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The proposed fees for 2019/20 are expected to total £8.5 million. This is an increase of 4% on the 2018/19 budget, which will be allocated differently across the FMI fee-blocks. The increase in fees in 2019/20 is primary caused by an increased focus on supervisory work relating to operational resilience over the course of the fee year.
The consultation paper also sets out the intended allocation of shortfalls and rebates from the 2018/19 fee year. The Bank expects a shortfall within the central counterparty and payment system fee-block and a rebate for the central securities depository fee-block.
Finally, the consultation includes a proposal to introduce a fee for the recognition of non-UK CSDs and a change to the current fee regime for certain applications.
The consultation paper 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.
The consultation closes on 10 June 2019.