Related provisions for LR 15.4.3A
This table belongs to COLL 8.2.5 R
1 |
Description of the authorised fund |
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Information detailing: |
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(1) |
the name of the authorised fund; |
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(2) |
that the authorised fund is a qualified investor scheme; and |
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(3) |
in the case of an ICVC, whether the head office of the company is situated in England and Wales or Wales or Scotland or Northern Ireland. |
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3Property Authorised Investment Funds |
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1A |
For a property authorised investment fund, a statement that: |
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(1) |
it is a property authorised investment fund; |
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(2) |
no body corporate may seek to obtain or intentionally maintain a holding of more that 10% of the net asset value of the fund; and |
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(3) |
in the event that the authorised fund manager reasonably considers that a body corporate holds more than 10% of the net asset value of the fund, the authorised fund manager is entitled to delay any redemption or cancellation of units in accordance with 6A if the authorised fund manager reasonably considers such action to be: |
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(a) |
necessary in order to enable an orderly reduction of the holding to below 10%; and |
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(b) |
in the interests of the unitholders as a whole. |
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2 |
Constitution |
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The following statements: |
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(1) |
the scheme property of the scheme is entrusted to a depositary for safekeeping (subject to any exception permitted by the rules); |
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(2) |
if relevant, the duration of the scheme is limited and, if so, for how long; |
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(3) |
charges and expenses of the scheme may be taken out of scheme property; |
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(4) |
for an ICVC: |
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(a) |
what the maximum and minimum sizes of the scheme's capital are; and |
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(b) |
the unitholders are not liable for the debts of the company;5 6 |
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5(4A) |
for an ICVC which is an umbrella, a statement that the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the umbrella, or any other sub-fund, and shall not be available for any such purpose;6 |
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6(4B) |
for a co-ownership scheme which is an umbrella, the property subject to a sub-fund is beneficially owned by the participants in that sub-fund as tenants in common (or, in Scotland, is the common property of the participants in that sub-fund) and must not be used to discharge any liabilities of, or meet any claims against, any person other than the participants in that sub-fund; |
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6(4C) |
for a limited partnership scheme, that the scheme prohibits pooling as is mentioned in section 235(3)(a) of the Act in relation to separate parts of the scheme property, with the effect that the scheme cannot be an umbrella; |
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(5) |
for an AUT: |
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(a) |
the trust deed: |
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(i) |
is made under and governed by the law of England and Wales, or the law of Scotland or the law of Northern Ireland; |
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(ii) |
is binding on each unitholder as if he had been a party to it and that he is bound by its provisions; and |
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(iii) |
authorises and requires the trustee and the manager to do the things required or permitted of them by its terms; |
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(b) |
subject to the provisions of the trust deed and all the rules made under section 247 of the Act (Trust scheme rules): |
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(i) |
the scheme (other than sums held to the credit of the distribution account) is held by the trustee on trust for the unitholders according to the number of units held by each unitholder or, where relevant, according to the number of individual shares in the scheme property represented by the units held by each unitholder; and |
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(ii) |
the sums standing to the credit of any distribution account are held by the trustee on trust to distribute or apply in accordance with COLL 8.5.15 R (Income); |
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(c) |
a Unitholder is not liable to make any further payment after he has paid the price of his units and that no further liability can be imposed on him in respect of the units he holds; and |
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(d) |
payments to the trustee by way of remuneration are authorised to be paid (in whole or in part) out of the scheme property; and6 6 |
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(6)6 |
for an ACS: |
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(a) |
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(i) |
is made under and governed by the law of England and Wales, or the law of Scotland or the law of Northern Ireland; |
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(ii) |
is binding on each unitholder as if he had been a party to it and that he is bound by its provisions; |
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(iii) |
authorises and requires the depositary and the authorised contractual scheme manager to do the things required or permitted of them by its terms; and |
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(iv) |
