CSSF Fees

The Grand-Ducal Regulation of 17 December 2021 relating to the fees to be levied by the CSSF (“Regulation”), which repeals the Grand-Ducal Regulation of 21 December 2017, was published in the Mémorial A on 22 December 2021 and entered into force on 1 January 2022.

The Regulation increases the existing fees, and introduces new fees, payable by legal entities and natural persons subject to the CSSF’s supervision, which include, amongst others, Luxembourg regulated investment funds (i.e. UCITS, Part II UCIs, SIFs and SICARs) and their management companies or alternative investment fund managers (“IFMs”), as well as credit institutions and other professionals of the financial sector.

As regards the investment fund sector, the main changes can be summarised as follows:

• Slight increase (by approximately 10%) of existing examination and annual fees levied by the CSSF in relation to the instruction and maintenance of the files of UCITS, Part II UCIs, SIFs and SICARs.
• Slight increase (by approximately 10%) of existing examination and annual fees levied by the CSSF in relation to foreign investment funds (including UCITS and AIFs) marketed in Luxembourg.
• No increase of existing examination and annual fees levied by the CSSF in relation to the instruction and maintenance of the files of Luxembourg IFMs the activity of which is limited to the performance of collective management only and including, for AIFMs, the exercise of a core AIF investment strategy (e.g. real estate or private equity strategy).
• Introduction of new examination and annual fees to be levied by the CSSF in relation to the instruction and maintenance of the files of Luxembourg IFMs the activity of which includes the following additional activities and/or investment strategies (as applicable):
  • Additional €7,500 examination fees and additional €2,500 annual fees for performing any additional strategy exceeding the initial core AIF investment strategy;
  • Additional €7,500 examination fees and additional €7,500 annual fees for performing central administration/registrar agent services in accordance with Annex II of the UCI Law and/or Annex I of the AIFM Law;
  • Additional €7,500 examination fees and additional €15,000 annual fees for performing one or several top-up MIFID services in accordance with Art. 101(3) of the UCI Law and/or Art. 5(4) of AIFM Law;
  • Additional €3,500 annual fees for those IFMs covered by the Investor Compensation Scheme Luxembourg (SIIL) for their top-up MIFID licence.