Regulation 66 Use of registration fees

(1)

If the deposit management organisation charges the registration fee only to meet any or all of NRW costs, it must pay the registration fee that it receives to NRW.

(2)

If the deposit management organisation charges the registration fee to meet any or all of NRW costs and any or all of its own costs, the deposit management organisation—

(a)

must pay the amount of the registration fee that it receives as is necessary to meet the relevant NRW costs, and

(b)

if any amount remains, may use that amount to meet the costs of carrying out its own functions under or in connection with the Scheme.

(3)

If the deposit management organisation charges the registration fee only to meet any or all of its own costs, it must use the registration fees that it receives to meet those costs.