states that units may not be issued to a person other than a person7: |
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(A) |
who 7is a: |
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(i) |
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(ii) |
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(iii) |
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(B) |
to whom units in a qualified investor scheme may be promoted under COBS 4.12B.7R11; 77 |
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(v) |
states that the authorised contractual scheme manager of an ACS must redeemunits as soon as practicable after becoming aware that those units are vested in anyone (whether as a result of subscription or transfer of units) other than a person meeting the criteria in (iv)(A) and (B); |
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(vi) |
states that for a co-ownership scheme: |
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(A) |
the scheme property is beneficially owned by the participants as tenants in common (or, in Scotland, is the common property of the participants); |
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(B) |
the arrangements constituting the scheme are intended to constitute a co-ownership scheme as defined in section 235A(2) of the Act; and |
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(C) |
the operator and depositary are required to wind up the scheme if directed to do so by the FCA in exercise of its power under section 261X (Directions) or section 261Z (Winding up or merger of master UCITS) of the Act; |
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(vii) |
states: |
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(A) |
whether the transfer of units in the ACS scheme or, for a co-ownership scheme which is an umbrella (sub-funds of which pursue differing policies in relation to transfer of units), in each particular sub-fund, is either: |
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(i) |
prohibited; or |
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(ii) |
allowed; |
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(B) |
where transfer of units is allowed by the scheme or, where appropriate the sub-fund, in accordance with (A)(ii), units may only be transferred in accordance with the conditions specified by FCArules, including that units may not be transferred to a person other than a person : 7 |
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(i) |
who 7is a: |
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(1) |
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(2) |
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(3) |
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(ii) |
to whom units in a qualified investor scheme may be promoted under COBS 4.12B.7R11; and 77 |
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(viii) |
states that for a limited partnership scheme, the scheme is not dissolved on any person ceasing to be a limited partner or nominated partner provided that there remains at least one limited partner; |
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(b) |
subject to the provisions of the contractual scheme deed and all the rules made under section 261I of the Act (Contractual scheme rules) and for the time being in force: |
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(i) |
the scheme property (other than sums standing to the credit of the distribution account) is held by, or to the order of, the depositary for and on behalf of the unitholders according to the number of units held by each unitholder or, where relevant, according to the number of individual shares in the scheme property represented by the units held by each unitholder; and |
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(ii) |
the sums standing to the credit of any distribution account are held by the depositary to distribute or apply them in accordance with COLL 8.5.15 R(Income); and |
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(c) |
a unitholder in a co-ownership scheme is not liable to make any further payment after he has paid the price of his units and that no further liability can be imposed on him in respect of the units he holds; |
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(d) |
a unitholder in a limited partnership scheme is not liable for the debts or obligations of the limited partnership scheme beyond the amount of the scheme property which is available to the authorised contractual scheme manager to meet such debts or obligations, provided that the unitholder does not take part in the management of the partnership business; |
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(e) |
the exercise of rights conferred on limited partners by FCA rules does not constitute taking part in the management of the partnership business; |
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(f) |
the limited partners, other than the nominated partner, are to be the participants in the scheme; and |
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(g) |
the operator of a co-ownership scheme is authorised to: |
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(i) |
acquire, manage and dispose of the scheme property; and |
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(ii) |
enter into contracts which are binding on unitholders for the purposes of, or in connection with, the acquisition, management or disposal of scheme property. |
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3 |
Investment objectives |
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A statement of the object of the scheme, in particular the types of investments and assets in which it and each sub-fund (where applicable) may invest and that the object of the scheme is to invest in property of that kind with the aim of spreading investment risk. |
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4 |
Units in the scheme |
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A statement of: |
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(1) |
the classes of units which the scheme may issue, indicating, for a scheme which is an umbrella, which class or classes may be issued in respect of each sub-fund; and |
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(2) |
