S.I. No. 447/2004 - Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004


I, LIAM O'REILLY, Chief Executive of the Irish Financial Services Regulatory Authority, in exercise of the powers conferred on me by Sections 33J and 33K of the Central Bank Act 1942 (as inserted by the Central Bank and Financial Services Authority of Ireland Act 2003 ), with the agreement of the members of the Irish Financial Services Regulatory Authority, and with the approval of the Minister for Finance, hereby make the following regulations:

1. These Regulations may be cited as the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004.

2. In these Regulations—

“Authority” means the Irish Financial Services Regulatory Authority;

“Bank” means the Central Bank and Financial Services Authority of Ireland;

“Chief Executive” means the Chief Executive for the time being of the Authority;

“designated enactments” means the enactments specified in Part 1 of Schedule 2 of the Central Bank Act 1942 ;

“designated statutory instruments” means the statutory instruments specified in Part 2 of Schedule 2 of the Central Bank Act 1942 ;

“levy notice” means a notice sent by the Authority in accordance with Regulation 6;

“levy period” means the period prescribed in Regulation 5 and in the Schedule in respect of which regulated entities are obliged to pay the required levy contributions;

“regulated entities” means persons who are subject to regulation under the designated enactments and designated statutory instruments (including financial service providers whose business is subject to regulation by an authority that performs functions in an EEA country that are comparable to the functions performed by the Authority under a designated enactment or designated statutory instrument) and “regulated entity” shall be construed accordingly;

“Schedule” means the Schedule to these Regulations.

3. These Regulations may be amended by the Chief Executive, with the approval of the members of the Authority, from time to time. Any such amendment shall not take effect until approved by the Minister for Finance.

4. (a) Subject to paragraph (b), these Regulations supersede and replace all regulations, requirements or administrative practices in force whereby a regulated entity is obliged to make an annual or other payment, by way of fee or otherwise, to the Authority or any part of the Authority in respect of the exercise by the Authority of any of its functions under the designated enactments or designated statutory instruments.

Without prejudice to paragraph (d) below,

(i) the instruments contained in Part A of the Schedule are hereby revoked;

(ii) the fee payable by an applicant for a money-lender's licence under Section 93, subsection (3), of the Consumer Credit Act, 1995 (as amended) shall be nil;

(iii) the fee payable by an applicant for an authorisation as a mortgage intermediary under Section 116, subsection (4), of the Consumer Credit Act 1995 (as amended) shall be nil.

(b) Paragraph (a) shall not apply to:

(i) Sections 149 or 149A of the Consumer Credit Act 1995 (as amended); or

(ii) the European Communities (Deposit Guarantee Schemes) Regulations, 1995.

(c) Notwithstanding paragraph (a), the Chief Executive may prescribe additional fees pursuant to Section 33K of the Central Bank Act 1942 in respect of matters covered, or required, by the designated enactments or designated statutory instruments and any such fees so prescribed shall be separate from and not included in the contributions payable under these Regulations.

(d) Any monies paid to the Authority by a regulated entity pursuant to any of the instruments or provisions referred to in paragraph (a) after the 1st January 2004 shall stand as a credit towards the amount of required levy contribution payable by that regulated entity.

5. (a) Each regulated entity shall pay to the Authority

(i) an annual contribution (“required levy contribution”) the amount of which is specified in, or calculated in accordance with, the second column of that part of Part B of the Schedule opposite to the applicable category or categories for that regulated entity; and

(ii) if two or more regulated entities are assessed as a complex group pursuant to paragraph (b) of Regulation 6, the amount assessed for payment in accordance with that regulation.

(b) The required levy contribution shall be in respect of the levy period as specified in Part B of the Schedule, and shall be payable not later than the earlier of the date set out in a levy notice (not being less than 28 days from the date of the levy notice) and 16 weeks from the making of these Regulations (“due date”).

(c) The Chief Executive shall determine the appropriate category in the Schedule that shall apply to a regulated entity.

