Related provisions for REC 6.8.2

REC 6.7.3R01/04/2013

Where an ROIE1 includes in its report made under section 295(1) of the Act (Notification: overseas investment exchanges and overseas clearing houses) a statement in compliance with section 295(2)(a) of the Act that an event has occurred in the period covered by that report which is likely to affect the FCA's1 assessment of whether it is satisfied as to the requirements set out in section 292(3) (Overseas investment exchanges and overseas clearing houses), it must include particulars

REC 6.7.5R01/04/2013

An ROIE1 must include in the first report submitted under section 295(1) of the Act after the recognition order in relation to that ROIE1 is made: 11(1) particulars of any events of the kind described in section 295(2) of the Act which occurred; (2) particulars of any change specified in REC 6.7.4 R (1) or disciplinary action specified in REC 6.7.4 R (2) which occurred; and(3) any annual report and accounts which covered a period ending; after the application for recognition

REC 6.7.7R01/04/2013

Where an ROIE1 proposes to change: (1) its address in the United Kingdom for the service of notices or other documents required or authorised to be served on it under the Act; or(2) the address of its head office;it must give notice to the FCA1 and inform it of the new address at least 14 days before the change is effected.1

REC 6.7.8R01/04/2013

Where an ROIE1 has notice that any licence, permission or authorisation which it requires to conduct any regulated activity in its home territory has been or is about to be:1(1) revoked; or(2) modified in any way which would materially restrict the ROIE1 in performing any regulated activity in its home territory or in the United Kingdom;1it must immediately notify the FCA1 of that fact and must give the FCA1 the information specified for the purposes of this rule in REC 6.7.9

REC 6.7.13G01/04/2013

ROIEs 1may apply to the FCA1 for a waiver of any of the notification rules. The procedure is the same as that for applications from UK recognised bodies. Guidance on the procedure is given in REC 3.3.1

REC 6.6.1G01/04/2013

An ROIE1 is required to notify the FCA1 of certain events and give information to it on a regular basis and when certain specified events occur. Section 295 of the Act (Notification: overseas investment exchanges and overseas clearing houses) requires each ROIE1 to provide the FCA1 with a report (at least once a year) which contains:111(1) a statement as to whether any events have occurred which are likely to affect the FCA's assessment of whether it is satisfied that the ROIE

REC 6.6.2G01/04/2013

The following events are examples of events likely to affect an assessment of whether an ROIE1 is continuing to satisfy the recognition requirements11(1) significant changes to any relevant law or regulation in its home territory, including laws or regulations:(a) governing exchanges or, if relevant to an ROIE's satisfaction of the recognition requirements,1clearing houses;(b) designed to prevent insider dealing, market manipulation or other forms of market abuse or misconduct;(c)

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

FEES 3.2.7R31/07/2024

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 permission 66, 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 1 41 79 1 34 34 34 34 34 34 34 41	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	27 27
(da) Persons making an application or notification in relation to applications set out in FEES 3 Annex 2R: 66(i) an application for an order declaring a scheme to be recognised under section 271A or section 272 of the Act 72; 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. 58 36 66 66	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 permission 70. 27 27 27	Pricing category applicable to the application set out in FEES 3 Annex 14R66 27 27	As specified in FEES 3 Annex 14R66 28
28(ea) [deleted]66 56 56
(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 regulations 62 56 17 77 17 17	FEES 3 Annex 3, part 1	On or before the date the application is made26
(ga) [deleted]52 26 35 35 35
(h) Any applicant for recognition as an ROIE 77 under section 287 or section 292 of the Act 77 77	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) [deleted]66
(o) [deleted]65 1 1 2 2 29 5 29 77 29 29 5 56 77 29 29 29 5 5 5 77 29 29 5 77 29 29 29 77 29 29 5	[deleted]65 5 2 5 5 5 1 2 5 1 5 5 5 5 1 5 77 5 77 5 5 2 56	[deleted]65 2 77 29 29 77 29 29 77 2 29
(oa) [deleted]65 29 37 37 37 37 58 56 37 37 37 37 58 37 37	[deleted]65 37	[deleted]65 37 37 37 37
(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 30 79 44 41 30 79 79 1 1 1 77 77 37 77 37 79 79 37 1 1 37 37 30 30 23 37 37 37 37 30 37 37 37 30 37 11 11 37 37 30 37 30 79 41 11 77 1 44 44 44	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 78 13 78 7 7 22 22 7	38	38 3 3 3
2(r) [deleted]46	6 6	5 6 6
(s) [deleted]66 5	76 76 37 59 37 59 76 76 37 76 37	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
(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	50 50 47 50 50 47 50 47 47 47 47 47 50 50
(zc) [deleted]66 47	47 47 47 47 47 47
(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	9 16 77
(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 16 14
(zj) [deleted]66 16	50 50
(zk) [deleted]66 16
(zl) [deleted]66 15		18
(zm) [deleted]66 18	41 41
(zn) [deleted]66 18	41 41	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 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.
77(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
(zs) [deleted]66 30 31	31 30 31 31
(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 45 63 63 49 63
(zx) [deleted]66 46	63
(zy) [deleted]66 46 49 56	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: Primary market fees73 38
(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 Regulation 60, 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

