The Bank of England (BoE) has published Consultation Paper: Levying fees for financial market infrastructure (FMI) supervision. The purpose of the consultation paper is to seek views on the BoEs proposal to introduce a new funding structure for a supervision of FMI. The consultation paper puts forward an over-arching fee-levying model, explains the drivers for this proposal, notes the powers that the BoE intends to utilise and highlights key aspects regarding the implementation of the approach.
The consultation paper also includes proposals to levy a fee on any FMIs who may make certain applications to the BoE, such as for authorisation under the European Market Infrastructure Regulation in accordance with the Financial Services and Markets Act 2000 or to become a designated system under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999. The BoE will take account of feedback on the consultation paper and if it decides to implement a fee levy for FMI supervision, there will be a further consultation in due course on the detail of any fee-levying arrangements with a view to any new arrangements commencing in 2018.
The deadline for comments on the consultation paper is 6 October 2017.
View BoE consults on levying fees for FMI supervision, 4 august 2017