The changes came into effect on 22 December 2017 and concern the fees collected by the CSSF from regulated entities such as credit institutions, collective investment funds, managers, FSPs and auditors.
For credit institutions, the single package passes from €10,000 to €15,000 for the instruction of each application for approval of a new establishment. The bands delineating the annual lump sum payable by Luxembourg-based credit institutions and branches of non-EEA institutions have also changed.
Previously, Luxembourg institutions reporting a balance sheet of less than €250 million in the previous year had to pay €50,000, then €70,000 for a balance sheet between €250 million and €1,250 million, and finally €120,000 for a balance sheet greater than €1,250 million. It now costs them €85,000 for a balance sheet of less than €500 million, €130,000 for a balance sheet between €500 and €2,500 million and €350,000 beyond.
The regulation also introduces a specific annual fee for branches established in Luxembourg by a credit institution governed by the law of a member state of the European Economic Area: from €60 000 for a balance sheet of less than €250 million to €130 000 for a balance sheet greater than €1,250 million.
On the side of undertakings for collective investment (UCIs), the examination of an application for approval of a new UCI now amounts to € 4,000 for conventional UCITS and UCIs, the Fis (Specialized Investment Funds) and Fis-Fia classics as well as for Sicar and Sicar-Fia classics, instead of €3,500 previously. This fee amounts to €8,000 for these categories with multiple compartments and €15,000 if they are subject to internal management.
Costs for management companies will also rise, with those whose application for approval totals between €8,000 to €15,000 against €5,000 to €10,000 previously, depending on the profile.
There will be no change for pension savings companies with variable capital, whose application for approval remains at €5,000 or €10,000 if the company has multiple compartments.
The regulation introduces a new category: real estate credit intermediaries, which will have to pay €15,000 for an application for approval and an annual fee of €5,000 to €10,000 depending on the law applicable to them.
Payment and e-money institutions are experiencing a similar increase in their packages, which go from €10,000 to €15,000 for a request for approval and from €10,000 to €25,000 for the annual regulator fee.
Lastly, the fixed rate of the tax applied to company auditors is also changing from 900 statutory audits in one year. The rate therefore passes to €300,000 from this threshold instead of 1,100 before. It reaches €450,000 from 2,800 annual missions instead of 3,500, according to the terms and conditions enacted in 2013.
Click here (pdf) to view the Grand Ducal regulation regarding the rate increase.