New CSSF fees

On 9 March 2019, a series of modifications regarding the CSSF fees applicable to entities under its supervision became applicable. These amendments are provided by the Grand Ducal Regulation of 1 March 2019 which amends the Grand Ducal Regulation of 21 December 2017 relating to the fees to be levied by the CSSF ("Regulation").

Amongst the new fees introduced by the Regulation, we have noted the following:

• on-site inspections: a lump sum of EUR 10,000 will have to be paid by undertakings for collective investments, pension funds, and authorised securitisation undertakings for each on-site inspection conducted on a specific topic (that lump sum was already provided for investment fund managers and for professionals of the financial sector);
• SICAR and SICAR alternative investment funds ("AIF") with multiple compartments become subject to the payment of an annual lump sum based on the number of compartments ranging from EUR 8,000 to EUR 35,000 (instead of a fixed annual lump sum of EUR 8,000);
• EuVECA manager and EuSEF manager: a single lump sum of EUR 4,000 for each registration request by (i) the manager of a qualifying venture capital fund ("EuVECA") in accordance with Regulation (EU) 345/2013 on EuVECA and (ii) the manager of a qualifying social entrepreneurship fund ("EuSEF") in accordance with Regulation (EU) 346/2013 on EuSEF;
• manager of a foreign AIF subject to Chapter II of the AIFM Directive 2011/61/EU with a branch in Luxembourg: the introduction of an annual lump sum of EUR 5,000.