Fund Distribution Alert 2021-25
Germany - UCITS and AIF Guidance Notices updated to reflect fee changes
Germany - UCITS and AIF Guidance Notices updated to reflect fee changes
On 1 October 2021, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany updated its Guidance Notice (2013) regarding the marketing of units of EU UCITS, as well as its Guidance Notice (2013) for marketing units or shares of EU AIFs or domestic special AIFs (Spezial-AIF) managed by an EU AIF management company.
Guidance Notice (2013) regarding the marketing of units of EU UCITS:
Following the update, the notification fees as well as the deregistration fees have been updated for UCITS funds.
Notification fees:
The fees for the initial notification as well as additional sub-fund notification have been updated from EUR 380 to EUR 322. These fees are payable per single fund or per sub-fund for umbrella funds. A proof of payment should still be provided to the authority in the notification file.
Deregistration fees:
The fees for a deregistration have been updated from EUR 280 to EUR 637. These fees are payable per single fund or per sub-fund for umbrella funds. A proof of payment should still be provided to the authority via email.
Guidance Notice (2013) for marketing units or shares of EU AIFs or domestic special AIFs (Spezial-AIF) managed by an EU AIF management company:
The new version of the Guidance Notice includes changes following the transposition of EU Directive 2019/1160 into German law (covered in our fund distribution alert of 11 August 2021) as the BaFin included the requirement to indicate a contact person (name, position, address, telephone number and email address) for invoicing purposes.
Additionally, the notification fees as well as the fees regarding a material change notification have been updated for AIF funds.
Notification fees:
The fees for the notification of an AIF have been updated from EUR 435 to EUR 466. These fees are payable per single fund or per sub-fund for umbrella structures. A proof of payment should still be provided to the authority in the notification file.
Material change notification fees:
The fees for the notification of a material have been updated from EUR 290 to EUR 952. These fees are payable per single fund or per sub-fund for umbrella structures. A proof of payment should still be provided to the authority in the notification file.
The updated Guidance Notices are available in German as follows:
UCITS: available here
AIF: available here
Please feel free to contact us should you require any additional information.
Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu
Stephanie Zedda
Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu
