FINANCIAL SERVICES (FEES) ORDER 2018

Transcription

1 Finanial Servies (Fees) Order 2018 Artile 1 Statutory Doument No. 2018/0060 Finanial Servies At 2008 FINANCIAL SERVICES (FEES) ORDER 2018 Approved by Tynwald: 20 Marh 2018 Coming into Operation: 1 April 2018 The Isle of Man Finanial Servies Authority makes the following Order under setion 46 of the Finanial Servies At 2008 after arrying out the onsultations required by setion 44(5) of that At. 1 Title This Order is the Finanial Servies (Fees) Order Commenement If approved by Tynwald, this Order omes into operation on 1 April Interpretation (1) In this Order the At means the Finanial Servies At 2008; annual regulatory return has the same meaning as in Appendix 1 of the Shedule to the Finanial Servies Rule Book 2016; annual review date means 1 August eah year; authorised sheme has the same meaning as in setion 26(1) of the Colletive Investment Shemes At 2008; branh means an offie or establishment of a deposit taking institution; deposit taking institution means an institution arrying on an ativity whih falls, or if arried on in the Island would fall, within Class 1(1) or Class 1(2); deposit taking subsidiary means a deposit taking institution whih is a subsidiary of another deposit taking institution; exempt sheme has the same meaning as in setion 26(1) of the Colletive Investment Shemes At 2008; SD No.2018/0060 Page 1

2 Artile 4 Finanial Servies (Fees) Order 2018 exempt-type sheme means a sheme whih does not, but would be an exempt sheme if it did, omply with paragraph 1(2) of Shedule 3 to the Colletive Investment Shemes At 2008; experiened investor fund has the same meaning as in regulation 3(1) of the Colletive Investment Shemes (Experiened Investor Fund) Regulations 2010; full international sheme has the same meaning as in Shedule 2 to the Colletive Investment Shemes At 2008; lead regulator, in relation to a deposit taking institution, means the regulatory authority whih, in aordane with the priniples of the Basel Committee on Banking Supervision, is responsible for the prudential or onsolidated regulation of the institution; nominee exemption means an exemption ontained in paragraph 4.4, 4.5 or 5.1 of Shedule 1 to the Finanial Servies (Exemptions) Regulations 2011; professional investor fund has the same meaning as in artile 2(1) of the Finanial Supervision (Professional Investor Fund) (Exemption) Order 1999; sheme has the same meaning as in the Colletive Investment Shemes At (2) Referenes in this Order to (a) (b) a lass of regulated ativities are to regulated ativities of a lass speified in Shedule 1 to the Regulated Ativities Order 2011; a numbered lass, or to a numbered paragraph of suh a lass ( sublass ), are to the lass of regulated ativities so numbered in Shedule 1 to that Order, or to the paragraph so numbered of that lass, as the ase may be. 4 Appliation fees and annual fees (1) Subjet to paragraphs (2) to (8) and to artiles 5 to 10, in relation to a liene to arry on regulated ativities of a desription speified in olumn 2 of Table 1 in the Shedule ( Table 1 ), the following fees are payable (a) (b) () on initial appliation for the liene, the appliation fee speified in olumn 3 of Table 1; on appliation for an amended liene to arry on regulated ativities falling within any lass where the appliant does not already hold a liene to arry on ativities falling within that lass, the appliation fee speified in olumn 3 of Table 1; on appliation for an amended liene to arry on additional ativities falling within any lass where the appliant already Page 2 SD No.2018/0060

