Related provisions for BIPRU 13.6.29

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BIPRU 13.6.6RRP
A firm may determine the exposure value for:(1) financial derivative instruments;(2) repurchase transactions;(3) securities or commodities lending or borrowing transactions;(4) margin lending transactions; and(5) long settlement transactionsusing the CCR internal model method.[Note: BCD Annex III Part 2 point 2]
BIPRU 13.6.7RRP
A firm may use the CCR internal model method to calculate the exposure value for:(1) the transactions in BIPRU 13.6.6 R (1); or(2) the transactions in BIPRU 13.6.6 R (2), (3) and (4); or(3) the transactions in BIPRU 13.6.6 R (1) to (4).[Note: BCD Annex III Part 6 point 1 (part)]
BIPRU 13.6.9GRP
A4firm using the CCR internal model method may use a type of model other than the type set out in BIPRU 13.6. If the appropriate regulator agrees to this the details of the model and the necessary calculations will be set out in the CCR internal model method permission, which will modify BIPRU 13.6 to the extent necessary. The appropriate regulator would not expect to agree to such a request unless the firm was able to satisfy the appropriate regulator that the method was at least
BIPRU 13.6.10RRP
For all financial derivative instruments and for long settlement transactions which are outside the scope of a firm'sCCR internal model method permission, a firm must use the CCR mark to market method or the CCR standardised method.[Note: BCD Annex III Part 6 point 3 first sentence]
BIPRU 13.6.11RRP
Under BIPRU 13.6.10 R, combined use of the CCR mark to market method and the CCR standardised method is only permitted where one of the methods is used for the cases set out in BIPRU 13.5.9 R to BIPRU 13.5.10 R.[Note: BCD Annex III Part 6 point 3 second sentence]
BIPRU 13.6.12RRP
Notwithstanding 2BIPRU 13.3.10 R2 (Combined use), a firm may choose not to apply the CCR internal model method to exposures that are immaterial in size and risk.[Note: BCD Annex III Part 6 point 1 third sentence]
BIPRU 13.6.13RRP
If permitted by its CCR internal model method permission, and subject to its terms, a firm may carry out the implementation of the CCR internal model method sequentially across different transaction types; and during this period the firm may use the CCR mark to market method or the CCR standardised method.[Note: BCD Annex III Part 6 point 2]
BIPRU 13.6.17RRP
Subject to BIPRU 13.6.10 R to BIPRU 13.6.16 G, a firm that has a CCR internal model method permission must not use the CCR mark to market method or the CCR standardised method for transactions within the scope of the firm'sCCR internal model method permission.[Note: BCD Annex III Part 6 point 4 (part)]
BIPRU 13.6.18GRP
A firm which wishes to revert to the CCR mark to market method or the CCR standardised method will need to request the appropriate regulator to revoke or vary its CCR internal model method permission.[Note: BCD Annex III Part 6 point 4 (part)]
BIPRU 13.6.19GRP
The appropriate regulator will not agree to a firm's request to revoke or vary its CCR internal model method permission except for demonstrated good cause.[Note: BCD Annex III Part 6 point 4 (part)]
BIPRU 13.6.21GRP
If a firm ceases to comply with the requirements set out in BIPRU 13.6, the appropriate regulator may revoke the CCR internal model method permission or take other appropriate supervisory action.[Note: BCD Annex III Part 6 point 4 (part)]
BIPRU 13.6.23RRP
A firm may include eligible financial collateral as defined in BIPRU 5.4.8 R (Eligible collateral under financial collateral comprehensive method) and BIPRU 14.2.15 R to BIPRU 14.2.17 R in its forecasting distributions for changes in the market value of the netting set, if the quantitative, qualitative and data requirements for the CCR internal model method are met for the collateral.[Note: BCD Annex III Part 6 point 6]
BIPRU 13.6.31RRP
