The annual fee is for each year or part thereof and is therefore not refundable, including where securities cease to be traded.
Annual fees are billed in January 2020 for the transition period and must be paid within 30 days of the invoice date.
Starting from January 2020, annual fees will be billed in January for the 12 months commencing 1 January
A pro-rata annual fee is payable by new applicants. To calculate the fee, take the number of calendar days, including the date of admission to trading up to and including 31 December 2020, divide this number by 365 (366 during leap year) and multiply the result by the annual fee.
Preference shares may be treated as either equity or debt securities. Classification is dependent upon the class used by the relevant competent authority for the issuer. The admission fee will be based upon this classification. In both cases, an admission fee will apply, however no annual fee will be payable.
Applicants who admitted their equity securities prior to 1 April 2019 will be subject to a maximum annual fee of £155,000.
Applicants who admitted their equity securities after 1 April 2019 will be subject to a maximum annual fee of £210,000.
A premium listed issuer will be eligible for a 25% discount on their annual fee for the parent listed entity, should they have five or more premium funds listed on London Stock Exchange. The discount does not apply to listed funds.
In the case of issuers of certificates representing shares, the following fee scales will apply:
Those securities who meet both of the following criteria:
1. Qualifies in the top five Depositary Receipts listed on London Stock Exchange, in terms of size of the programme, with size of programme calculated as the number of Depositary Receipts outstanding multiplied by the average price on London Stock Exchange. Both parameters are based on quarter three data and,
2. Qualifies in the top five Depositary Receipts listed on London Stock Exchange, in terms of liquidity, calculated as the Average Daily Valued Traded (ADVT) on London Stock Exchange. ADVT will be based on quarter three data,
Will be subject to an annual fee of £80,000.
For those Depositary Receipts that are; a) subject to Central Counterparty (CCP) clearing services, b) admitted to trading after 1 April 2019, and c) issuer's market capitalisation is over £2.5bn, an annual fee of £80,000 will be payable. Issuer's market capitalisation will be based on the market capitalisation of the issuer at close of trading on the last business day of September in the preceding year.
Issuers who are not subject to the above annual fees will be subject to the below:
Issuers whose securities are subject to Central Counterparty (CCP) clearing services: £35,000 annual fee.
Issuers whose securities are not subject to Central Counterparty (CCP) clearing services: £13,500 annual fee.