S.I. No. 273/2005 -- Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005
2005
273
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S.I. No. 273 of 2005
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CENTRAL BANK ACT 1942 (SECTIONS 33J and 33K) REGULATIONS 2005
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S.I. No. 273 of 2005
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Central Bank Act 1942 (Section 33J and 33K) Regulations 2005
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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 2005.
2. Part B of the Schedule to the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 ( S.I. No. 447 of 2004 ) is hereby amended by the substitution therefor of the Schedule to these Regulations.
3. Regulation 5(b) of the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 shall take effect and be applied as if the due date was the earlier of the date set out in a levy notice and 16 weeks from the making of the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2005.
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SCHEDULE
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“PART B
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Levy Period: 1st January, 2005 to 31st December, 2005
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CATEGORY A
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Credit Institutions
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Type of regulated entity
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Basis of calculation for required levy contributions
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A1 --Credit Institutions authorised under Irish Legislation
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Periodic Levy
The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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125,000,001 -- 225,000,000
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€437.87
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B
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225,000,001 -- 1,000,000,000
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€139.63
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C
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1,000,000,001 -- 4,750,000,000
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€76.13
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D
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4,750,000,001 -- 7,000,000,000
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€8.42
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The range relates to the minimum regulatory capital of the regulated entity as at 31 December 2004. This data is contained in the Monthly Prudential Return submitted to the CBFSAI, format RSI (Capital Adequacy Summary), row code TOFREQ, column code CRTOTI
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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 2004. 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.
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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.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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15,000,001 -- 250,000,000
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€76.09
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B
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250,000,001 -- 10,000,000,000
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€24.26
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C
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10,000,000,001 - 25,000,000,000
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€13.23
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D
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25,000,000,001 - 80,000,000,000
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€1.46
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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 2004.
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A2 -- Credit institutions authorised in another EEA State operating in Ireland on a Branch basis
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Periodic Levy
Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.
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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.
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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.
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Band
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Range
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Charge per €m or part thereof
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A
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15,000,001 -- 250,000,000
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€76.09
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B
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250,000,001 -- 10,000,000,000
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€24.26
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C
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10,000,000,001 - 25,000,000,000
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€13.23
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D
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25,000,000,001 - 80,000,000,000
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€1.46
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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 2004.
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A3 -- Credit institutions authorised in another EEA State operating in Ireland on a Cross Border basis.
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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.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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0 -- 15,000,000
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0
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B
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15,000,001 -- 250,000,000
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€76.09
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C
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250,000,001 -- 10,000,000,000
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€24.26
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D
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10,000,000,001 - 25,000,000,000
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€13.23
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E
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25,000,000,001 - 80,000,000,000
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€1.46
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The range is based on the combined total of retail lending and retail deposits, to individuals and households in Ireland as at 31 December 2004. 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.
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CATEGORY B
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Insurance Undertakings
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Type of regulated entity
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Basis of calculation for required levy contributions
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B1 -- Life Companies with Irish Head Office
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Periodic Levy
The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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55,000,001 -- 150,000,000
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€197.43
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B
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150,000,001 - 550,000,000
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€62.96
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C
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550,000,001 - 2,000,000,000
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€34.33
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D
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2,000,000,001 - 2,750,000,000
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€3.80
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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 2003.
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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.
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Band
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Range €
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Charge per €m or part thereof
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B
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10,000,001 -- 50,000,000
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€330.50
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C
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50,000,001 - 550,000,000
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€105.39
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D
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550,000,001 - 2,000,000,000
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€57.46
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E
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2,000,000,001 - 2,750,000,000
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€6.36
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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 2003.
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B2 -- Life insurance undertakings authorised in another EEA State operating in Ireland on a Branch basis.
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Prudential Levy
Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.
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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 2003.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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10,000,001 -- 50,000,000
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€330.50
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B
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50,000,001 - 550,000,000
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€105.39
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C
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550,000,001 - 2,000,000,000
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€57.46
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D
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2,000,000,001 - 2,750,000,000
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€6.36
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B3 -- Life Insurance undertakings authorised in another EEA State operating in Ireland on a Cross Border basis.
