	The tick size regime must comply with any regulatory technical standards adopted by the European Commission pursuant to Article 49.3 or 4 of the markets in financial instruments directive.
4[Note:MiFID RTS 11]
4Paragraph 3H – Syncronisation of business clocks
4(1)	The [UK RIE] must synchronise the business clocks it uses to record the date and time of any reportable event in accordance with regulatory technical standards adopted by the European Commission pursuant to Article 50 of the markets in financial instruments directive.
4[Note:MiFID RTS 25]

REC 2.5.14G01/04/2013

The FCA3 may also have regard to the systems and controls intended to ensure that confidential information is only used for proper purposes. Where relevant, recognised bodies will have to comply with section 348 (Restrictions on disclosure of confidential information by the FCA3 etc.) and regulations made under section 349 (Exemptions from section 348) of the Act.33

SUP 5.6.1G01/06/2016

Within the legal constraints that apply, the FCA1 may pass on to a skilled person any information which it considers relevant to the skilled person's function. A skilled person, being a primary recipient under section 348 of the Act (Restrictions on disclosure of confidential information by Authority etc.), is bound by the confidentiality provisions in Part XXIII of the Act (Public record, disclosure of information and cooperation) as regards confidential information received1

SUP 5.6.3G01/06/2016

2In respect of the appointment of a skilled person under section 166A (Appointment of skilled person to collect and update information) of the Act, a contractual or other requirement imposed on a person to keep any information confidential will not apply if:(1) the information is or may be relevant to anything required to be done as part of the skilled person's appointment under section 166A (Appointment of skilled person to collect and update information) of the Act;(2) a firm

SUP 5.6.4G01/04/2013

2A firm may provide information that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done in respect of the skilled person's collection or updating of information under section 166A (Appointment of skilled person to collect and update information) of the Act.

SUP 8.2.1G01/04/2013

Under section 138A12of the Act (Modification or waiver of rules), the appropriate regulator12 may, on the application or with the consent of a firm, direct that its 9rules:121299(1) are not to apply to the firm; or(2) are to apply to the firm with such modifications as may be specified.

SUP 8.2.1AG01/04/2013

12SUP 8.2.1 G does not apply to:(1) rules made by either regulator under section 137O of the Act;(2) rules made by the FCA under sections 247 or 248 of the Act.

SUP 8.2.3G01/07/2013

Sections 250 and 261L11 of the Act and regulation 7 of the OEIC Regulations allow the FCA12 to waive the application of certain rules in COLL to:111210(1) a person, as respects a particular AUT, ACS11 or ICVC, on the application or with the consent of that person; and(2) an AUT, ACS11 or ICVC on the application or with the consent of the manager and trustee (in the case of an AUT), the authorised contractual scheme manager and depositary (in the case of an ACS)11 or the ICVC and

LR 4.2.1G01/04/2013

Section 80 (1) of the Act (general duty of disclosure in listing particulars) requires listing particulars submitted to the FCA to contain all such information as investors and their professional advisers would reasonably require, and reasonably expect to find there, for the purpose of making an informed assessment of:(1) the assets and liabilities, financial position, profits and losses, and prospects of the issuer of the securities; and(2) the rights attaching to the securi

LR 4.2.9G01/04/2013

Under section 82 of the Act (exemptions from disclosure) the FCA may authorise the omission from listing particulars of information on specified grounds.

LR 4.2.10R01/04/2013

A request to the FCA to authorise the omission of specific information in a particular case must:(1) be in writing from the issuer;(2) identify the specific information concerned and the specific reasons for the omission; and(3) state why in the issuer's opinion one or more of the grounds in section 82 of the Act applies.

FEES 7.1.4G01/04/2013

Paragraph 12(1) of Part 2 of Schedule 1A to the Act enables the FCA to make rules requiring certain2authorised persons or payment service providers or electronic money issuers2 to pay to the FCA specified amounts or amounts calculated in a specified way in order to meet a proportion of:22(1) the expenses incurred by the FCA in establishing the CFEB, whenever these were incurred; and(2) the expenses incurred, or expected to be incurred, by the CFEB in connection with the discharge

FEES 7.1.9G01/04/2013

Paragraph 7(1) of Part 1 of Schedule 1A to the Act requires the CFEB to adopt an annual budget which has been approved by the FCA.