For the purposes of BIPRU 13.6.24 R, alpha () is 1.4 or any higher amount specified in the firm'sCCR internal model method permission.[Note: BCD Annex III Part 6 point 7 second part]
BIPRU 13.6.33RRP
If a firm'sCCR internal model method permission permits it, the firm may use its own estimates of , subject to a floor of 1.2, where must equal the ratio of internal capital from a full simulation of CCRexposure across counterparties (numerator) and internal capital based on EPE (denominator).[Note: BCD Annex III Part 6 point 12 (part)]
BIPRU 13.6.52RRP
A firm must have a track record in the use of models that generate a distribution of exposures1 to CCR. Thus, the firm must be able to demonstrate that it has been using a model to calculate the distribution of exposures1 upon which the EPE calculation is based that meets, broadly, the minimum requirements set out in BIPRU 13.6 for at least one year prior to the date of its CCR internal model method permission.[Note: BCD Annex III Part 6 point 28]
BIPRU 13.6.67RRP
(1) A firm'sCCR internal model method model must meet the validation requirements in (2) to (8).(2) The qualitative validation requirements set out in BIPRU 7.10 must be met.(3) Interest rates, foreign currency rates, equity prices, commodities, and other market risk factors must be forecast over long time horizons for measuring CCRexposure. The performance of the forecasting model for market risk factors must be validated over a long time horizon.(4) The pricing models used to
BIPRU 13.6.68GRP
If backtesting indicates that the CCR internal model method model is not sufficiently accurate, the appropriate regulator may revoke a firm'sCCR internal model method permission or take appropriate measures to ensure that the model is improved promptly. Measures taken by the appropriate regulator may include the use of its own-initiative power to require the firm to hold more capital resources.[Note: BCD Annex III Part 6 point 42 (part)]
BIPRU 13.5.1RRP
A firm may use the CCR standardised method only for financial derivative instruments and long settlement transactions.[Note: BCD Annex III Part 5 point 1 (part)]
BIPRU 13.5.9RRP
A firm must apply the CCR mark to market method to transactions with a non-linear risk profile or for payment legs and transactions with debt instruments as underlying if:(1) the firm does not have a CAD 1 model permission or a VaR model permission; or(2) where the firm does have a CAD 1 model permission or a VaR model permission but cannot determine the delta or the modified duration, respectively, with its CAD 1 model permission or VaR model permission.[Note: BCD Annex III Part
BIPRU 13.5.10RRP
A firm must not recognise netting for the purpose of applying the CCR mark to market method to an exposure treated under BIPRU 13.5.9 R (that is, the exposure value must be determined as if there were a netting set that comprises just the individual transaction).[Note: BCD Annex III Part 5 point 19 (part)]
BIPRU 13.5.15RRP
There is one hedging set for each issuer of a reference debt instrument that underlies a credit default swap.Nth to default basket credit default swaps must be treated as follows:2(1) 2the size of a risk position in a reference debt instrument in a basket underlying an nth to default credit default swap is the effective notional value of the reference debt instrument, multiplied by the modified duration of the nth to default derivative, with respect to a change in the credit spread
BIPRU 13.5.19RRP
A firm that makes use of collateral to mitigate its CCR must have internal procedures to verify that, prior to recognising the effect of collateral in its calculations, the collateral meets the legal certainty standards set out in BIPRU 5 modified, where relevant, by BIPRU 4.10.[Note: BCD Annex III Part 5 point 21]
BIPRU 13.5.21RRP
A firm must apply the CCR multipliers for the different hedging set categories according to the Table in BIPRU 13.5.22 R.[Note: BCD Annex III Part 5 point 18]
BIPRU 13.5.22RRP