3 Finanial Servies (Fees) Order 2018 Artile 4 (d) holds a liene to arry on ertain ativities falling within that lass, an appliation fee of 527; and on every annual review date while the liene is in fore, an annual fee of the amount speified in, or alulated in aordane with, olumn 4 of Table 1. (2) Where Table 1 refers to Table 2 in the Shedule ( Table 2 ), Table 2 must also be referred to when alulating the appropriate fee. (3) For the purposes of paragraphs (1)(a) and (d), and (4) to (6), Classes 2 and 3 together shall be treated as one single lass, and Classes 4 and 5 together shall be treated as one single lass. (4) If (a) (b) different fees are speified in Table 1 in relation to regulated ativities of different desriptions within one single lass; and a liene to arry on regulated ativities of more than one suh desription is applied for or issued, as the ase may be, or regulated ativities of more than one suh desription are arried on at the annual review date, only the highest appliation fee and the highest annual fee, as the ase may be, is payable for that lass. (5) In the first year of liensing the proportion of the annual fee relating to the period from the date of issue of the liene until the next annual review date (alulated pro rata in aordane with artile 7) is due and payable on the issue of the liene. (6) In the first year (a) (b) in whih an additional lass or sublass of regulated ativity is added to an existing liene; or in the ase of a lieneholder liensed to arry on the regulated ativity of Class 1(1) or Class 1(2) and for whom the Authority is the lead regulator, in whih a new branh or deposit taking subsidiary outside the Isle of Man is established, the proportion of any inreased annual fee relating to the period from the date of issue of the amended liene, or establishment of the branh or subsidiary, as the ase may be, until the next annual review date (alulated pro rata in aordane with the formula in artile 7) is due and payable on the issue of the amended liene, or date of establishment. (7) Fees under this artile shall be payable (a) (b) in the ase of an appliation fee, by the appliant for the liene; in the ase of an annual fee, by the lieneholder. (8) Appliation fees and annual fees are not refundable. SD No.2018/0060 Page 3

4 Artile 5 Finanial Servies (Fees) Order Inidental Class 4 regulated ativities for lieneholders arrying on Class 3 regulated ativities Where a lieneholder is liensed to arry on Class 3 regulated ativities, and onduts Class 4 regulated ativities solely in respet of olletive investment shemes and subsidiaries and assoiated entities of suh shemes, inluding the establishment and winding up of suh entities, the annual fees in rows 23 and 24 of Table 1 are substituted with a fee of 527. No appliation fee will be payable in suh irumstanes. 6 Exempt managers of experiened investor funds and professional investor funds The fees in row 19 of Table 1 are not payable for regulated ativities falling with paragraph (9) of Class 3 if those ativities are undertaken only in respet of exempt managers of experiened investor funds and professional investor funds within the meaning of paragraph 3.3 of Shedule 1 to the Finanial Servies (Exemptions) Regulations Class 4 and Class 5 fees The annual fee payable under rows 23 or 24 of Table 1 must be alulated in aordane with Table 2 by referene to the total number of ompanies, foundations, partnerships and trusts for whih the lieneholder (and any subsidiary ompanies of the lieneholder arrying on Class 4 or 5 ativity by virtue of a nominee exemption) arries on any Class 4 or 5 ativity. 8 Pro rata annual fees Where a liene is issued on a date other than the annual review date, the annual fee shall be alulated in aordane with the following formula (rounded up to the nearest 50) Where F F x N 12 is the annual fee whih would be payable apart from this artile; and N is the number of months between the date on whih either - the liene is issued and the next annual review date; or - in the irumstanes set out in artile 4(6)(b), the number of months between the date of the establishment of suh a branh or deposit taking subsidiary and the next annual review date, ounting a part of a month as a omplete month. Page 4 SD No.2018/0060

5 Finanial Servies (Fees) Order 2018 Artile 9 9 Fees for lieneholders in liquidation (1) Where a lieneholder is in solvent liquidation at the annual review date, the relevant annual fee is payable in aordane with Table 1. (2) Where a lieneholder is in insolvent liquidation at the annual review date, the annual fee is Fees for Class 1 lieneholders (1) Where a lieneholder is liensed to arry on Class 1(1) regulated ativity and applies to ondut Class 1(2) regulated ativity, no appliation fee is payable. (2) If the appliation in (1) is suessful, the unexpired balane of the annual fee paid by the lieneholder shall be applied towards the first annual fee payable in respet of the new liene. 11 Additional fees for management or administration of overseas shemes (1) Where a lieneholder whih is liensed to arry on regulated ativities within paragraphs (1) or (2) of Class 3 (manager or administrator) in relation to shemes established outside the Isle of Man but that are administered or managed in the Isle of Man ( overseas shemes ), apart from experiened investor funds and professional investor funds, there shall be added to the amount speified in olumn 4 of rows 12 and/or 13 of Table 1 the sum of 527 for eah overseas sheme when the liene is issued or on the annual review date, as the ase may be. (2) In relation to the annual fee, the number of overseas shemes will be taken as the number of overseas shemes that have been notified to the Authority as at 30 April before the annual review date, or in the liene appliation, as the ase may be. No additional fee will be olleted if the number of overseas shemes inreases between annual review dates. 12 Revoation The Finanial Servies (Fees) Order is revoked. 1 SD 2017/0035 SD No.2018/0060 Page 5

