Section 410A: Fees to meet certain expenses of the Treasury, Financial Services and Markets Act 2000

The Treasury may by regulations—

enable the Treasury from time to time by direction to require the FCA, the PRA or the Bank of England (each a "regulator") to require the payment of fees by relevant persons, or such class of relevant person as may be specified in, or determined by the regulator in accordance with, the direction, for the purpose of meeting relevant expenses incurred by the Treasury;

make provision about how the regulator to which a direction is given is to comply with the direction;

require the regulator to pay to the Treasury, by such time or times as may be specified in the direction, the amount of any fees received by the regulator.

"Relevant expenses" are expenses (including any expenses of a capital nature) which are attributable to United Kingdom membership of, or Treasury participation in, a prescribed international organisation so far as those expenses—

represent a contribution (by way of subscription or otherwise) to the resources of the international organisation, and

are in the opinion of the Treasury attributable to functions of the organisation which relate to financial stability or financial services.

The regulations must provide for the charging of fees in pursuance of a direction given under the regulations to the FCA or the PRA to be by rules made by that regulator.

The provisions of Chapter 2 of Part 9A apply to rules of the FCA or the PRA providing for the charging of fees in pursuance of a direction given under the regulations—

in the case of the FCA, as they apply to rules relating to the payment of fees under paragraph 23 of Schedule 1ZA;

in the case of the PRA, as they apply to rules relating to the payment of fees under paragraph 31 of Schedule 1ZB.

Paragraph 36(1) of Schedule 17A applies to the charging of fees by the Bank of England in pursuance of a direction given to the Bank under the regulations.

The regulations may in particular—

make provision about what is, or is not, to be regarded as an expense;

specify requirements that the Treasury must comply with before giving a direction;

enable a direction to be varied or revoked by a subsequent direction;

confer functions on a regulator.

An amount payable to a regulator as a result of—

any provision of rules made by the FCA or the PRA as a result of the regulations, or

the imposition of fees by the Bank of England as a result of a direction given under the regulations to the Bank,

may be recovered as a debt due to the regulator.

"Relevant persons" means—

in the case of a direction given to the PRA, PRA-authorised persons;

in the case of a direction given to the FCA, authorised persons and recognised investment exchanges who (in either case) are not PRA-authorised persons;

in the case of a direction given to the Bank of England, recognised clearing houses and recognised CSDs, other than those falling within paragraph (a) or (b).

This section is subject to section 410B.

Section 410A: Fees to meet certain expenses of the Treasury

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