Statutory Instruments
2024 No. 1344
BANKS AND BANKING
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024
Made
16th December 2024
Laid before Parliament
17th December 2024
Coming into force
24th January 2025
The Treasury make these Regulations in exercise of the powers conferred by sections 206Z(2) and 259(1)(a) of the Banking Act 2009( 1 ).
Citation, commencement and extent
1. —(1) These Regulations may be cited as the Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024.
(2) These Regulations come into force on 24th January 2025.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Scale of fees
2. —(1) The Treasury approve the following scale of fees payable to the Bank of England by a recognised person who is recognised as having market significance( 2 ) only (“ R ”)—
(a) a fee for the supervision of R (“oversight fee”);
(b) an additional fee (“special projects fee”) if the Bank of England considers that events require further supervision of R.
(2) In any one year, the oversight fee for R must not exceed £400,000.
(3) In any one year, the special projects fee for R must not exceed £150,000.
(4) For any one year, the fees the Bank of England charges recognised persons who are recognised as having market significance only, taken together, must not exceed the total costs incurred by the Bank of England arising out of its supervision of such persons.
(5) In paragraphs (2) to (4), “ year ” means a calendar year.
Anna Turley
Vicky Foxcroft
Two of the Lords Commissioners of His Majesty’s Treasury
16th December 2024
2009 c. 1 . Section 206Z was inserted by paragraph 1 of Schedule 9 to the Financial Services and Markets Act 2023 (c. 29) .
A person may be specified as a recognised person for the purposes of Part 5A of the Banking Act 2009 by order of the Treasury made under section 206G(1) of the Act. Under section 206H(1) of that Act, a person so specified may be recognised as having market significance only or as also having systemic significance (“ market significance ” and “ systemic significance ” are defined in paragraphs (2) and (3) of section 206H respectively).