(1) The Bank of England may, in connection with the discharge of any of its qualifying functions, require recognised clearing houses, third country central counterparties, recognised CSDs or settlement internalisers to pay fees to the Bank.

(2) The power of the Bank to set fees includes power to set fees for the purpose of meeting expenses incurred by it or the Financial Conduct Authority -

(a) in preparation for the exercise by the Bank of its qualifying functions, or

(b) for the purpose of facilitating the exercise by the Bank of those functions or otherwise in connection with their exercise by it.

(3) It is irrelevant when the expenses were incurred.

(4) Any fee which is owed to the Bank under this regulation may be recovered as a debt due to the Bank.

(5) In this regulation -

"CSD regulation" has the meaning given by section 417 of the Act,