the rights attaching to units of each class (including any provisions for the expression in two denominations of such rights). |
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5 |
Limitation on issue of and redemption of units |
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Details as to: |
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(1) |
the provisions relating to any restrictions on the right to redeem units in any class; and |
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(2) |
the circumstances in which the issue of the units of any particular class may be limited. |
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6 |
Income and distribution |
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Details of the person responsible for the calculation, transfer, allocation and distribution of income for any class of unit in issue during the accounting period. |
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3Redemption or cancellation of units on breach of law or rules |
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6A |
A statement that where any holding of units by a unitholder is (or is reasonably considered by the authorised fund manager to be) an infringement of any law, governmental regulation or rule, those units must be redeemed or cancelled. |
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7 |
Base currency |
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A statement of the base currency of the scheme. |
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8 |
Meetings |
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Details of the procedures for the convening of meetings and the procedures relating to resolutions, voting and the voting rights for unitholders. |
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9 |
Powers and duties of the authorised fund manager and depositary |
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Where relevant, details of any function to be undertaken by the authorised fund manager and depositary which the rules in COLL require to be stated in the instrument constituting the fund.8 8 |
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10 |
Termination and suspension |
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Details of: |
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(1) |
the grounds under which the authorised fund manager may initiate a suspension of the scheme and any associated procedures; and |
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(2) |
the methodology for determining the rights of unitholders to participate in the scheme property on winding up. |
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110A |
Investment in overseas2 property through an intermediate holding vehicle1 |
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If investment in an overseas2 immovable is to be made through an intermediate holding vehicle or a series of intermediate holding vehicles, a statement that the purpose of that intermediate holding vehicle or series of intermediate holding vehicles will be to enable the holding of overseas2 immovables by the scheme.1 |
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11 |
Other relevant matters |
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Details of those matters which enable the scheme, authorised fund manager or depositary to obtain any privilege or power conferred by the rules in COLL which is not otherwise provided for in the instrument constituting the fund.8 8 |
42Where the measure is not cumulative (e.g. the number of traders for fee-block A10), the firm must use the figure relating to the valuation date specified in FEES 4 Annex 1R Part 548 (e.g. 31 December for A10)48. Table A sets out the reporting requirements for the key fee-blocks when full48 actual data is not available:
Table A: calculating tariff data for second and subsequent years of authorisation when full trading figures are not available
Fee-block |
Tariff base |
Calculation where trading data are not available |
A1. Deposit acceptors |
Average MELS for October - December |
Use data available at 31 December or, if trading has not commenced by 31 December, use nil48. |
A2. Home finance providers and administrators |
Number of relevant contracts entered into or being administered in the twelve months up to 31 December |
Apply the formula (A÷B) x 12 to arrive at an annualised figure. |
A3. Insurers - general |
Gross written premium for fees purposes (GWP) 43for the financial year ended in the calendar year ending 31 December and best estimate liabilities for fees purposes (BEL) 43 valued at the end of the financial year |
GWP 43 – apply the formula (A÷B) x 12 to arrive at an annualised figure. BEL – use 43 data at valuation date or, if trading has not commenced by then, use nil48. |
A4. Insurers - life |
Gross written premium for fees purposes (GWP) 43 for the financial year ended in the calendar year ending 31 December and best estimate liabilities for fees purposes (BEL) 43 valued at the end of the financial year |
|
A5. Managing agents at Lloyd’s |
Active capacity in respect of the underwriting year at the beginning of the period to which the fee relates |
Not applicable. |
A6. The Society of Lloyd’s |
Bespoke fee |
Not applicable. |
A7. Portfolio managers |
Funds under management valued at 31 December |
Use data as at 31 December or, if trading has not commenced by 31 December, use nil48. |
A9. Managers and depositaries of investment funds, and operators of collective investment schemes or pension schemes |
Annual gross income for the financial year ended in the calendar year ending 31 December |
Apply the formula (A÷B) x 12 to arrive at an annualised figure. |
A10. Firms dealing as principal |
Number of traders as at 31 December |
Use data as at 31 December or, if trading has not commenced by 31 December, use nil48. |
A13. Advisors, arrangers, dealers or brokers |
Annual income for the financial year ended in the calendar year ending 31 December |
Apply the formula (A÷B) x 12 to arrive at the annualised figure |
A14. Corporate finance advisers |
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A18. Home finance providers, advisers and arrangers |
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A19. General insurance distribution44 |
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A21. Firms holding client money or assets, or both |