REC 6.8.1G01/04/2013

The FCA1 has similar powers to supervise ROIEs1 to those it has to supervise UK RIEs1. It may (in addition to any other powers it might exercise):111(1) give directions to an ROIE1 under section 296 of the Act (Authority's power to give directions) if it has failed, or is likely to fail, to satisfy the recognition requirements or if it has failed to comply with any other obligation imposed by or under the Act; or1(2) revoke a recognition order under section 297 of the Act (Revoking

REC 6.2.1G01/04/2013

(1) Overseas investment exchanges which are considering whether to seek authorisation or recognition should first consider whether they will be carrying on regulated activities in the United Kingdom. Overseas investment exchanges which do not carry on regulated activities in the United Kingdom need take no action.33(2) Prospective applicants should discuss authorisation and recognition with the FCA3 before deciding whether to seek authorisation or recognition.3

REC 6.2.4G01/04/2013

There is no standard application form for application for recognition as an ROIE2. An application should be made in accordance with any direction the FCA3 may make under section 287 (Application by an investment exchange) of the Act and should include:333(1) the information, evidence and explanatory material necessary to demonstrate to the FCA3 that the recognition requirements (set out in REC 6.3) will be met;(2) the application fee (see REC 7);(3) the address of the applicant's

REC 3.3.1G01/04/2013

Under section 294 of the Act (Modification or waiver of rules), the FCA1 may, on the application or with the consent of a recognised body (including an ROIE),1 direct that any notification rule is not to apply to the body or is to apply with such modifications as may be specified in the waiver.11

REC 6.1.1G09/03/2019

The Act prohibits any person from carrying on, or purporting to carry on, regulated activities in the United Kingdom unless that person is an authorised person or an exempt person. If an overseas investment exchange wishes to undertake regulated activities in the United Kingdom, it will need to:2(1) obtain a Part 4A permission2 from the FCA2; or422(2) [deleted]4(3) [deleted]4113331(4) obtain exempt person status by being declared by the FCA2 to be an ROIE.222

FEES 4.2.11R29/07/2024

Table of periodic fees payable to the FCA 64

64

1 Fee payer	2 Fee payable	3 Due date	4 Events occurring during the period leading to modified periodic fee
Any firm (except an ICVC 49) 25	As54 specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R64 54 37 37 37	(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.7 54 7 7 7 7 63 63 41 41 41	Firm receives permission, or becomes authorised or registered under the Payment Services Regulations, article 8 of the MCD Order 32, the DRS Regulations 41 or the Electronic Money Regulations 12;9 or firm 9extends permission or its payment service activities9 16 66 9
Persons who hold a certificate issued by the FCA 63 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) 63	£1,15151 46 31 40 31	(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,63 30 days after the occurrence of that event.51 23 63	Certificate issued to person by the51 FCA 63 under article 4054 of the Regulated Activities Order 46 63
Any manager of an AUT 23; 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 scheme 24
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
Any ACD of an ICVC; and	In relation to each ICVC,25 the amount specified in part 1 of25FEES 4 Annex 4
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 scheme 25
		The relevant scheme becomes a recognised scheme 25	Not applicable
UK AIFM 49 of an LTIF 49 33	In relation to each LTIF 49 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 LTIF 49 is authorised by the FCA under the LTIF Regulation 49 33
Designated professional body	FEES 4 Annex 5	On or before the relevant dates specified in FEES 4.3.6 R23 23	Not applicable
UK recognised body	FEES 4 Annex 6, part 1for a UK RIE; and55 FEES 4 Annex 6R, part 1A for a UK RIE that is also a RAP 55 64 13 49	(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 year 63, 30 days after the occurrence of that event 23 63	Recognition order is made. The modified11 65 periodic fee is specified in FEES 4 Annex 6 R, Part 1.49 11 65 11 65 11 65 13 11 65 11 65
ROIE 64 64	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 year 63, 30 days after the occurrence of that event. 23 63	Recognition order is made. The modified11 65 periodic fee is specified in FEES 4 Annex 6, Part 2.11 65 11 65 11 65 11 65 11 65
A listed issuer 35 (in UKLR 59) of shares and certificates representing certain securities 35. 3 3	FEES 4 Annex 14R35	Within 30 days of the date of the invoice	Listed issuer 3 (in UKLR 59) becomes subject to listing rules 3
A sponsor 35	FEES 4 Annex 14R35 31 10 12 23 23 31 12 10 2 31	Within 30 days of the date of the invoice	35Approval of a35 sponsor 35 14 14 14
All non-listed issuers (in DTR) of shares and certificates representing certain securities 35. 6 6	FEES 4 Annex 14R35 29	Within 30 days of the date of the invoice	Non-listed issuer (in DTR) becomes subject to disclosure requirements 36 and transparency rules 6 29
29Any primary information provider	FEES 4 Annex 14R35	Within 30 days of the date of the invoice	A person is approved as a primary information provider
6All firms reporting transactions in securities derivatives 10to the FCA 63 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10 63 10	FEES 4 Annex 9 R	Within 30 days of the date of the invoice	Not applicable
15Any issuer of a regulated covered bond.	FEES 4 Annex 11R	(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 year 63, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R 63	A person becomes registered as an issuer of a regulated covered bond
26(i) A non-UK AIFM 49 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 AIFM 49 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 FCA receives a notification to market in the UK
26A small registered UK AIFM	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
45A third country legal representative	The tariff specified in FEES 4 Annex 15R	Payable in accordance with FEES 4.3.6R	Not applicable
45A benchmark endorser	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
53 Proxy advisor	58FEES 4 Annex 11R	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

