This Bank of England (Bank) Policy Statement (PS) provides feedback to responses to the Consultation Paper (CP) ‘Fees regime for financial market infrastructure supervision 2019/20 and other related policy changes’. The PS covers:
- the final fee rates to meet the Bank’s 2019/20 funding requirement for its financial market infrastructure (FMI) supervisory activity and the policy activity that supports this, as permitted by the Bank’s fee‑levying powers;
- how the Bank will apportion the surplus and shortfalls from the 2018/19 FMI fee year;
- the fee for non‑UK central securities depository (CSD) recognition; and
- the confirmation of a change to the fee regime for certain central counterparty (CCP) and CSD authorisation applications. This section should be read in conjunction with the ‘Fees regime for the supervision of financial market infrastructure (FMI) Policy Statement June 2018’.
The PS is relevant to all firms currently paying FMI fees or expecting to do so within the 2019/20 fee year. It is also relevant to non-UK CSDs who may apply for recognition in due course.
Summary of responses
The Bank received three responses to the CP which has not resulted in any changes being made to the proposals. Details on the responses received can be found in Chapter 2 of this PS.
The Bank expects to issue invoices in August 2019 for the 2019/20 fee year. Invoices will include any rebate or shortfall from the 2018/19 fee year.