(d) Where in the reasonable opinion of the Chief Executive the obligation of a regulated entity to pay a required levy contribution would be likely to make that regulated entity insolvent, or, where the regulated entity is a sole trader, bankrupt, the Authority may waive the obligation of that regulated entity under these Regulations to pay a required levy contribution.

6. (a) The Authority may send to a regulated entity a notice in writing indicating the required levy contribution assessed by the Authority to be payable by that regulated entity for the levy period.

(b) The Authority may require that two or more regulated entities who form a group of entities shall also be assessed as a “complex group” for the purposes of these Regulations and may include such requirement in the levy notice sent to one or more of such regulated entities. In such a case the Authority may indicate in the levy notice the regulated entity who shall be liable to pay the required levy contribution on behalf of the complex group.

(c) The Authority may require a regulated entity in writing to make an assessment, on the basis of the information in the possession of the regulated entity, of the amount of the required levy contribution to be paid by that regulated entity for the levy period, and to make a return to the Authority of such assessment. The Chief Executive may indicate what information in respect of what periods any required assessment may be based upon. Where a regulated entity is required to make an assessment and return under this paragraph, the assessment and return must be made within such period, not less than 7 days, as the Chief Executive may require, or where a requirement was made before the coming into force of these Regulations, within 7 days from the making of these Regulations.

7. The required levy contributions shall be paid by direct bank transfer or equivalent instantaneous transfer of funds to the bank account specified by the Chief Executive, or in such other manner as the Chief Executive may indicate.

8. (a) A regulated entity who receives a levy notice under paragraph (a) of Regulation 6, may appeal to the Chief Executive, no later than 21 days following the date of a levy notice, to change the amount of the levy assessed for that regulated entity where it considers that the amount assessed is incorrect. Any such appeals must be in writing and shall set out the grounds of the appeal in detail and must be accompanied by the amount of required levy contribution that is not in dispute. Where relevant the appeal should include any supporting documentation or representations.

(b) The Chief Executive, after considering any such appeal, shall advise the appellant in writing of his decision and the reason therefor and, where appropriate, any amount of required levy contribution not already paid shall be payable by the regulated entity to the Authority within 10 days after the notification of the decision to the appellant.

9. Where an amount of required levy contribution becomes payable under these Regulations and is not paid by the due date, simple interest on the amount shall be paid by the regulated entity liable to pay the required levy contribution and such interest shall be calculated from the date on which the amount became payable at the rate for the time being fixed by the Minister for Enterprise, Trade and Employment under Section 10 of the Prompt Payment of Accounts Act 1997 for each day or part of a day during which the amount remains upaid.

10. Every sum payable by a regulated entity under these Regulations, including interest, for or on account of the Authority shall be recoverable by the Chief Executive from that person as a simple contract debt in a court of competent jurisdiction.

11. (a) Each regulated entity shall, and shall in accordance with a direction (if any) as may be given by the Chief Executive, keep full and true records of all transactions which affect their liability under these Regulations and any related returns made.

(b) A record kept by a person pursuant to paragraph (a) and, in the case of any such record that has been given by the person to another person, any copy thereof that is in the power or control of the first-mentioned person shall be retained by that person for a period of 6 years from the date of the last transaction to which the record relates:

Provided that this Regulation shall not apply to records of a company that have been disposed of in accordance with section 305 (1) of the Companies Act 1963 .

(c) No person shall, in purported compliance with a provision of these Regulations provide an answer or explanation, make a statement or produce or deliver any return, certificate, balance sheet or other document which is false in a material particular.

(d) A regulated entity that—

(i) fails to comply with any requirement under these Regulations to make an assessment;

(ii) fails to maintain records in accordance with these Regulations;

(iii) in breach of paragraph (c) of Regulation 11 provides any answer or explanation, or makes a statement or produces or delivers any return, certificate, balance sheet or other document that is false; or

(iv) otherwise fails to comply with a provision of these Regulations thereby failing to pay, or preventing the collection of, any or all of the required levy contribution or thereby preventing a full and proper assessment of their liability under these Regulations,

may be assessed by the Chief Executive under Category L in Part B of the Schedule, and the Chief Executive may send a levy notice to such a regulated entity indicating that basis of assessment.