This table belongs to BIPRU 13.5.21 R.

Hedging set categories

CCR Multiplier (CCRM)

(1)

Interest Rates

0.2%

(2)

Interest Rates for risk positions from a reference debt instrument that underlies a credit default swap and to which a capital charge of 1.60%, or less, applies under BIPRU 7.2.44 R1.

0.3%

(3)

Interest Rates for risk positions from a debt instrument or reference debt instrument to which a capital charge of more than 1.60% applies under BIPRU 7.2.44 R.

0.6%

(4)

Exchange Rates

2.5%

(5)

Electric power

4.0%

(6)

Gold

5.0%

(7)

Equity

7.0%

(8)

Precious Metals (except gold)

8.5%

(9)

Other commodities (excluding precious metals and electricity power)

10.0%

(10)

Reference debt instruments of an nth to default derivative that have a credit assessment from a recognised ECAI equivalent to credit quality step 1 to 32

2

0.3%2

2(11)

Reference debt instruments of an nth to default derivative that do not have a credit assessment from a recognised ECAI equivalent to credit quality step 1 to 3

0.6%

2(12)

Underlying instruments of financial derivative instrument that are not in any of the above categories.

10.0%

[Note: BCD Annex III Part 5 Table 5 and Part 5 point 15 (c)2]

BIPRU 13.5.25RRP
A firm must determine the exposure value net of collateral, as follows:exposure value = *max(CMV-CMC;(j)((i)(RPTij)-(l)(RPClj))*CCRMj)where:CMV = current market value of the portfolio of transactions within the netting set with a counterparty gross of collateral.That is, where:CMV = (i)(CMVi)where:CMVi = the current market value of transaction i;CMC = the current market value of the collateral assigned to the netting set.That is, where:CMC = (l)(CMCl)whereCMCl = the current market
BIPRU 13.3.2RRP
Subject to BIPRU 13.3, a firm must determine the exposure value for financial derivative instruments with the CCR mark to market method, the CCR standardised method or the CCR internal model method.[Note: BCD Annex III, Part 2 point 1]
BIPRU 13.3.6RRP
A firm may determine exposures arising from long settlement transactions using any of the CCR mark to market method, the CCR standardised method and the CCR internal model method, regardless of the methods chosen for treating financial derivatives instruments and repurchase transactions, securities or commodities lending or borrowing transactions, and margin lending transactions. In calculating capital requirements for long settlement transactions, a firm that uses the IRB approach
BIPRU 13.3.8RRP
Under the CCR mark to market method, the CCR standardised method and the CCR internal model method, a firm must determine the exposure value for a given counterparty as equal to the sum of the exposure values calculated for each netting set with that counterparty.[Note: BCD Annex III Part 2 point 5]
BIPRU 13.3.10RRP
The combined use of the CCR mark to market method, the CCR standardised method and the CCR internal model method is not permitted. The combined use of the CCR mark to market method and the CCR standardised method is permitted where one of the methods is used for the cases set out in BIPRU 13.5.9 R to BIPRU 13.5.10 R.[Note: BCD Annex III Part 2 point 1(part)]
BIPRU 13.3.15RRP
(1) 1In the cases in BIPRU 13.3.14R, and where the option in the second sentence of BIPRU 14.2.10 R is not applied, the exposure value for CCR for these creditderivatives is set to zero.(2) 1However, a firm may choose consistently to include for the purposes of calculating capital requirements for counterparty credit risk all credit derivatives not included in the trading book and purchased as protection against a non-trading exposure or against a CCRexposure where the credit
BIPRU 4.3.121RRP
To the extent that a firm recognises collateral for determining the exposure value for counterparty credit risk according to the CCR standardised method or the CCR internal model method, any amount expected to be recovered from the collateral must not be taken into account in the LGD estimates.[Note:BCD Annex VII Part 4 point 79]
BIPRU 4.4.67RRP
(1) A firm must calculate maturity (M) for each of the exposures referred to in this rule in accordance with this rule and subject to BIPRU 4.4.68 R to BIPRU 4.4.70 R. In all cases, M must be no greater than 5 years.(2) For an instrument subject to a cash flow schedule M must be calculated according to the following formula:where CFt denotes the cash flows (principal, interest payments and fees) contractually payable by the obligor in period t.(3) For derivatives subject to a
BIPRU 5.6.29RRP
(1) A firm must under the standardised approach calculate risk weighted exposure amounts for repurchase transactions and/or securities or commodities lending or borrowing transactions and/or other capital market-driven transactions covered by master netting agreements under this rule.(2) E* as calculated under BIPRU 5.6.5 R to BIPRU 5.6.25 R must be taken as the exposure value of the exposure to the counterparty arising from the transactions subject to the master netting agreement
BIPRU 13.7.5RRP
A firm may recognise as risk-reducing the following types of contractual netting:(1) bilateral contracts for novation between a firm and its counterparty under which mutual claims and obligations are automatically amalgamated in such a way that this novation fixes one single net amount each time novation applies and thus creates a legally binding, single new contract extinguishing former contracts;(2) other bilateral agreements between a firm and its counterparty; and(3) a firm
BIPRU 13.7.11RRP
For the purposes of the CCR mark to market method, the CCR standardised method and the CCR internal model method a firm must recognise netting as set out in BIPRU 13.3 and BIPRU 13.6.[Note: BCD Annex III Part 7 point (b) (part)]
BIPRU 13.8.2RRP
Subject to BIPRU 13.8.3 R, in respect of a securities financing transaction, if a firm:(1) has a CCR internal model method permission which covers the transaction; or(2) has a master netting agreement internal models approach permission which covers the transaction;then the firm must use the CCR internal model method approach or the master netting agreement internal models approach, as applicable, to calculate the exposure value for that transaction unless an exception in BIPRU
BIPRU 13.8.7RRP
Notwithstanding BIPRU 13.8.2 R, a firm must determine the exposure value of a credit risk exposure outstanding with a central counterparty in accordance with BIPRU 13.8.8 R1, provided that the central counterparty'scounterparty credit riskexposures with all participants in its arrangements are fully collateralised on a daily basis.[Note: BCD Article 78(4) in respect of SFTs]
BIPRU 13.8.8RRP
A firm may attribute an exposure value of zero for CCR to a securities financing transaction or to any other exposures in respect of that transaction (but excluding an exposure arising from collateral held to mitigate losses in the event of the default of other participants in the central counterparty's arrangements) which is outstanding with a central counterparty and has not been rejected by the central counterparty.[Note: BCD Annex III Part 2 point 6 in respect of SFTs]
FEES 3.2.7RRP