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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.
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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 for their financial year ending in 2003. The table below details the amounts payable by such entities.
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Band
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Range €
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Charge per €m or part thereof
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A
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0 -- 10,000,000
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0
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B
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10,000,001 -- 50,000,000
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€330.50
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C
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50,000,001 - 550,000,000
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€105.39
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D
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550,000,001 - 2,000,000,000
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€57.46
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E
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2,000,000,001 - 2,750,000,000
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€6.36
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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.
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B4 -- Non-Life Companies with Irish Head Office
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Periodic Levy
The required contribution is split into two separate levies the Prudential Levy and the Consumer Levy.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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3,400,001 -- 7,250,000
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€403.26
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B
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7,250,001 - 55,000,000
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€128.59
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C
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55,000,001 - 550,000,000
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€70.11
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D
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550,000,001 - 2,000,000,000
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€7.76
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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 2003.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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1,000,001 - 3,000,000
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€968.78
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B
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3,000,001 -- 100,000,000
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€308.92
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C
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100,000,001 - 550,000,000
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€168.44
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D
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550,000,001 - 1,500,000,000
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€18.64
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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 2003.
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B5 -- Non Life insurance undertakings authorised in another EEA State operating in Ireland on a Branch basis.
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Prudential Levy
Branches are not subject to the prudential charge as prudential supervision is the responsibility of the home country regulator.
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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 2003.
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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.
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Band
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Range €
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Charge per €m or part thereof
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A
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1,000,001 - 3,000,000
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€968.78
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B
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3,000,001 -- 100,000,000
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€308.92
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C
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100,000,001 - 550,000,000
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€168.44
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D
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550,000,001 - 1,500,000,000
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€18.64
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B6 -- Non Life Insurance undertakings in another EEA State operating in Ireland on a Cross Border basis.
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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.
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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 for their financial year ending in 2003. The table below details the amounts payable by such entities.
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Band
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Range €
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Charge per €m or part thereof
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A
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0 -- 1,000,000
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0
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B
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1,000,001 - 3,000,000
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€968.78
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C
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3,000,001 -- 100,000,000
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€308.92
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D
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100,000,001 - 550,000,000
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€168.44
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E
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550,000,001 - 1,500,000,000
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€18.64
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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.
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CATEGORY C
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Intermediaries
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Type of regulated entity
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Basis of calculation for required levy contributions
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C -- Intermediaries
(Including : Investment Product Intermediaries, Insurance Intermediaries and Mortgage Intermediaries who hold authorisations under the Consumer Credit Act 1995 )
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Periodic Levy
All investment intermediaries will be charged on the same basis as shown in the table below;
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Band
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Income range
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Amount €
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1
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€0 - €50,000
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€200
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2
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€50,001 - €150,000
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€500
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3
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€150,001 - €400,000
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€800
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4
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€400,001 - €700,000
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€1,600
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5
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€700,001 - €1,500,000
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€3,400
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6
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€1,500,001 - €3,000,000
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€8,000
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7
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€3,000,001 - €6,000,000
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€14,000
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8
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€6,000,001 - €15,000,000
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€18,000
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9
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Over €15,000,001
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€20,000
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Levies will be calculated based on the declaration of income that an intermediary made to the Authority in response to requests issued to the industry in 2004.
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Any intermediary can only submit an amended declaration during the funding year for which they wish the updated declaration to apply.
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An intermediary who was authorised for the first time in 2004 must supply a self-declaration of income to the Authority by 30 June 2005. This declaration should cover the period from the date of their authorisation to 31 December 2004.
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For the purposes of this part of the schedule (Category C only) income is defined as:
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The total income generated by each authorised intermediary entity from regulated activity undertaken. This includes:
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• All commissions and any other income derived from product producers.
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• All payments and amounts received from individuals or companies in relation to services / advice provided in relation to regulated services.
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• Any other income derived from regulated activities (but not including interest earned by an entity on bank credit balances held in their own name).
