Financial Markets Authority (Levies) Regulations 2012

12 Payment of levies by persons in group

(1)

This regulation applies to—

(a)

a person in class 2 that is in a group that includes 1 or more other persons that are also in class 2:

(b)

a person in class 3 that is in a group that includes 1 or more other persons that are also in class 3.

(2)

Despite regulation 8,—

(a)

the persons in the group are jointly and severally liable to pay only 1 levy in the class; and

(b)

the amount of the levy is,—

(i)

for class 2, the amount that would be payable by a person in class 2 if the person’s total assets equalled the consolidated total assets of all the persons in the group that are included in class 2; and

(ii)

for class 3, the amount that would be payable by a person in class 3 if the person’s annual gross premium revenue equalled the consolidated annual gross premium revenue of all the persons in the group that are included in class 3; and

(c)

the levy must be paid at the time of the leviable event for whichever person in the class is to pay the levy on behalf of the group (as notified to the Registrar of Financial Service Providers under the Financial Service Providers (Registration) Regulations 2010).

(3)

In this regulation, group has the same meaning as in section 5(1) of the Financial Reporting Act 2013.

Regulation 12(3): replaced, on 1 April 2014, by regulation 6 of the Financial Markets Authority (Levies) Amendment Regulations 2014 (LI 2014/49).