The Grand-ducal Regulation of December 21st 2017 relating to the fees to be levied by the CSSF (the “New Grand-ducal Regulation”) entered into force as of January 1st 2018 and has created a number of changes to the fees levied on investment fund vehicles and management companies. In general, almost every fee levied by the CSSF has been increased, including transformation charges, examination fees and annual charges in regards to investment funds.
Examination fees for funds have been increased by EUR 500 for stand-alone funds and by EUR 1,000 for umbrella funds. For internally managed funds (traditional or umbrella) the examination fee has been increased from EUR 10,000 to EUR 15,000. A new fee has been introduced in the amount of a single flat rate of EUR 500 for each request for approval of a new compartment within an existing umbrella fund. The annual fees payable by funds have also increased.
The examination fees for chapter 15 management companies and AIFMs have been increased from EUR 10,000 to EUR 15,000.
The annual fee payable by chapter 15 management companies and AIFMs has been increased to EUR 35,000 as from the previous amounts of EUR 20,000 and EUR 25,000 respectively. In addition, the New Grand-ducal Regulation now provides for a fee of EUR 10,000 to be paid for each on-site inspection carried out by the CSSF.