REC 6A.2.1G03/01/2018

1Under section 312B of the Act, the FCA5 may prohibit an EEA market operator from making or, as the case may be, continuing arrangements in the United Kingdom, to facilitate access to, or use of, a regulated market,6multilateral trading facility or organised trading facility6 operated by the operator if:5(1) the FCA5 has clear and demonstrable grounds for believing that the operator has contravened a relevant requirement;6 and5(2) the FCA5 has first complied with sections 312B(3)

REC 6A.2.3G01/04/2013

The procedure the FCA5 will follow if it is to exercise this prohibition power is set out in sections 313B(3) to (9) of the Act.5

SUP 1A.1.2G01/04/2013

The Act (section 1L) requires the FCA to "maintain arrangements for supervising authorised persons". Section 1K of the Act also requires the FCA to provide general guidance about how it intends to advance its operational objectives in discharging its general functions in relation to different categories of authorised person or regulated activity. One purpose of this guidance is to discharge the duties of the FCA set out in sections 1L and 1K of the Act. The FCA's approach to

SUP 1A.1.3G01/04/2013

The design of these arrangements is shaped by the FCA'sstatutory objectives in relation to the conduct supervision of financial services firms as well as the prudential supervision of firms not supervised by the PRA. These objectives are set out in Chapter 1 of the Act. The FCA has one strategic objective: ensuring that the relevant markets function well. In discharging its general functions, the FCA must, so far as is reasonably possible, act in a way which is compatible with

SUP 1A.1.4G01/04/2013

(1) In designing its approach to supervision, the FCA has regard to the regulatory principles set out in section 3B of the Act. In particular, the FCA's regulatory approach aims to focus and reinforce the responsibility of the senior management of each firm (section 3B(1)(d) of the Act) to ensure that it takes reasonable care to organise and control the affairs of the firm responsibly and effectively, and develops and maintains adequate risk management systems. It is the responsibility

PERG 8.6.1G01/04/2013

The word ‘communicate’ is extended under section 21(13) of the Act and includes causing a communication to be made. This means that a person who causes the communication of a financial promotion by another person is also subject to the restriction in section 21. Article 6(d) of the Financial Promotion Order also states that the word ‘communicate’ has the same meaning when used in exemptions in the Order. Article 6(a) also states that the word ‘communication’ has the same meaning

FEES 11.2.8G19/06/2015

(1) The FCA may recover the pensions guidance providers’ levy from a designated guidance provider as a debt owed by it to the FCA under paragraph 23(8) of Schedule 1ZA of the Act.(2) The FCA will consider taking action for recovery (including interest) through the civil courts.

FEES 11.2.9G01/07/2016

The FCA will not relieve or refund the pensions guidance providers’ levy paid by a designated guidance provider if the Secretary of State2 revokes that provider’s designation under section 333E(3) of the Act after the start of that fee year.

SUP 10C.9.4G07/03/2016

The FCA is under a duty, under section 59A of the Act (Specifying functions as controlled functions: supplementary), to exercise the power to specify any senior management function as an FCA controlled function in a way that it considers will minimise the likelihood that approvals need to be given by both the FCA and the PRA for the performance by a person of senior management functions in relation to the same PRA-authorised person.

SUP 10C.9.12G07/03/2016

Under section 59B of the Act (Role of FCA in relation to PRA decisions), the FCA may arrange with the PRA that, in agreed cases, the PRA may give approval without obtaining the consent of the FCA. No such arrangements are currently in force.

SYSC 4.8.9R07/03/2017

Table: FCA-prescribed senior management responsibilities for third-country relevant authorised persons.