The highest amount of client money and the highest amount of custody assets held over the 12 months ending 31 December |
The highest amount of client money and/or custody assets over the period between the date of authorisation and 31 December or, if trading has not started, use nil48. |
56A.23 |
Annual income for the financial year ended in the calendar year ending 31 December |
Apply the formula (A÷B) x 12 to arrive at the annualised figure. |
Annual income for the financial year ended in the calendar year ending 31 December54 |
Apply the formula (A÷B) x 12 to arrive at the annualised figure.54 |
|
B. Service companies |
Annual income for the financial year ended in the calendar year ending 31 December |
Apply the formula (A÷B) x 12 to arrive at the annualised figure. |
B. Regulated benchmark45 administrators |
Annual income for the financial year ended in the calendar year ending 31 December39 |
Apply the formula (A÷B) x 12 to arrive at the annualised figure.39 |
B. Recognised investment exchanges |
Annual income for the financial year ended in the calendar year ending 31 December39 |
Apply the formula (A÷B) x 12 to arrive at the annualised figure.39 |
B. Recognised auction platforms55 49 |
Flat fee55 49 |
Not applicable55 49 |
B. Recognised overseas investment exchanges |
Flat fee |
Not applicable. |
CC1. Credit-related regulated activities with limited permission |
Annual income for the financial year ended in the calendar year ending 31 December |
Apply the formula (A÷B) x 12 to arrive at an annualised figure. |
CC2. Credit related regulated activities |
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G.2 Payment services institutions – deposit acceptors |
See A1 deposit acceptors |
|
G.3. Large payment services institutions |
Relevant income |
Apply the formula (A÷B) x 12 to arrive at an annualised figure. |
G.4 Small payment institutions |
Flat fee |
Not applicable. |
G.5 Other payment institutions |
Relevant income |
Apply the formula (A÷B) x 12 to arrive at an annualised figure. |
G.10 Large electronic money institutions |
Average outstanding e-money over 12 months ending 31 December |
Average over the period from authorisation to 31 December. |
G.11 Small electronic money institutions |
Flat fee |
Not applicable. |
G.15 Issuer of regulated covered bonds |
Value as at 31 December |
Not applicable. |
G.20 Consumer buy-to-let (CBTL) lender |
Flat fee |
Not applicable. |
G.21 CBTL adviser and arranger |
Table of periodic fees payable to the FCA63
631 Fee payer |
2 Fee payable |
3 Due date |
4 Events occurring during the period leading to modified periodic fee |
25 | As54 specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R6354 373737 |
(1) Unless (2) applies54, on or before the relevant dates specified in FEES 4.3.6 R.12 (2) If54 an event specified in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.754 77776262414141 |
Firm receives permission, or becomes authorised or registered under the Payment Services Regulations, article 8 of the MCD Order32, the DRS Regulations41 or the Electronic Money Regulations12;9 or firm9extends permission or its payment service activities916 659 |
Persons who hold a certificate issued by the FCA62 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) 62 |
£1,15151 46314031 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice23 (2) If an event in column 4 occurs,52 during the course of a fee year,62 30 days after the occurrence of that event.51 2362 |
Certificate issued to person by the51FCA62 under article 4054 of the Regulated Activities Order46 62 |
23 | In relation to each unit trust the amount specified in part 1 of 25FEES 4 Annex 4 |
Authorisation order is made in relation to the relevant scheme24 |
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24Any authorised fund manager of an authorised contractual scheme; |
In relation to each authorised contractual scheme the amount specified in part 1 of25FEES 4 Annex 4 |
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In relation to each ICVC,25 the amount specified in part 1 of25FEES 4 Annex 4 |
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Persons who, under the constitution or founding arrangements of a recognised scheme, are 33responsible for the management of the property held for or within the scheme; |
In relation to each recognised scheme the amount specified in part 1 of25FEES 4 Annex 4 |
The relevant scheme becomes a recognised scheme25 |
|
Not applicable |
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33 | In relation to each LTIF49 the amount specified in part 1 of FEES 4 Annex 433 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice.33 (2) If an event in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event.33 |
The LTIF49 is authorised by the FCA under the LTIF Regulation49 33 |
On or before the relevant dates specified in FEES 4.3.6 R23 23 |
Not applicable |
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FEES 4 Annex 6, part 1for a UK RIE; and55 FEES 4 Annex 6R, part 1A for a UK RIE that is also a RAP55 631349 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event 2362 |
Recognition order is made. The modified1164 periodic fee is specified in FEES 4 Annex 6 R, Part 1.491164 116411641311641164 |
|
63 | FEES 4 Annex 6, part 2 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event. 2362 |
Recognition order is made. The modified1164 periodic fee is specified in FEES 4 Annex 6, Part 2.1164 1164116411641164 |
A listed issuer35 (in LR) of shares and certificates representing certain securities35. 33 |
Within 30 days of the date of the invoice |
Listedissuer3 (in LR) becomes subject to listing rules 3 |
|
3110122323311210231 | Within 30 days of the date of the invoice |
141414 | |
All non-listed issuers (in DTR) of shares and certificates representing certain securities35. 66 |
29 | Within 30 days of the date of the invoice |
Non-listed issuer (in DTR) becomes subject to disclosure requirements36 and transparency rules629 |
Within 30 days of the date of the invoice |
A person is approved as a primary information provider |
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6All firms reporting transactions in securities derivatives10to the FCA62 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10 6210 |
Within 30 days of the date of the invoice |