(e) In the event of a regulated entity being assessed under paragraph (d) of this Regulation and Category L of Part B of the Schedule—

(i) any monies already paid by the regulated entity in purported compliance with any provision of these Regulations shall be credited to the regulated entity;

(ii) the due date in respect of the required levy contribution under Category L shall be determined in accordance with Regulation 5; and

(iii) the regulated entity may appeal to the Chief Executive under Regulation 8.

12. A notice authorised by these regulations to be served on a regulated entity by the Chief Executive may be served—

(a) if the person is an individual—

(i) by delivering it to that person, or

(ii) by sending it by post addressed to that person at the person's usual or last known place of residence or business, or

(iii) by leaving it for that person at that place,

(b) if the person is a body corporate or an unincorporated body of persons, by sending it to the body by post to, or addressing it to and leaving it at, in the case of a company, its registered office (within the meaning of the Companies Act, 1963 ) and, in any other case, its principal place of business,

(c) in all cases, by facsimile by transmitting it to that person's last known facsimile number evidenced by a valid sent receipt.

13. The Authority may exercise any of the powers and perform any of the functions and duties imposed on the Authority by these Regulations through or by any of its officers or employees of the Bank.

SCHEDULE

Part A

Instruments revoked:

Insurance (Fees) Order 1995 ( S.I. No. 128 of 1995 )

Insurance (Fees) (Amendment) Order 2000 ( S.I. No. 126 of 2000 )

Credit Union Act 1997 (Fees) Regulations 1998 ( S.I. No. 155 of 1998 )

(Regulation 4)

Part B

Category A

Credit Institutions

Type of regulated entity

Basis of calculation for required levy contributions

A1 — Credit Institutions authorised under Irish Legislation

Periodic Levy

The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.

Prudential Levy

All entities will be charged a minimum levy of €4,500. In addition to this amount all entities (with the relevant level of minimum regulatory capital) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

125,000,001 - 200,000,000

€682.28

B

200,000,001 - 750,000,000

€217.57

C

750,000,001 - 2,500,000,000

€118.63

D

2,500,000,001 - 6,000,000,000

€13.13

The range relates to the minimum regulatory capital of the reuglated entity as at 31 December 2003. This data is contained in the Monthly Prudential Return submitted to the CBFSAI, format RSI (Capital Adequacy Summary), row code TOFREQ, column code CRTOTI.

Certain groups are designated as complex groups and are required to pay an additional amount based on the minimum group regulatory capital as at 31 December 2003. This data is contained in the Quarterly Group Prudential Return submitted to the CBFSAI, format RSI (Capital Adequacy Summary), row code TOFREQ, column code CRTOTI.

The complex group charge will be calculated using the table above. This charge will be reduced by the amount of levy contribution which has been calculated using the minimum regulatory capital of the entity. Those entities which are designated as “Complex Groups” will be informed in writing by the Authority of this status.

Consumer Levy

All entities that engage in retail lending or retail deposit taking will be charged a levy of €1,500 plus an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

15,000,001 - 100,000,000

€77.01

B

100,000,001 - 5,000,000,000

€24.56

C

5,000,000,001 - 20,000,000,000

€13.39

D

20,000,000,001 - 80,000,000,000

€1.48

The range is based on the combined total of retail lending to Irish resident individuals and households (extracted from Sectoral Return, LRS format, row code OPERSN, column code EURLRS) and retail deposits taken from Irish resident individuals and households (extracted from the Sectoral Return, LRS format, row code OPERSN, column code EURDRS) as reported to the CBFSAI as at 31 December 2003.

A2 - Credit institutions authorised in another EEA State operating in Ireland on a Branch basis

Periodic Levy

Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.

Consumer Levy

Branches will be required to pay a consumer levy if they are engaged in lending to or taking deposits from Irish resident individuals or households.