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

31

Part 1A: Application, notification and vetting fees66

31

31(1) Fee payer

(2) Fee payable (£)37 by reference to the pricing category in FEES 3 Annex 1AR.66

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 (zza)52 of this table

26

(1) Unless (2) or (3)66 applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1AR66 which apply to that application.

66(2) 50% of the tariff payable under (1) is payable when either (a) or (b) apply:

66(a) the application is one referred to in paragraph p; or

66(b) the application is a limited permission case under 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 permission66, the fee payable is the higher of: 79

(i) the fee 66payable in (1) or (2); and 79

(ii) the fee payable in FEES 3 Annex 10AR. 79

(4) [deleted]66

1417913434343434343441

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) [deleted]56

4

(c) [deleted]66

(d) [deleted]66

27		 2727

(da) Persons making an application or notification in relation to applications set out in FEES 3 Annex 2R:

66(i) authorisation order for or recognition under section 272 of the Act of a collective investment scheme;

66(ii)

application for the authorisation of an AIF as an LTIF;

68

66(v) 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; and68

66(vi) an applicant for registration on the register of small registered UK AIFM.

58366666

Category applicable to the application or notification set out in FEES 3 Annex 2R66

36

On or before the date the application or notification66 is made

36

(e) Any applicant making an application set out in FEES 3 Annex 14R - Other FCA application fees:66

66(i) Any person seeking an order under section 326(1) of the Act to become a designated professional body;

66(ii) applicant to be added to the list of designated investment exchanges;

66(iii) any applicant for recognition as an accredited body;

66(iv) any applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company;

66(v) an application for recognition of an administrator in accordance with article 32 of the benchmarks regulation;

66(vi) an application for endorsement of a benchmark or family of benchmarks in accordance with article 33 of the benchmarks regulation;

66(vii) an application 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 under regulation 8 of the DRS Regulations;

66(viii) an application for variation of an authorisation under regulation 12 of the DRS Regulations;

66(ix) an application for connection to the market data processor system to provide reports directly to the FCA under MiFIR;

66(x) an application to connect to the market data processor system to provide markets data (other than transaction reports) under MAR 10;

66(xi) an application for authorisation as a third party verifier;

(xii) an application for, to vary or cancel an approver permission70.

