The FSA has 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. The main policy proposals in CP07/19 are the introduction of: A special project fee to partially recover the FSA’s 2008/09 project development costs related to Solvency II internal model approval. Application fees for Part VII transfers.
In CP07/19, the FSA also:
- Clarifies its fees policy for firms that acquire businesses from other firms.
- Sets out consequential amendments to the Modified Eligible Liabilities (MEL) definitions for banks and explains a further technical amendment.
- Sets out the effects of introducing the customer function (CF30) and its intended approach to collecting Approved Persons fee tariff data for 2008/09.
In CP07/19, the FSA also seeks in principle views on:
- Levying an administrative charge to firms that persistently submit inadequately completed Retail Mediation Activities Returns (RMARs)
- Targeting recovery of additional development costs for the FSA’s MiFID transaction reporting system.
CP07/19 is only proposing policy changes relating to the FSA’s fees regime for 2008/09. The FSA will issue a separate Consultation Paper covering rates for 2008/09 in January (or early February) 2008. 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