REC 4.7.5G01/04/2013

In addition to the relevant 1factors set out in REC 4.7.4 G, the FCA3 will usually consider that it would not be able to secure an ROIE's3 compliance with the recognition requirements or other obligations in or under the Act by means of a direction under section 296 of the Act, if it appears to the FCA3 that the ROIE3 is prevented by any change in the legal framework or supervisory arrangements to which it is subject in its home territory from complying with the recognition requirements

REC 1.1.2G30/04/2021

(1) UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).4(2) UK RIEs4 must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MiFID/MiFIR requirements7.26RAPs must satisfy the recognition requirements prescribed by the Treasury in the RAP regulations, under the

REC 1.1.3G30/04/2021

(1) The recognition requirements for UK recognised bodies5are set out, with guidance, in REC 2.6 The RAP recognition requirements (other than requirements under the UK auctioning regulations which are not reproduced in REC) are set out, with guidance, in REC 2A.723(1A) Key relevant MiFID/MiFIR requirements directly applicable to UK recognised bodies are signposted as “Notes”.5(2) The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those

REC 6.3.1G01/04/2013

Before making a recognition order, the FCA3 will need to be satisfied that the recognition requirements in section 292(3) of the Act (Overseas investment exchanges) have been met. These requirements are the only recognition requirements applicable to ROIEs3. 333

REC 6.3.2UK03/01/2018

Sections 292(3) and 292(4) state:

2Section 292(3)
The requirements are that-
(a)	investors are afforded protection equivalent to that which they would be afforded if the body concerned were required to comply with -4 3
	4(i) recognition requirements, other than any such requirements which are expressed in regulations under section 286 not to apply for the purposes of this paragraph; and
	4(ii) requirements contained in any directly applicable Community regulation made under the markets in financial instruments directive or markets in financial instruments regulation;
(b)	there are adequate procedures for dealing with a person who is unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the [ROIE] 3
(c)	the applicant is able and willing to co-operate with the[FCA]3by the sharing of information and in other ways; and 3
(d)	adequate arrangements exist for co-operation between the[FCA]3and those responsible for the supervision of the applicant in the country or territory in which the applicant's head office is situated. 3
Section 292(4)
In considering whether it is satisfied as to the requirements mentioned in subsections (3)(a) and (b), the[FCA]3is to have regard to- 3
(a)	the relevant law and practice of the country or territory in which the applicant's head office is situated;
(b)	the rules and practices of the applicant.

