On 8 November 2007 the FSA published Consultation Paper 07/19: Regulatory fees and levies: Policy proposals for 2008/09 (CP07/19). CP07/19 is the first stage of the FSA’s annual consultation on regulatory fees and levies.
As part of the proposals put forward in CP07/19 the FSA is seeking in principle views on targeting recovery of additional development costs for the FSA’s MiFID transaction reporting system. The FSA states that recent changes to arrangements for reporting of derivative transactions by firms have significantly reduced industry costs but require the FSA to make substantial system changes which it currently estimates as between £5mn to £10mn. The FSA is planning to recover these costs from the specific firms who have benefited from the lower costs of meeting their MiFID reporting obligations. In the January (or early February) 2008 fee and levies rates Consultation Paper the FSA plans to consult on this recovery method.
Comments on CP07/19 are invited by 8 January 2008.
View CP07/19: Regulatory fees and levies: Policy proposals for 2008/09, 8 November 2007