CSSF on-site inspections

Grand-Ducal Regulation of December 21 2017 relating to fees to be levied by the CSSF

Grand-Ducal Regulation of December 21 2017 (the Regulation) entered into force on January 1 2018 and repealed the Grand-Ducal Regulation of October 28 2013. In addition to the expected fee increase for credit institutions, investment funds and regulated markets, this Regulation introduces a couple of significant changes in the fees to be charged by the CSSF to authorized alternative investment fund managers (AIFM), UCITS management companies (ManCo) and professionals of the financial sector (PFS).

What you need to know...

The Regulation increases the single lump sum for the examination of a license application request from a new AIFM, new ManCo or new PFS from 10.000 euros to 15.000 euros, as well as other annual sums to be paid by them to the CSSF.

In addition, the Regulation provides that AIFM, ManCo and PFS shall now pay a lump sum of 10,000 euros for each on-site inspection conducted by the CSSF, whereas such on-site inspections were not subject to a charge before.

Finally, the Regulation introduces an annual sum between 1,200 euros and 4,000 euros to be paid by each investment firm covered by the Luxembourg investors compensation system (Système d'indemnisation des investisseurs Luxembourg).

Are you ready?

In the current context, with the CSSF intending to increase the number of on-site inspections this year and over the coming years, it is essential that AIFM, ManCo and PFS be prepared.

Related : Ogier ( Mr. Marc Lenaers )

[+ http://www.ogier.com]

Mr. Marc Lenaers Mr. Marc Lenaers
Managing Associate

Click here to see the ad(s)
All articles Banking law

Lastest articles Banking law

Prospectuses | Draft Law

On June 29th 2018, the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7328 on prospectuses (the &...

Prospectuses | Draft Law Read more

5th AML Directive - Key aspects

The new directive (Directive EU 2018/843) on the prevention of the use of the financial system for the purposes ...

Read more

New bills on ATAD implementation and MLI approval

On 15 June 2018 the Luxembourg government approved 2 new bills of law: - the first bill of law (“ATAD Bill”...

Read more

MiFID 2 and its distinctive Luxembourg features

On 31 May 2018, the law on markets in financial instruments (the “2018 Law”) as well as the grand-ducal regula...

Read more

Lastest articles by Mr. Marc Lenaers

CSSF on-site inspections

Grand-Ducal Regulation of December 21 2017 relating to fees to be levied by the CSSF Grand-Ducal Regulation of December...

Read more

LexGO Network