The Financial Services Act 1986 (Overseas Investment Exchanges and Overseas Clearing Houses) (Periodical Fees) Regulations 1999

Made8th June 1999

Laid before Parliament8th June 1999

Coming into force1st July 1999

The Treasury, in exercise of the powers conferred by sections 113 and 207 of the Financial Services Act 19861, and now vested in them2, hereby make the following Regulations–

Citation and commencement1

These Regulations may be cited as the Financial Services Act 1986 (Overseas Investment Exchanges and Overseas Clearing Houses) (Periodical Fees) Regulations 1999 and shall come into force on 1st July 1999.

Prescription of periodical fees2

1

An overseas investment exchange or an overseas clearing house shall pay to the Treasury a periodical fee of £9,000.

2

Such a fee shall be payable by an overseas investment exchange or an overseas clearing house–

a

on the date on which it becomes an overseas investment exchange or an overseas clearing house, and

b

on each anniversary of the date on which it became an overseas investment exchange or an overseas clearing house.

Revocation3

The Financial Services Act 1986 (Overseas Investment Exchanges and Overseas Clearing Houses) (Periodical Fees) Regulations 19933 are revoked.

Jane KennedyClive BettsTwo of the Lords Commissioners of Her Majesty’s Treasury8th June 1999

(This note is not part of the Regulations)

These Regulations prescribe that overseas investment exchanges and overseas clearing houses recognised under the Financial Services Act 1986 must pay periodical fees of £9,000. The first such fee is payable on the date the exchange or clearing house is recognised. Subsequent fees are payable on the anniversary of that date.

The Regulations increase the periodical fees for overseas investment exchanges and overseas clearing houses from £8,000 to £9,000.

The Regulations provide for the revocation of the Financial Services Act 1986 (Overseas Investment Exchanges and Overseas Clearing Houses) (Periodical Fees) Regulations 1993.