SCHEDULES

C17F1SCHEDULE 1ZAThe Financial Conduct Authority

Annotations:
Amendments (Textual)
F1

Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)
C17

Sch. 1ZA applied (with modifications) (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 1 paras. 2(2)(a), 5(1)(2) (with art. 3)

PART 3Penalties and fees

Fees

C4C2C1C3C5C10C8C9C11C14C15C12C13C16C1823

1

The FCA may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any other provision of this Act F6other than sections F10137SA, 333Q F8, 333R and 333T) enable it—

a

to meet expenses incurred in carrying out its functions F7, other than its excepted functions, or for any incidental purpose,

b

to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and

c

to maintain adequate reserves.

2

The “qualifying functions” of the FCA are—

a

its functions under or as a result of this Act or any of the F2other enactments mentioned in section 1A(6)(a) to (ca)F5but not its excepted functions, and

b

its functions under or as a result of a qualifying EU provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order.

F42ZA

The “excepted functions” of the FCA are—

a

its functions under sections 333E to 333Q, and

b

its functions under F9sections 333R and 333T so far as relating to the collection of payments. F11, and

c

its functions under section 137SA.

F32A

The functions referred to in sub-paragraph (1)(a) include functions of the FCA under the Competition Act 1998 or the Enterprise Act 2002 as a result of Part 16A of this Act; but this sub-paragraph is not to be regarded as limiting the effect of the definition of “functions” in paragraph 1.

3

In sub-paragraph (1)(b)—

  • “relevant borrowing” means any money borrowed by the FCA which has been used for the purpose of meeting expenses incurred in relation to its assumption of functions under this Act, and

  • “relevant commencement expenses” means expenses incurred by the FCA—

    1. a

      in preparation for the exercise of functions by the FCA under this Act, or

    2. b

      for the purpose of facilitating the exercise by the FCA of those functions or otherwise in connection with their exercise by it.

4

Neither section 1A(6)(d) nor the definition of “functions” in paragraph 1 applies for the purposes of sub-paragraph (2).

5

For the purposes of sub-paragraph (3) it is irrelevant when the borrowing of the money, the incurring of the expenses or the assumption of functions took place (and, in particular, it is irrelevant if any of those things were done at a time when the FCA was known as the Financial Services Authority).

C6C76

In the case of rules made under Part 6 of this Act, the rules may, in particular, require the payment of fees in respect of—

a

the continued inclusion of securities or persons in any list or register required to be kept by the FCA as a result of any provision made by or under that Part,

b

access to any list or register within paragraph (a), and

c

the continued admission of financial instruments to trading on a regulated market.

7

In fixing the amount of any fee which is to be payable to the FCA, no account is to be taken of any sums which the FCA receives, or expects to receive, by way of penalties imposed by it under this Act.

8

Any fee which is owed to the FCA under any provision made by or under this Act may be recovered as a debt due to the FCA.