1. The FCA shall charge the trade repositories fees in accordance with this Regulation and in accordance with the statutory instruments adopted pursuant to paragraph 2 of this Article. Those fees shall be proportionate to the turnover of the trade repository concerned and fully cover the FCA's necessary expenditure relating to the registration, recognition and supervision of trade repositories statutory instruments.

Where a trade repository has already been registered under Title VI, Chapter 1, of Regulation (EU) No 648/2012, the fees referred to in the first subparagraph of this paragraph shall only be adjusted to reflect additional necessary expenditure and costs relating to the registration, recognition and supervision of trade repositories pursuant to this Regulation.

2. The Treasury may, by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament, specify further the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid.