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Grand-Ducal Regulation of December 21 2017 (the Regulation) entered into force on January 1 2018 and repealed the Grand-Ducal Regulation of October 28 2013.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.

Be prepared with Ogier

With a team of experienced lawyers with a strong background and in-house expertise in regulatory and compliance issues, Ogier will be pleased to assist you in the preparation of the CSSF inspection and provide you with on-going legal support during and after the inspection.

About Ogier

Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Jersey and Luxembourg law through its global network of offices. Ours is the only firm to advise on these five laws. We regularly win awards for the quality of our client service, our work and our people.

Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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