Not applicable |
|
15Any issuer of a regulated covered bond. |
(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R (2) If an event specified in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R 62 |
A person becomes registered as an issuer of a regulated covered bond |
|
26(i) A non-UK AIFM49 which has notified the FCA of its intention to market an AIF in the UK under regulation 5949 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. (ii) non-UK AIFM49 which has notified the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. |
For each notification made by the AIFM of the kind specified in part 2 of FEES 4 Annex 4, the amount specified in part 2 of FEES 4 Annex 4 |
(1) Unless (2) applies, on or before 1 August, or, if later, within 30 days of the date of the invoice (2) If an event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event |
|
The basic fee contained in part 3 of FEES 4 Annex 4 |
The AIFM is registered by the FCA under regulation 10 of the AIFMD UK regulation. |
||
30 | [deleted]41 |
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The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
|
The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
|
50Any UK-based firm registered as a credit rating agency; a trade repository; a securitisation repository or any third country firm certified as a credit rating agency or recognised as a trade repository. |
The tariff specified in FEES 4 Annex 16R |
Within 30 days of the date of the invoice |
Not applicable |
Within 30 days of the date of the invoice58 |
Not applicable |
Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2
Part 1: Activities
Note: The activity numbers in this table relate to the activities14 in TC App 1.1.1 R. These tables do not cover activities 1, 5, 13A, 13B, 13C, 20A, 21B,14 23A, 23B, 23C, 23D, 23E,17 24, 25 or 26 as these activities do not have a qualification requirement.21 In relation to advising on P2P agreements (activity 9A), see TC 2.1.5HR and TC 2.1.6R(2).
24Part 1A: The Retail Distribution Review activities (RDR activities)
14Activity Number |
RDR24 Activity |
||
2 |
Giving personal recommendations26 on securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
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3 |
Giving personal recommendations26 on derivatives |
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4 and 6 |
(4) Giving personal recommendations26 on retail investment products which are not broker funds and (6) giving personal recommendations26 on friendly societytax-exempt policies (other than Holloway sickness policies26 where the Holloway policy special application conditions26 are met) |
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12 |
Giving personal recommendations26 on and dealing in securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
||
13 |
Giving personal recommendations26 on and dealing in derivatives |
24In relation to the above RDR activities a qualification in the table in Part 2 will meet the qualification requirement in relation to the activity listed in column 3 of that table, for the purpose of TC 2.1.10E(2), to the extent set out below:
- (1)
where an ‘a’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement on and after, 31 December 2012; and
- (2)
where a ‘b’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill (see TC App 7.1.1G)29 constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body.
24Part 1B: The non-Retail Distribution Review activities (non-RDR activities)
Activity Number |
|||
7 |
Giving personal recommendations26 on long-term care insurance contracts |
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8 |
Giving personal recommendations26 on investments in the course of corporate finance business |
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9 |
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11 |
Undertaking the activity of a pension transfer specialist (see also TC 2.1.5KR)2730 |
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14 and 10 |
Managing investments and/or undertaking the activity of a broker fund adviser |
||
20 |
Advising on a regulated mortgage contract for a non-business purpose; or Arranging (bringing about) an execution-only sale of a regulated mortgage contract for a non-business purpose, excluding variations to an existing regulated mortgage contract, except where the effect is to change all or part of the regulated mortgage contract from one interest rate to another14 |
||
21 |
Advising on equity release transactions; or Arranging (bringing about) an execution-only sale of an equity release transaction, excluding variations to an existing equity release transaction, except where the effect is to change all or part of the equity release transaction from one interest rate to another14 |
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1421A |
Designing scripted questions for an execution-only sale of a regulated mortgage contract for a non-business purpose |
||
22 |
Designing scripted questions for an execution-only sale of an 14equity release transaction 1414 |
||
24Activity Number |
Non-RDR Activity (overseeing activity) |
15 |
Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme. |
16 |
Overseeing on a day to day basis safeguarding and administering investments or holding client money. |
17 |
Overseeing on a day to day basis administrative functions in relation to managing investments: (i) arranging settlement; (ii) monitoring and processing corporate actions; (iii) client account administration, liaison and reporting including valuation and performance measurement; (iv) ISA or CTF administration; (v) investment trust savings scheme administration. |
18 |
Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies: (i) new business administration; (ii) policy alterations including surrenders and policy loans; (iii) preparing projections; (iv) processing claims, including pension payments; (v) fund switching. |
19 |
Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes: (i) new business administration; (ii) receipt of or alteration to contributions; (iii) preparing projections and annual statements; (iv) administration of transfers; (v) handling claims, including pension payments; (vi) fund allocation and switching. |
23 |
Overseeing non-advised sales on a day to day basis of equity release transactions. |