6 Artile 12 Finanial Servies (Fees) Order 2018 MADE 14 FEBRUARY 2018 K. BADGEROW Chief Exeutive of the Isle of Man Finanial Servies Authority L. BOYLE Member of the Isle of Man Finanial Servies Authority Page 6 SD No.2018/0060

7 Finanial Servies (Fees) Order 2018 SCHEDULE SCHEDULE [Artile 4] FEES TABLE 1 Column 1 Column 2 Column 3 Column 4 Desription of regulated ativity 1 Class 1(1) or Class 1(2) where the lieneholder has total deposits exluding Isle of Man inter-bank plaings of - up to but not inluding 1 billion - 1 billion to 5 billion - over 5 billion (taken from the deposit taking return for 31 Marh before the annual review date) Appliation fee 10,279 10,279 10,279 Annual fee 19,824 23,481 26,084 1A Class 1(1) or Class 1(2), where an Isle of Man inorporated Class 1(1) or Class 1(2) lieneholder, for whom the Authority is lead regulator, has a branh or deposit taking subsidiary outside the Island Nil 6,891 per branh and/or subsidiary 1B Class 1(3) Operating a representative offie of a foreign bank 3,130 2,614 2 Class 2 (1) to (7) (stokbroker) where the lieneholder deals as a prinipal on its own aount 3 Class 2 (2) to (7) (stokbroker) where the lieneholder does not deal as a prinipal on its own aount 2,407 20,660 2,407 11,901 4 Class 2 (2) and (5) (ustodian) 2,407 7,779 5 Class 2(3) only 2,036 2,087 6 Class 2 (3) and (7) (finanial adviser) - with no more than 2 advisers at 30 April before the annual review date - with 3 or more advisers at 30 April before the annual review date 2,036 2,036 1,622 2,087 7 Class 2 (3) and (5) 2,036 5,899 SD No.2018/0060 Page 7

8 SCHEDULE Finanial Servies (Fees) Order 2018 Column 1 Column 2 Column 3 Column 4 Desription of regulated ativity Appliation fee Annual fee 8 Class 2 (3) and (6) (investment adviser to retirement benefits sheme) and may inlude (7) (finanial adviser) 9 Class 2 (3) to (7) (disretionary portfolio manager) 2,036 5,899 2,036 5, Class 2 (3), (4), (5) and (7) 2,036 5, Class 2 in any other ase 2,036 7, Class 3 (1) or (2) (manager or administrator) in relation to authorised shemes together with any other sheme apart from exempt shemes or exempt-type shemes 13 Class 3 (1) or (2) (manager or administrator) in relation to shemes apart from authorised shemes, exempt shemes or exempt-type shemes 14 Class 3 (3), (4) and/or (5) (trustee, fiduiary ustodian or ustodian) exept in relation to authorised shemes or full international shemes Where the above lieneholder is also liensed to arry on Class 1(1) or Class 1(2) regulated ativity, the annual fee in this row is not payable 15 Class 3 (3), (4) and/or (5) (trustee, fiduiary ustodian or ustodian) in relation to authorised shemes or full international shemes together with any other type of sheme Where the above lieneholder is also liensed to arry on Class 1(1) or Class 1(2) regulated ativity, the Class 1(1) or Class 1(2) annual fee in row 1 is not payable although the annual fee in row 1A is payable 2,036 11,901 2,036 7,779 2,036 11,901 2,036 29, Class 3 (6) (asset manager) 2,036 7, Class 3 (7) (investment adviser) 2,036 5, Class 3 (8) (promoter) 2,036 1,881 Page 8 SD No.2018/0060