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On receipt of the levy notice for 2005 an intermediary should determine whether or not they should update the self-declaration that they submitted to the Authority for the calculation of the 2004 levy. If the income figure for a more recent financial year is available, a new declaration should be made if this income figure would result in the intermediary moving to a different income range and therefore paying a different levy.
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CATEGORY D
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Investment Business Firms
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(other than Investment Product Intermediaries)
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Type of regulated entity
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Basis of calculation for required levy contributions
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D1 -- Designated Fund Managers
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Periodic Levy
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A flat rate levy contribution of €1,000 is payable by designated fund managers.
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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 “Receipt and Transmission of orders”.
The figure used as the tariff base in Categories D2, D3 and D5 is the turnover figure from the audited accounts for the financial year ending in 2003. If the reporting period for an entity's audited accounts ending in 2003 is greater or less than 12 months their accounting period and hence turnover will be pro-rated to a twelve month period.
If a firm is newly authorised in 2003, the relevant year for the tariff data for the 2005 levy period, the turnover figure will be extracted from the audited accounts for 2003, if available. If audited accounts for a financial period ending in 2003 were not prepared the turnover figure from the first set of audited accounts produced, pro-rated for the period of operation in 2003, will be used.
If a firm is newly authorised in 2004, the turnover that will be used to calculate the levy is the turnover figure for the period from authorisation to 31 December 2004 as reported by the firm as part of the Capital Adequacy Return.
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Type of regulated entity
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Basis of calculation for required levy contributions
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D2 -- Receipt and Transmission of orders and/or provision of investment advice; no client money rules imposed
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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.
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Band
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Turnover Range €
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Charge per €000 or part thereof
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A
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350,001 -- 950,000
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€8.59
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B
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950,001 -- 4,000,000
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€2.74
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C
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4,000,001 -- 10,000,000
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€1.49
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D
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10,000,001 -- 20,000,000
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€0.17
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The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2003 that have been received by the Authority.
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D3 -- Portfolio Management; execution of orders; client money rules imposed
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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.
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Band
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Turnover Range €
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Charge per €m or part thereof
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A
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1,250,001 -- 2,500,000
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€3131.61
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B
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2,500,001 -- 15,000,000
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€998.61
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C
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15,000,001 -- 115,000,000
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€544.49
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D
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115,000,001 -- 250,000,000
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€60.25
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The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2003 that have been received by the Authority.
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D4 -- Own account trading; underwriting; client money rules imposed
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Periodic Levy
All entities will be charged a minimum levy of €2,500. 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.
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Band
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Range of regulatory capital €
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Charge per €m or part thereof
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A
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1,500,001 -- 4,900,000
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€1,781.89
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B
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4,900,001 -- 27,500,000
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€565.77
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C
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27,500,001 - 50,000,000
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€308.49
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D
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50,000,001 - 100,000,000
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€34.13
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The range used is based on the higher of: initial required regulatory capital; total required regulatory capital; total expenditure based requirement as at 31 December 2004 which is extracted from the capital adequacy return received by the Authority.
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D5 -- Stock Exchange Member Firms
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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
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Band
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Turnover Range
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Charge per €m or part thereof
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A
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875,001 - 3,000,000
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€6,066.69
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B
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3,000,001 -- 12,500,000
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€1,926.25
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C
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12,500,001 - 50,000,000
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€1,050.29
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D
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50,000,001 - 125,000,000
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€116.22
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The turnover range is based on the turnover figure from the annual audited accounts for the year ending in 2003 that have been received by the Authority.
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CATEGORY E
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Collective Investment Schemes and other service providers
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Type of regulated entity
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Basis of calculation for required levy contributions
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E1 -- Collective Investment Schemes (CIS) (Authorised Unit Trusts; Authorised Investment Companies; Authorised Investment Limited Partnerships; Non-Irish authorised schemes)
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Periodic Levy
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Fund type
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Contribution per fund
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Contribution per sub-fund
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Single
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€2,050
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n/a
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Umbrella
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€ 2,050
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€550 per sub-fund to a maximum of five sub-funds (Maximum levy €4,800)
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All funds will pay a minimum contribution of € 2,050 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 €4,800.
