Regulation 2 Scale of fees

(1)

The Treasury approve the following scale of fees payable to the Bank of England by a recognised person who is recognised as having market significance^f1 only (“R”)—

(a)

a fee for the supervision of R (“oversight fee”);

(b)

an additional fee (“special projects fee”) if the Bank of England considers that events require further supervision of R.

(2)

In any one year, the oversight fee for R must not exceed £400,000.

(3)

In any one year, the special projects fee for R must not exceed £150,000.

(4)

For any one year, the fees the Bank of England charges recognised persons who are recognised as having market significance only, taken together, must not exceed the total costs incurred by the Bank of England arising out of its supervision of such persons.

(5)

In paragraphs (2) to (4), “year” means a calendar year.

Annotations

Footnotes

f1: A person may be specified as a recognised person for the purposes of Part 5A of the Banking Act 2009 by order of the Treasury made under section 206G(1) of the Act. Under section 206H(1) of that Act, a person so specified may be recognised as having market significance only or as also having systemic significance (“market significance” and “systemic significance” are defined in paragraphs (2) and (3) of section 206H respectively).