All entities that engage in retail lending or retail deposit taking will be charged a levy of €1,500 plus an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

15,000,001 - 100,000,000

€77.01

B

100,000,001 - 5,000,000,000

€24.56

C

5,000,000,001 - 20,000,000,000

€13.39

D

20,000,000,001 - 80,000,000,000

€1.48

The range is based on the combined total of retail lending to Irish resident individuals and households (extracted from Sectoral Return, LRS format, row code OPERSN, column code EURLRS) and retail deposits taken from Irish resident individuals and households (extracted from the Sectoral Return, LRS format, row code OPERSN, column code EURDRS) as reported to the CBFSAI as at 31 December 2003.

A3 — Credit institutions authorised in another EEA State operating in Ireland on a Cross Border basis

Periodic Levy

Entities undertaking “Cross Border” business are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.

Consumer Levy

Entities carrying out business in Ireland are required to pay a consumer levy if they are engaged in lending to or taking deposits from Irish resident individuals or households (as defined for the purposes of the Sectoral return). The table below details the amounts payable by such entities.

Band

Range €

Amount €

A

0 - 20,000,000

0

B

20,000,001 - 50,000,000

5,000

C

50,000,001 - 250,000,000

15,000

D

250,000,001 - 750,000,000

50,000

E

750,000,000 - 2,000,000,000

125,000

The range is based on the combined total of retail lending and retail deposits, to individuals and households in Ireland. Entities operating in Ireland on a “Cross Border” basis are obliged to determine the amount of levy contribution that they are due to pay by reference to this table and submit the appropriate amount to the Authority.

 

Category B

Insurance Undertakings

Type of regulated entity

Basis of calculation for required levy contributions

B1 — Life Companies with Irish Head Office

Periodic Levy

The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.

Prudential Levy

All entities will be charged a minimum levy of €4,500. In addition to this amount, all entities (with the relevant level of global gross premium income) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

25,000,001 - 75,000,000

€138.89

B

75,000,001 - 400,000,000

€44.29

C

400,000,001 - 2,000,000,000

€24.15

D

2,000,000,001 - 2,500,000,000

€2.67

The range relates to global gross premium income reported in the “Global Business” Form 2, Line 9, Column 1 of the statutory annual return received from life insurance companies for 2002.

Consumer Levy

All entities that engage in the writing of Irish risk business will be charged a minimum levy of €1,500. In addition to this amount all entities (with the relevant level of gross premium income written on Irish risk business) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

B

25,000,001 - 75,000,000

€285.39

C

75,000,001 - 400,000,000

€91.00

D

400,000,001 - 2,000,000,000

€49.62

E

2,000,000,001 - 2,500,000,000

€5.49

The range relates to gross premium income written on Irish risk business reported in the “Irish Risk Business” Form 2, Line 9, Column 1 of the statutory annual return received from life insurance companies for 2002.

B2 — Life insurance undertakings authorised in another EEA State operating in Ireland on a Branch basis

Prudential Levy

Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.

Consumer Levy

Branches will be required to pay a consumer levy based on their gross premium income written on Irish risk business as reported in their annual return for 2002.

All entities that engage in the writing of Irish risk business will be charged a minimum levy of €1,500. In addition to this amount all entities (with the relevant level of gross premium income written on Irish risk business) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

25,000,001 - 75,000,000

€296.89

B

75,000,001 - 400,000,000

€94.67

C

400,000,001 - 2,000,000,000

€51.62

D

2,000,000,001 - 2,500,000,000

€5.71

B3 — Life Insurance undertakings authorised in another EEA State operating in Ireland on a Cross Border basis

Periodic Levy

Entities undertaking “Cross Border” business are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.

Consumer Levy

Entities carrying out business in Ireland on a cross border basis are required to pay a consumer levy based on gross premium income written on Irish risk business. The table below details the amounts payable by such entities.