272727

Pricing category applicable to the application set out in FEES 3 Annex 14R66

2727

As specified in FEES 3 Annex 14R66

28

28(ea) [deleted]66

5656

(eb) [deleted]66

28

(f) Persons making an application referred to in FEES 3 Annex 15R – Transaction fees:66

66(i) any applicant for a certificate under article 54 of the Regulated Activities Order;

66(ii) a transferor in the case of an insurance business transfer scheme;

66(iii) an issuer applying for registration of a regulated covered bond;

66(iv) an issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4D;

66(v) an applicant for FCA permission for:

66i. an agreement to be enforced under section 28A(3)(a) of the Act; or

66ii. money paid or property transferred under the agreement to be retained under section 28A(3)(b) of the Act.

(vi) 67Applications in respect of controlled functions under the Senior Managers and Certification Regime (SMCR), including applications by principal firms in respect of SMCR functions in appointed representatives.

Pricing category applicable to the application or notification set out in FEES 3 Annex 15R.66

As specified in FEES 3 Annex 15R66

(g) Any applicant for recognition as a UK recognised body:62

(i) under section 287 of the Act; or62

(ii) under regulation 2(1) of the RAP regulations6256

17771717

FEES 3 Annex 3, part 1

On or before the date the application is made26

(ga) [deleted]52

26353535

(h) Any applicant for recognition as an ROIE77 under section 287 or section 292 of the Act

7777

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

72

38

(m) [deleted]38

38

72

38

(n) [deleted]66

(o) [deleted]65

112229529772929556772929295557729295772929297729295

[deleted]65

5255512515555157757755256

[deleted]65

277292977292977229

(oa) [deleted]65

2937373737585637373737583737

[deleted]65

37

[deleted]65

37373737

(p) A firm applying for a variation of its Part 4A permission, as referred to in FEES 3 Annex 16R66, whose fee is not payable pursuant to sub- paragraphs 64(zza)52 or (zzh) 64 of this table

26

(1) As specified in FEES 3 Annex 1R-FEES 3 Annex 14R66

(2) Subject to (3) below, if the new business of the firm would fall within more than one pricing category in FEES 3 Annex 1AR, the fee payable is that in the highest pricing category applicable to the application.66

(2A) [deleted]66

(3) [deleted]66

(3A) [deleted]66

(3B) [deleted]66

(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 payable is the highest of:66

66(i) the fees set out in FEES 3 Annex 10AR;

(ii) the amount payable in accordance with FEES 3 Annex 16R;

(3D) [deleted]66

(4) [deleted]66

[deleted]66

3079444130797911177773777377979371137373030233737373730373737303711113737303730794111771444444

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

77137813787722227

38

38

333

2(r) [deleted]46

 66 566

(s) [deleted]66

5		 7676375937597676377637 37

6(t) [deleted]46

20

(u) [deleted]34

34		 34 34

(v) [deleted]38

2222

38

38

[deleted]35

35		 35 35

(x)[deleted]38

38

388

(y) A person who makes an application or notification to the FCA under the Payment Services Regulations, including an application for variation of authorisation or registration.66

8

The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 8R66.

47

On or before the date the application is made.

(ya) [deleted]66

47		 47 47

(z) [deleted]66

47

(za) [deleted]66

47

(zb) [deleted]66

47		 5050475050475047474747475050

(zc) [deleted]66

47		 474747474747

(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]77

77		 77 91677

(zg) A person who makes an application or notification to the FCA under the Electronic Money Regulations, including an application for variation of authorisation or registration66.

