On 15 April 2019, the Bank of England (BoE) published a Policy Statement on the fees regime for non-UK central counterparty (CCP) recognition. The Policy Statement follows the BoE’s consultation last October (our blog is here). The European Securities and Markets Authority’s functions relating to the recognition of third country CCPs under the European Markets Infrastructure Regulation will transfer to the BoE when the UK leaves the EU.

The BoE confirms that the fee consulted on (£35,000) is unchanged and will be the applicable recognition fee in the 2019/20 fee year, as it is for applications received during the 2018/19 fee year. The fee is payable once the non-UK CCP has been recognised by the BoE. The fee regime is now in force.