Context
The OFSI has issued a new General Licence under all Autonomous Sanctions Regulations (see Annex 1 of the General Licence) to allow firms to make payments to the FCA from or on behalf of a Designated Person (DP).
Key points to note and next actions
Any persons intending to use the Licence should consult the Licence for full details of the definition, permissions, and usage requirements. The ‘Permitted Payments’ under the Licence are:
- All payments which a UK DP is required to make to the FCA under or by virtue of any enactment, except for any fees for:
- an application for permission from, authorisation by, registration with or recognition from the FCA which relates to the carrying on of any activity falling within any function of the FCA;
- an application for a variation of such permission, authorisation, registration or recognition; and
- an application for listing and other associated applications (e.g. applications for eligibility for listing, applications for review or approval of documents relating to listing, applications for approval as a sponsor or primary information provider and applications for review or approval of a prospectus).
- A payment to the FCA of a levy imposed by the scheme manager of the Financial Services Compensation Scheme by virtue of section 213 of the Financial Services and Markets Act 2000.
- A payment to the FCA which is collected by the FCA on behalf of the Financial Reporting Council.