On 20 September 2022, the Bank of England (BoE) published its Consultation Paper on the 2022/23 fees regime for financial market infrastructure (FMI) supervision.
The Consultation Paper is relevant to all FMIs that currently pay FMI supervisory fees to the BoE or are expecting to do so within the 2022/23 fee year, except for non-UK central counterparties and non-UK central securities depositories, the fees for which are subject to separate consultations.
In the Consultation Paper the BoE sets out proposals concerning:
- The fee rates to meet the BoE’s 2022/23 funding requirement for its FMI supervisory activity and the policy activity that supports this, as permitted by the BoE’s fee-levying powers.
- A proposed reduction of fees on a case-by-case basis for payment systems based overseas in respect of which the BoE has deference-based co-operation arrangements with the relevant home authority.
- The BoE’s application of special project fees for the 2022/23 fee year.
The deadline for responding to the Consultation Paper is 3 November 2022.