Policy Statement: PS19/10
28/03/2019
28/03/2019
PS19/10: Recovering the costs of regulating credit rating agencies, trade repositories and securitisation repositories after the UK leaves the European Union
This policy statement (PS) provides feedback on the responses we received to consultation and sets out the fees structure we will put in place for credit rating agencies (CRAs), trade repositories (TRs) and securitisation repositories (SRs) when responsibility for their regulation passes to us from ESMA (European Securities and Markets Authority) after the UK leaves the EU (European Union). SRs are established under the Securitisation Regulation which came into force on 1 January 2019 and none have yet been formed.
We consulted on our proposals for CRAs and TRs in chapter 2 of CP18/34: Regulatory fees and levies: policy proposals for 2019/20, published in November 2018, and for SRs in CP19/1: Recovering the costs of regulating securitisation repositories after the UK leaves the European Union, published in January 2019.
To maintain continuity and minimise disruption for firms, which may also continue to operate in the EU and be regulated by ESMA after exit day, we have minimised divergence from ESMA’s fees structure. Where we do diverge, we explained the reasons in our CPs.
The rules will come into effect on the day the UK leaves the EU. They cover:
- application fees
- periodic fees
- fees for third country CRAs and TRs
Who this applies to
This PS applies to CRAs and TRs and any firms which are considering setting up CRAs, TRs or SRs in the UK.