REC 2.16A.1UK01/12/2021

Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3

1(1)	[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must also operate a regulated market3.
(2)	An exchange5 operating a multilateral trading facility or an organised trading facility3 must comply with those requirements of-
	(a)	any provisions of the law of the United Kingdom relied on by the United Kingdom before IP completion day to implement Chapter 1 of Title II of the markets in financial instruments directive—5 3
		(i)		as they have effect on 1 December 20216, in the case of rules made by the FCA under the Act; and5
		(ii)		as amended from time to time, in all other cases;5
	(b)	any EU regulation originally made under Chapter 1 of the markets in financial instruments directive which is retained direct EU legislation, or any subordinate legislation (within the meaning of the Interpretation Act 1978) made under those provisions on or after IP completion day;5 3
	which are applicable to a market operator3 5operating such a facility.
(3)	The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses).
(4)3	A [UK RIE] operating a multilateral trading facility or organised trading facility must provide the FCA with a detailed description of -
	(a)	the functioning of the multilateral trading facility or organised trading facility;
	(b)	any links to another trading venue owned by the same [UK RIE] or to a systematic internaliser owned by the same exchange; and
	(c)	a list of the facility’s members, participants and users.
[Note:MiFID ITS 19 prescribes the content and format of the description of the functioning of a MTF or OTF to be provided to the FCA]3
(5)3	Any multilateral trading facility or an organised trading facility operated by the [UK RIE] must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation.
Paragraph 9B – Specific requirements for multilateral trading facilities: execution of orders3
(1)3	A [UK RIE] must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it.
(2)3	A [UK RIE] must not on a multilateral trading facility operated by it -
	(a)	execute any client orders against its proprietary capital; or
	(b)	engage in matched principal trading.
Paragraph 9C – Specific requirements for multilateral trading facilities: access to a facility3
The rules of the [UK RIE] about access to, or membership of, a multilateral trading facility regulated market operated by it must permit the [UK RIE] to give access to or admit to membership to (as the case may be) only -3
	(a)	an investment firm which has permission under Part 4A of the Act to carry on a regulated activity which is an investment service or activity5;
	(b)	a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits.5
	(c)	a person who –
		(i)	is of sufficient good repute;
		(ii)	has a sufficient level of trading ability, and competence and experience;
		(iii)	where applicable, has adequate organisational arrangements; and
		(iv)	has sufficient resources for the role it is to perform, taking account of the financial arrangements the [UK RIE] has established in order to guarantee the adequate settlement transactions.
Paragraph 9D – Specific requirements for multilateral trading facilities: disclosure3
(1)3	The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.
(2)3	The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.
(3)3	In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.
Paragraph 9E – SME growth markets3
(1)3	A [UK RIE] operating an SME growth market5 (an “exchange-operated SME growth market”) must comply with rules made by the FCA for the purposes of this paragraph as they have effect on IP completion day5.
	[Note:REC 2.16A.1D]4
(2)3	An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected.
(3)3	Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with -
	(a)	any obligation relating to corporate governance, or
	(b)	the disclosure obligations.
(4)3	In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.
Paragraph 9F – Specific requirements for organised trading facilities: execution of orders3
(1)3	[A UK RIE] operating an organised trading facility must -
	(a)	execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4);
	(b)	not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the [UK RIE] unless in accordance with sub-paragraph (2);
	(c)	not operate a systematic internaliser within the same legal entity;
	(d)	ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and
	(e)	ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact.
(2)3	A [UK RIE] may only engage in -
	(a)	matched principal trading on an organised trading facility operated by it in respect of-
		(i)	bonds,
		(ii)	structured finance products,
		(iii)	emission allowances,
		(iv)	derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation,
		where the client has consented to that; or
	(b)	dealing on own account on an organised trading facility operated by it, otherwise than in accordance with sub-paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market.
(3)3	If the [UK RIE] engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading5.
(4)3	The discretion which the [UK RIE] must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both.
(5)3	The first discretion is whether to place or retract an order on the organised trading facility.
(6)3	The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the [UK RIE’s] obligations under—5
	(a)			section 11.2A of the Conduct of Business sourcebook;5
	(b)			Articles 64 to 66 of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive;5
	(c)			[deleted]6 5
	(d)			[deleted]6 5
(7)3	Where the organised trading facility crosses client orders the [UK RIE] may decide if, when and how much of two or more orders it wants to match within the system.
(8)3	Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the [UK RIE] may facilitate negotiation between clients so as to bring together two or more comparable potentially trading interests in a transaction.
(9)3	The [UK RIE] must comply with rules made by the FCA as they have effect on 1 December 20216 as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility. 5
(10)3	Nothing in this paragraph prevents a [UK RIE] from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the [UK RIE]provided the investment firm does not have close links with the [UK RIE].
(11)3	In this paragraph - “close links” has the meaning given in Article 2(1)(21) of the markets in financial instruments regulation;5 “investment firm” has the meaning given in Article 2(1A) of the markets in financial instruments regulation;5 “non-equities” means bonds, structured finance products, emissions allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies.
Paragraph 9G – Specific requirements for organised trading facilities: disclosure3
(1)3	The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations.
(2)3	The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of the organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded.
(3)3	In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB.
Paragraph 9H – Specific requirements for organised trading facilities: FCA request for information3
(1)3	A [UK RIE] must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of -
	(a)	why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser;
	(b)	how discretion will exercised in executing client orders, and in particular when an order to the organized trading facility may be retracted and when and how two or more client orders will be matched within the facility; and
	(c)	its use of matched principal trading.
(2)3	Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate.

Related provisions for REC 6.8.2

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

Sections 292(3) and 292(4) state:

Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3