PART 2U.K.THE OPERATOR

APPROVAL AND COMPLIANCEU.K.

Fees charged by the [F1Bank of England]U.K.

6.—F2(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) The [F3Bank of England] may charge an Operator a periodical fee.

(3) Any fee chargeable by the [F4Bank of England] under this regulation shall not exceed an amount which reasonably represents the amount of costs incurred—

F5(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)in the case of a periodical fee, in satisfying [F6itself] that the Operator, his rules and practices and the relevant system continue to meet the requirements of Schedule 1 and that the Operator is complying with any obligations imposed on him by or under these Regulations.

(4) For the purposes of paragraph (3), the costs incurred by the [F7Bank of England] shall be determined on the basis that they include such proportion of the following matters as are properly attributable to the performance of the relevant function—

(a)expenditure on staff, equipment, premises, facilities, research and development;

F8(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)any notional interest incurred on any capital expended on or in connection with the performance of the function F9...; and

(d)any other matter which, in accordance with generally accepted accounting principles, may properly be taken account of in ascertaining the costs properly attributable to the performance of the function.

(5) For the purposes of paragraph (4)(c)—

(a)“notional interest” means any interest which that person might reasonably have been expected to have been liable to pay had the sums expended been borrowed at arm’s length; F10...

F10(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11(6) Any fee which is owed to the Bank of England under this regulation may be recovered as a debt due to the Bank of England.]

F12(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Commencement Information

I1Reg. 6 in force at 26.11.2001, see reg. 1