Band

Range €

Amount €

A

0 - 20,000,000

0

B

20,000,001 - 50,000,000

5,000

C

50,000,001 - 250,000,000

15,000

D

250,000,001 - 750,000,000

50,000

E

750,000,000 - 2,000,000,000

125,000

The range is based on the total of gross premium income written on Irish risk business. Entities operating in Ireland on a “Cross Border” basis are obliged to determine the amount of levy contribution that they are due to pay by reference to this table and submit the appropriate amount to the Authority.

B4 — Non-Life Companies with Irish Head Office

Periodic Levy

The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.

Prudential Levy

All entities will be charged a minimum levy of €4,500. In addition to this amount all entities (with the relevant level of global gross premium income) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

2,000,001 - 5,500,000

€392.47

B

5,500,001 - 50,000,000

€125.15

C

50,000,001 - 500,000,000

€68.24

D

500,000,001 - 2,000,000,000

€7.55

The range relates to global gross premium income reported in the “Total Business” Form 1, Line 2, Column 1 of the statutory annual return received from non-life insurance companies for 2002.

Consumer Levy

All entities that engage in the writing of Irisk risk business will be charged a minimum levy of €1,500. In addition to this amount all entities (with the relevant level of gross premium income written on Irish risk business) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

1,750,001 - 3,000,000

€1,029.89

B

3,000,001 - 150,000,000

€328.41

C

150,000,001 - 750,000,000

€179.06

D

750,000,001 - 1,000,000,000

€19.81

The range is based on the gross premium income written on Irish risk business reported in the “Irish Risk Business” Form 1, Line 2, Column 1 of the statutory annual return received from non-life insurance companies for 2002.

B5 — Non Life insurance undertakings authorised in another EEA State operating in Ireland on a Branch basis.

Prudential Levy

Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.

Consumer Levy

Branches will be required to pay a consumer levy based on their gross premium income written on Irish risk business as reported in their annual return for 2002.

All entities that engage in the writing of Irish risk business will be charged a minimum levy of €1,500. In addition to this amount all entities (with the relevant level of gross premium income written on Irish risk business) will be charged an additional amount based on the table below.

Band

Range €

Charge per €m or part thereof

A

1,750,001 - 3,000,000

€1,029.89

B

3,000,001 - 150,000,000

€328.41

C

150,000,001 - 750,000,000

€179.06

D

750,000,001 - 1,000,000,000

€19.81

 

 

 

 

B6 — Non Life Insurance undertakings in another EEA State operating in Ireland on a Cross Border basis.

Periodic Levy

Entities unertaking “Cross Border” business are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.

Consumer Levy

Entities carrying out business in Ireland on a cross border basis are required to pay a consumer levy based on gross premium income written on Irish risk business. The table below details the amounts payable by such entities.

Band

Range €

Amount €

A

0 - 20,000,000

0

B

20,000,001 - 50,000,000

5,000

C

50,000,001 - 250,000,000

15,000

D

250,000,001 - 750,000,000

50,000

E

750,000,000 - 2,000,000,000

125,000

The range is based on the total of gross premium income written on Irish risk business. Entities operating in Ireland on a “Cross Border” basis are obliged to determine the amount of levy contribution that they are due to pay by reference to this table and submit the appropriate amount to the Authority.

 

Category C

Intermediaries

Type of regulated entity

Basis of calculation for required levy contributions

C — Intermediaries (Including: Investment Product Intermediaries, Insurance Intermediaries and Mortgage Intermediaries who hold authorisations under the Consumer Credit Act 1995 )

All investment intermediaries will be charged on the same basis as shown in the table below:

Band

Income range €

Amount €

1

0 - 50,000

310

2

50,001 - 150,000

550

3

150,001 - 400,000

850

4

400,001 - 700,000

1,800

5

700,001 - 1,500,000

3,600

6

1,500,001 - 3,000,000

11,000

7

3,000,001 - 6,000,000

15,000

8

6,000,001 - 15,000,000

18,000

9

Over 15,000,001

20,000

An intermediary will be required to declare their income for the most recent financial year ending no later than 31 December 2003.

Where an intermediary does not have a full financial year under this criteria they must estimate their income in their period of operation up to 31 December 2003 and select the relevant income range.

