CSSF fees increase: Grand Ducal Regulation of 21 December 2017
- Articles and memoranda
- Posted 16.02.2018
On 22 December 2017, the Grand Ducal Regulation of 21 December 2017 relating to the fees to be levied by the CSSF (the "Regulation") which repeals the Grand Ducal Regulation of 28 October 2013 was published in the Mémorial A (Luxembourg's Official Journal).
The Regulation, which entered into force on 1 January 2018, increases the fees payable to the CSSF. The Regulation applies to all legal entities and natural persons subject to the CSSF's supervision which include, amongst others, credit institutions and other professional of the financial sector, trade matching and reporting systems, issuers requesting approval of a prospectus within the meaning of the Law dated 10 July 2005 relating to prospectuses for transferable securities, securitisation undertakings, pension funds, SICARs, investment funds and their management companies or alternative investment fund managers.
As an illustration, you will find below the changes applicable to undertakings for collective investment ("UCI") subject to the Law of 17 December 2010 on undertakings for collective investment (the "2010 Law"), specialised investment funds ("SIFs"), investment companies in risk capital ("SICARs"), investment fund managers (i.e. management companies subject to Chapters 15, 16 and 17 of the 2010 Law ("ManCos") and alternative investment fund managers subject to Chapter 2 of the Law of 12 July 2013 on alternative investment fund managers ("AIFMs" and together with ManCos, the "IFMs")) as well as to foreign UCIs.
From 1 January 2018, both the fees to be levied by the CSSF in the context of the submission of an application for approval by a UCI, a SIF, SICAR, or an IFM ("Examination Charges") as well as the annual maintenance charges ("Annual Charges") have increased. The conversion charges as well as the additional lump sums for the establishment of branches of IFMs have been increased in a similar manner.
In addition, a single lump sum of 500 euros for each authorisation request of a new sub-fund within an existing umbrella as well as a lump sum of 10,000 euros for each on-site inspection have been introduced.
The Examination Charges and Annual Charges for foreign UCIs remain unchanged.
Please find below a sample of the increase of the Examination Charges and Annual Charges.
(i) Increase of Examination Charges for UCIs, SIFs and SICARs:
| Examination Charge | Previous charge | Applicable charge as from 1 January 2018 |
| Stand-alone UCI, SIF or SICAR | 3,500 euros | 4,000 euros |
| UCI, SIF or SICAR with multiple sub-funds | 7,000 euros | 8,000 euros |
| Self-managed investment company | 10,000 euros | 15,000 euros |
(ii) Increase of Annual Charges for UCIs, SIFs and SICARs:
| Annual Charge | Previous charge | Applicable charge as from 1 January 2018 |
| Stand-alone UCI, SIF or SICAR | 3,000 euros | 4,000 euros |
| UCI or SIF with multiple sub-funds | ||
| 1 to 5 sub-funds | 6,000 euros | 8,000 euros |
| 6 to 20 sub-funds | 12,000 euros | 15,000 euros |
| 21 to 50 sub-funds | 20,000 euros | 24,000 euros |
| Over 50 sub-funds | 30,000 euros | 35,000 euros |
| SICAR with multiple sub-funds | 6,000 euros | 8,000 euros |
(iii) Increase of Examination Charges for IFMs:
| Examination Charge | Previous charge | Applicable charge as from 1 January 2018 |
| Chapter 15 ManCo | 10,000 euros | 15,000 euros |
| Chapter 16 ManCo within the meaning of Article 125-1 of the 2010 Law | 5,000 euros | 8,000 euros |
| Chapter 16 ManCo within the meaning of Article 125-2 of the 2010 Law | 10,000 euros | 15,000 euros |
| Chapter 17 ManCo | 5,000 euros | 8,000 euros |
| Authorised AIFM | 10,000 euros | 15,000 euros |
| Registered AIFM | 5,000 euros | 6,000 euros |
(iv) Increase of Annual charges for IFMs:
| Annual Charge | Previous charge | Applicable charge as from 1 January 2018 |
| Chapter 15 ManCo | 20,000 euros | 35,000 euros |
| Chapter 15 ManCo and AIFM | 25,000 euros | 35,000 euros |
| Chapter 16 ManCo within the meaning of Article 125-1 of the 2010 Law | 15,000 euros | 15,000 euros (unchanged) |
| Chapter 16 ManCo within the meaning of Article 125-2 of the 2010 Law | 25,000 euros | 35,000 euros |
| Chapter 17 ManCo | 15,000 euros | 35,000 euros |
| Authorised AIFM | 25,000 euros | 35,000 euros |
Extracts of the Regulation relating to the fees to be levied with respect to UCIs, SIFs, SICARs, IFMs and foreign UCIs are published on our website. The French original text and the English/German translations appear in parallel.
The full version of the Regulation is currently available on the CSSF's website, in French only.