16

The fee payable is that in the highest pricing category applicable to the application or notification as set out in FEES 3 Annex 10R.66

On or before the date the application is made.

(zh) [deleted]66

16

(zi) [deleted]66

1614

(zj) [deleted]66

16		 5050

(zk) [deleted]66

16

(zl) [deleted]66

15		 18

(zm) [deleted]66

18		 4141

(zn) [deleted]66

18		 4141 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 or 4.5.1R69, either:

(i) a Firm (as defined in CONRED 2.1.1R(1)) or 4.1.3R69; or

(ii) a person falling within CONRED 2.1.2R(1) or 4.1.5R69.

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 CONRED 2.5.12R or 4.5.1R69 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 or 4.5.1R69.

Within 30 days of the date of the invoice.

77(zp) A person in respect of which the FCA37 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 FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA37 pursuant to section 166(3)(b) of the Act.

37

Within 30 days of the date of the invoice.

77(zq) A person in respect of which the FCA37 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 FCA37 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.

3737

Within 30 days of the date of the invoice.33

33(zr) [deleted]38

38

38

(zs) [deleted]66

3031		 31303131

(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 79

Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 79

(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. 79

(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. 79

On or before the application is made.79

(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.

(zw) [deleted]66

4563634963

(zx) [deleted]66

46		 63

(zy) [deleted]66

464956

56

63

(zz) [deleted]66

51

52(zza) An application for authorisation as a regulated benchmark administrator.

The highest of the applicable tariffs set out in FEES 3 Annex 1AR.66

Where an applicant intends to administer benchmarks falling into different complexity groupings, it will pay one fee only, for the highest category applied for. If, once authorised, a regulated benchmark administrator notifies the FCA of its intention to administer other/additional benchmarks no further application fee is payable (even if the other/additional benchmark falls into a higher complexity category).

On the date the application is made.

(zzb) [deleted]66

52

(zzc) [deleted]66

52

54(zzd) applications for claims management companies

The fee applicable to the application as set out in paragraph CMC of Part 2 of FEES 3 Annex 1R.66

Firms which already have Part 4A permissions and are applying to vary their permissions will pay 50% of66 the relevant fee.

On the date the application is made.

(zze) [deleted]66

55

61(zzf) UK-based applicants for registration as a trade repository; a securitisation repository, or a third country applicant seeking recognition as a trade repository.

5,000

Applicants for registration as a trade repository who already hold registration as a securitisation repository, or vice versa, will receive a 50% discount on the relevant application fee.

Applicants for registration as a trade repository to carry on activity for the purposes of UK SFTR who already hold registration as a trade repository under EMIR or vice versa, will receive a 50% discount on the relevant application fee.

On the date the application is made.

61(zzg) UK-based applicants for registration as a credit rating agency or a third country applicant seeking certification as a credit rating agency.

The fee set out in FEES 3 Annex 13R.

On the date the application is made.

64(zzh) Permission for

(1) carrying on funeral plan distribution;

(2) carrying out a funeral plan contract as provider; or

(3) carrying out a funeral plan contract as provider and entering as provider into a funeral plan contract.

(1) The highest of the tariffs set out in FEES 3 Annex 1R part 3A which apply to that application, subject to (2) and (3) below.

(2) Unless (3) below applies, where an applicant was carrying out any of the activities referred to in (zzh)(1)-(3) on 1 September 2021, and makes an application for permission for any of those activities after 1 November 2021, the application fees shall be:

(a) £3,500 for (zzh)(1) or zzh(2);

(b) £14,000 for (zzh)(3).

(3) If an applicant which already has any of the permissions referred to in (zzh) applies to vary its permission, the application fees shall be:

(a) £500 for (zzh)(1);

(b) £1,250 for (zzh)(2); and

(c) £5,000 for (zzh)(3).

On or before 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 or the Prospectus Regulation60, 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