9 Finanial Servies (Fees) Order 2018 SCHEDULE Column 1 Column 2 Column 3 Column 4 Desription of regulated ativity Appliation fee Annual fee 19 Class 3 (9) (management and/or administration servies) 20 Class 3 (10) (administration servies to overseas manager and/or administrator) 21 Class 3 (11) and/or (12) (manager et. of exempt or exempt-type sheme) 2,036 12,469 2,036 5, Class 3 (13) Nil Nil 23 Class 4 and/or Class 5 (exept as mentioned in rows 24 to 26 below) 24 Class 5 (4) (trust orporation) together with any Class 4 or 5 ativities 2,149 See Table 2 2,511 See Table 2 25 Class 4 (6) professional offier where the lieneholder has - 1 to 15 diretorships - 16 to 25 diretorships - 26 or more diretorships as at - 30 April (to be notified to the Authority by 15 May); or - if suh notifiation is not reeived by that date, taken from the last annual regulatory return made to the Authority on or before 30 April before the annual review date 26 Class 5 (2) and/or (5) and/or (6) professional offier where the lieneholder has - 1 to 5 appointments - 6 to 10 appointments - 11 or more appointments as trustee, enforer or protetor as at - 30 April (to be notified to the Authority by 15 May); or - taken from the last annual regulatory return made to the Authority on or before 30 April before the annual review date 1,674 1,674 1,674 1,674 1,674 1, ,044 for 26 diretorships plus 31 for eah additional diretorship ,044 for 11 appointments plus 62 for eah additional appointment 27 Class 6 (rowdfunding platforms) 2,036 7,779 SD No.2018/0060 Page 9

10 SCHEDULE Finanial Servies (Fees) Order 2018 Column 1 Column 2 Column 3 Column 4 Desription of regulated ativity Appliation fee Annual fee 28 Class 7 (management or administration servies) 29 Class 8 (1), (2)(b) and/or (3) (bureau de hange, payment servies as agent and heque ashing servies) 527 Nil 1,044 1, Class 8 (2)(a) and/or (4) (payment servies as prinipal and e-money issuane) alulated by referene to the Isle of Man annual turnover related to that regulated ativity alulated as at the lieneholder s annual reporting date - Up to and inluding 1 million (or where the lieneholder has not reahed its first annual review date) - Over 1 million and up to and inluding 5 million - Over 5 million and up to and inluding 50 million - Over 50 million and up to and inluding 100 million - Over 100 million 2,304 2,304 2,304 2,304 2,304 1,044 6,322 8,616 10,909 12,634 Page 10 SD No.2018/0060

11 Finanial Servies (Fees) Order 2018 SCHEDULE TABLE 2 Total number of ompanies, foundations, partnerships and trusts for whih a lieneholder (and any subsidiary ompanies under a nominee exemption) arries on Class 4 or 5 ativities (taken from the last annual regulatory return made to the Authority on or before 30 April before the annual review date) Class 4 and/or 5 ativities inluding Class 5(4) (trust orporation) Class 4 and/or Class 5 ativities exluding Class 5(4) (trust orporation) Column 1 Column 2 Column 3 Column 4 Exeeding Not exeeding New Class 4 or 5 lieneholder that has not reahed its first annual review date 9,504 1, ,504 1, ,504 2, ,504 4, ,000 9,504 9,504 1,000 2,500 14,142 14,142 2,500 5,000 18,780 18,780 5,000 7,500 28,119 28,119 7,500 37,405 37,405 SD No.2018/0060 Page 11

12 Explanatory Note Finanial Servies (Fees) Order 2018 EXPLANATORY NOTE (This note is not part of the Order) This Order speifies the appliation fees and annual fees payable from 1 April 2018 in respet of the liensing of regulated ativities under the Finanial Servies At This Order provides for fees to be pro-rated, where appliable, if a liene is granted or hanged during a period. This Order revokes and replaes the Finanial Servies (Fees) Order 2017 and makes inflationary inreases to all fees, based on the Consumer Prie Index (CPI) inflation rate of 3.3% for the year to Otober 2017, with amounts being rounded up to the nearest 1. Page 12 SD No.2018/0060