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E2a -- Agency Fund Managers
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Periodic levy
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These entities will pay a levy contribution of €1,500 per annum.
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E2 -- Service providers to CIS E2b -- Manager / Administrator E2c -- Trustee
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Periodic Levy
The levy contribution for these regulated entities will be assessed on the basis detailed below:
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Band
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Range of Net asset value administered €bn
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Charge per €mn or part thereof
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A
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0 - €3.25bn
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Minimum Levy
€4,500
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B
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€3.25bn - €8.70bn
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€0.98
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C
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€8.70bn - €33.80bn
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€0.31
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D
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€33.80bn - €107.55bn
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€0.17
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E
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€107.55bn - €200bn
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€0.02
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The range is based on the Net Asset Value Administered as at 31 December 2004 as reported to the Authority.
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CATEGORY F
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Credit Unions
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Type of regulated entity
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Basis of calculation for required levy contributions
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F - Credit Unions
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Periodic Levy
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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 2004, 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 .
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CATEGORY G
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Moneylenders
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Type of regulated entity
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Basis of calculation for required levy contributions
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G -- Moneylenders
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Periodic Levy
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A minimum contribution of €900 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 2004 will also be charged. The maximum amount payable by a Moneylender is capped at €18,000. This levy contribution is to cover their operation in all Court Districts.
Minimum levy : €900
Variable levy : 0.12% of total value of loans outstanding
Maximum levy : €18,000
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CATEGORY H
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H -- Approved Professional Bodies
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Type of regulated entity
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Basis of calculation for required levy contributions
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H -- Approved
Professional Bodies
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Periodic Levy
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Each Approved Professional Body will be charged €12,550.
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CATEGORY I
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I -- Exchanges
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Type of regulated entity
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Basis of calculation for required levy contributions
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I -- Exchanges
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Periodic Levy
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Exchanges regulated by the Authority shall pay the following amounts of levy contributions in accordance with their applicable authorised status:
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“approved stock exchanges” authorised under the Stock Exchange Act, 1995
€61,750;
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“financial futures and options exchanges” authorised under the Central Bank Act, 1989
€16,625
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CATEGORY J
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J -- Bureaux de Change
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Type of regulated entity
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Basis of calculation for required levy contributions
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J -- Bureaux de Change
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Periodic Levy
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The periodic levy contribution is based on the number of branches operated by each Bureau de Change as at 1 January 2005. The contribution per branch is €600. Therefore a Bureau de Change with five branches will pay €3,000.
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CATEGORY K
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K -- Money Transmission and E - Money Providers
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Type of regulated entity
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Basis of calculation for required levy contributions
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K1 - Money
Transmission Service Providers
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Periodic Levy
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Each Money Transmission Service Provider shall pay a flat rate levy contribution of €1,000 and a levy of €250 per agent for the first five agents. The maximum amount that can be levied on a money transmission service provider with five or more agents is €2,250.
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Type of regulated entity
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Basis of calculation for required levy contributions
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K2 -- E -- Money provider
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Periodic Levy
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Each E- Money provider will be required to pay a levy of €1,000.
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CATEGORY L
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L - Default assessments
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Type of regulated entity
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Basis of calculation for required levy contributions
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Regulated entities falling within Regulation 11(d)
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Periodic Levy
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Each regulated entity falling within Regulation 11(d) shall pay a flat rate levy contribution of €3,600.
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SIGNED on this the 30th day of May 2005
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________________________________
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CHIEF EXECUTIVE
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of the
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IRISH FINANCIAL SERVICES REGULATORY AUTHORITY
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EXPLANATORY NOTE
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(This note is not part of the Instrument and does not purport to be a legal interpretation)
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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) amend the Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 ( S.I. No. 447 of 2004 ) which set out the requirements of regulated financial service providers to pay a levy contribution to the Irish Financial Services Regulatory Authority. The 2004 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. These Regulations will be published from time to time by the Authority on its website and in other ways that the Chief Executive thinks
appropriate.
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