FCA-prescribed senior management responsibility in relation to the branch	Explanation	Equivalent PRA-prescribed UK branch senior management responsibility
(1) Responsibility for the firm’s performance of its obligations under the senior management regime	The senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as they relate to SMF managers performing designated senior management functions, including SUP 10C (FCA senior management regime for approved persons in relevant authorised persons). This responsibility includes: (1) compliance with conditions and time limits on approval; (2) compliance with the requirements about the statements of responsibilities (but not the allocation of responsibilities recorded in them);3 (3) compliance by the firm with its obligations under section 60A of the Act (Vetting of candidates by relevant authorised persons); and3 3(4) compliance by the firm with the requirements in SYSC 22 (Regulatory references) so far as they relate to the senior management regime, including the giving of references to another firm about an SMF manager or former SMF manager.	PRA-prescribed UK branch senior management responsibility 6.2(1)
(2) Responsibility for the firm’s performance of its obligations under the employee certification regime	The employee certification regime means the requirements of sections 63E and 63F of the Act (Certification of employees) and all other requirements of the regulatory system about the matters dealt with in those sections, including:3 3(1) SYSC 5.2 (Certification Regime); 3(2) the requirements in SYSC 22 (Regulatory references) so far as they relate to the employee certification regime, including the giving of references to another firm about a certification employee or former certification employee; and 3(3) the corresponding PRA requirements.	PRA-prescribed UK branch senior management responsibility 6.2(2)
(3) Responsibility for compliance with the requirements of the regulatory system about the management responsibilities map	This responsibility does not include allocating responsibilities recorded in it.	PRA-prescribed UK branch senior management responsibility 6.2(3)
(4) Responsibility for management of the firm’s risk management processes in the UK		PRA-prescribed UK branch senior management responsibility 6.2(4)
(5) Responsibility for the firm’s compliance with the UK regulatory system applicable to the firm		PRA-prescribed UK branch senior management responsibility 6.2(5)
(6) Responsibility for the escalation of correspondence from the PRA, FCA and other regulators4 in respect of the firm to the governing body and/or the management body of the firm or, where appropriate, of the parent undertaking or holding company of the firm’s group	This includes taking steps to ensure that the senior management of the firm and, where applicable, the group, are made aware of any views expressed by the regulatory bodies and any steps taken by them in relation to the branch, firm or group.	PRA-prescribed UK branch senior management responsibility 6.2(6)
(7) Local responsibility for the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime	(A) This includes the function in SYSC 6.3.8R (a firm must allocate overall responsibility to a director or senior manager within the firm for the establishment and maintenance of effective anti-money laundering systems and controls), if that rule applies to the firm. (B) The firm may allocate this FCA-prescribed senior management responsibility to the MLRO but does not have to. (C) If the firm does not allocate this FCA-prescribed senior management responsibility to the MLRO, this FCA-prescribed senior management responsibility includes responsibility for supervision of the MLRO. (D) Local responsibility is defined in SYSC 4.8.10R (Local responsibility for a branch’s activities, business areas and management functions).	None
(8) Local responsibility for the firm’s compliance with CASS	(A) This responsibility only applies to a firm to which CASS applies. (B) A firm may include in this FCA-prescribed senior management responsibility whichever of the following functions apply to the firm: (1) CASS 1A.3.1R (certain CASS compliance functions for a CASS small firm); (2) CASS 1A.3.1AR (certain CASS compliance functions for a CASS medium firm or a CASS large firm); (3) CASS 11.3.1R (certain CASS compliance functions for certain CASS small debt management firms); or (4) CASS 11.3.4R (certain CASS compliance functions for a CASS large debt management firm); but it does not have to. (C) If the firm does not include the functions in (B) in this FCA-prescribed senior management responsibility, this FCA-prescribed senior management responsibility includes responsibility for supervision of the person performing the functions in (B) that apply to the firm. (D) Local responsibility is defined in SYSC 4.8.10R (Local responsibility for a branch’s activities, business areas and management functions).	None

FEES 4.4.9D01/04/2013

3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444

Related provisions for REC 6.5.1

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Table of application, notification, vetting and other fees payable to the FCA32

Schedule to the Recognition Requirements Regulations, paragraphs 3 – 3H4