Those intermediaries authorised in 2004 are not required to pay a levy contribution for 2004.*

For the purposes of this part of the schedule (Category C only) income is defined as:

The total income generated by each authorised entity or if entities are under common control from the total income generated by all those entities from regulated activity undertaken. This includes:

•   All commissions and any other income derived from product producers.

•   All payments and amounts received from individuals or companies in relation to services/advice provided in relation to regulated services.

•   Any other income derived from regulated activities (but not including interest earned by an entity on bank credit balances held in their own name).

 

Category D

Investment Business Firms

(other than Investment Product Intermediaries)

Type of regulated entity

Basis of calculation for required levy contributions

D1 — Designated Fund Managers

Periodic Levy

A flat rate levy contribution of €1,250 is payable by designated fund managers.

Note: In determining which of the following categories (D2 - D5) an entity is categorised into consideration is given to the most senior element of their authorisation. Therefore if the authorisation of an entity allows it to be categorised as D2 or D3 it would be categorised as D3 as “Discretionary Portfolio Management” is viewed as a more senior type of authorisation than “Receive and Transmit orders”.

D2 — Receipt and Transmission of orders and/or provision of investment advice; no client money rules imposed

Periodic Levy

All entities will be charged a minimum levy of €2,000. In addition to this amount all entities (with the relevant level of turnover) will be charged an additional amount based on the table below.

Band

Turnover Range €

Charge per €000 or part thereof

A

600,001 - 1,500,000

€31.22

B

1,500,001 - 2,400,000

€9.95

C

2,400,001 - 10,000,000

€5.43

D

10,000,001 - 50,000,000

€0.6

The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2002 that have been received by the Authority.

D3 — Portfolio Management; execution of orders; client money rules imposed

Periodic Levy

All entities will be charged a minimum levy of €2,000. In addition to this amount all entities (with the relevant level of turnover) will be charged an additional amount based on the table below.

Band

Turnover Range €

Charge per €m or part thereof

A

1,000,001 - 2,250,000

€3,552.65

B

2,250,001 - 15,000,000

€1,132.87

C

15,000,001 - 200,000,000

€617.7

D

200,000,001 - 500,000,000

€68.35

The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2002 that have been received by the Authority.

D4 — Own account trading; underwriting; client money rules imposed

Periodic Levy

All entities will be charged a minimum levy of €2,000. In addition to this amount all entities (with the relevant level of regulatory capital) will be charged an additional amount based on the table below.

Band

Range of regulatory capital €

Charge per €m or part thereof

A

1,500,001 - 4,500,000

€2,723.66

B

4,500,001 - 25,000,000

€868.52

C

25,000,001 - 100,000,000

€473.56

D

100,000,001 - 200,000,000

€52.4

The range based used is based on the higher of: initial required regulatory capital; total required regulatory capital; total expenditure based requirement as at 31 December 2003 which is extracted from the capital adequacy return.

D5 — Stock Exchange Member Firms

Periodic Levy

All entities will be charged a minimum levy of €4,500. In addition to this amount all entities (with the relevant level of turnover) will be charged an additional amount based on the table below.

Band

Turnover Range €

Charge per €m or part thereof

A

2,000,001 - 6,000,000

€7,976.38

B

6,000,001 - 35,000,000

€2,543.51

C

35,000,001 - 50,000,000

€1,386.85

D

50,000,001 - 150,000,000

€153.46

The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2002 that have been received by the Authority.

 

Category E

Collective Investment Schemes and other service providers

Type of regulated entity

Basis of calculation for required levy contributions

E1 — Collective Investment Schemes (CIS) Authorised Unit Trusts; Authorised Investment Companies; Authorised Investment Limited Partnerships; Non-Irish authorised schemes)

Periodic Levy

Fund type

Contribution per fund

Contribution per sub-fund

Single

€1,750

n/a

Umbrella

€1,750

€550 per sub-fund to a maximum of five sub-funds (Maximum levy €4,500)

All funds will pay a minimum contribution of €1,750 per annum. Umbrella style funds will also pay a per sub-fund contribution of €550 on the first five sub-funds resulting in a maximum contribution for umbrella funds of €4,500.

E2a — Agency Fund Managers

These entities will pay a levy contribution of €1,500 per annum.

E2 — Service providers to CIS E2b — Manager/ Administrator E2c — Trustee

Periodic Levy

The levy contribution for these regulated entities will be assessed on the basis detailed below:

Band

Range of Net asset value administered

Charge per €mn or part thereof

€bn

Minimum Levy

A

0 - 3

4,500

B

3 - 6.25

1.73

C

6.25 - 20

0.55

D

20 - 80

0.30

E

80 - 100

0.03

The range is based on the Net Asset Value Administered as at 31 December 2003 as reported to the Authority.

 

Category F

Credit Unions

Type of regulated entity

Basis of calculation for required levy contributions

F — Credit Unions

Periodic Levy

The required contributions from individual credit unions will be assessed as 0.01% of total assets reported in their annual returns setting out their balance sheet as at 30 September 2003,

provided however that the total amount of levies collected or recovered from credit unions does not exceed the total amount of costs incurred by the Authority in performing the functions and exercising the powers of the Authority under the Credit Union Act, 1997 .

 

Category G

Moneylenders

Type of regulated entity

Basis of calculation for required levy contributions

G — Moneylenders

Periodic Levy

A minimum contribution of €1,000 will be charged for each Moneylender. In addition a variable levy based on a percentage charge on the “Total value of loans outstanding” per the application for authorisation submitted in 2003 will also be charged. The maximum amount payable by a Moneylender is capped at €16,000. This levy contribution is to cover their operation in all Court Districts.

Minimum levy: €1,000.

Variable levy: 0.11% of total value of loans outstanding.

Maximum levy: €16,000.

 

Category H

Approved Professional Bodies

Type of regulated entity

Basis of calculation for required levy contributions

H — Approved Professional Bodies

Periodic Levy

Each Approved Professional Body will be charged €29,000.

 

Category I

Exchanges

Type of regulated entity

Basis of calculation for required levy contributions

I — Exchanges

Exchanges regulated by the Authority shall pay the following amounts of levy contributions in accordance with their applicable authorised status:

“approved stock exchanges” authorised under the Stock Exchange Act 1995

€70,000;

“financial futures and options exchanges” authorised under the Central Bank Act 1989

€20,000.

 

Category J

Bureaux de Change

Type of regulated entity

Basis of calculation for required levy contributions

J — Bureaux de Change

Periodic Levy

The periodic levy contribution is based on the number of branches operated by each Bureau de Change. The contribution per branch is €390. Therefore a Bureau de Change with five branches will pay €1,950.

 

Category K

Money Transmission Service Providers

Type of regulated entity

Basis of calculation for required levy contributions

K — Money Transmission Service Providers

Periodic Levy

Each Money Transmission Service Provider shall pay a flat rate levy contribution of €1,000.

 

Category L

Default Assessments

Type of regulated entity

Basis of calculation for required levy contributions

L — Regulated entities falling within Regulation 11(d)

Periodic Levy

Each regulated entity falling within Regulation 11(d) shall pay a flat rate levy contribution of €3,600.

 

SIGNED on this the 16th day of July 2004.

LIAM O'REILLY,

Chief Executive of the Irish Financial Services Regulatory Authority.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations, made by the Chief Executive of the Irish Financial Services Regulatory Authority in accordance with Sections 33J and 33K of the Central Bank Act, 1942 (as amended) set out the requirements of regulated financial service providers to pay a levy contribution to the Irish Financial Services Regulatory Authority. The Regulations also provide for the collection and recovery of the levies as well as providing for certain obligations as to self-assessment and record keeping by regulated financial service providers. The Regulations will be published from time to time by the Authority on its website and in other ways that the Chief Executive thinks appropriate.

* Any intermediaries authorised in 2004 that have paid a fee to the Authority will be credited the amount of that fee towards any future levy contributions until the amount of that credit is exhausted.