Fund Distribution Alert 2023-04
Renewal Fees for UCITS et AIFs authorized for distribution in Czechia
Renewal Fees for UCITS et AIFs authorized for distribution in Czechia
Further to our fund distribution alert 2022-18 regarding the transposition of Directive (EU) 2019/1160 in Czechia and the introduction of regulatory fees, please be aware that an administrative fee for renewal of the entry of foreign investment funds in the Czech National Bank (CNB) list (Article 598 (5) AMCIF) is now effectively being applied.
This annual regulatory maintenance fee will be charged for the first time in 2023 for all foreign investment funds (both UCITS and AIFs) marketed Czechia. This will renew the entry on the list for one year.
As for next year (2024), the renewal of entries in the CNB List will take place as of 1 January 2023 until 2 December 2023.
The renewal fee introduced by the CNB is as follows:
Single fund |
Umbrella fund (per sub-fund) |
CZK 10,000 |
CZK 10,000 |
1. Payment period
The maintenance fees should be received by 2 December of each year at the very latest (i.e., no later than 30 days before the expiration of the validity of the entry). The CNB considers that the date on which the payment was credited to the CNB’s account is the decisive day.
Once the payment has been done, the Czech authority encourages to provide this information to the following e-mail address: obnova-ZIF@cnb.cz.
2. Payment procedure
The validity date of the fund as well as its Personal Identification Number, which will be needed to proceed with the payment, is accessible on the following website: www.cnb.cz/cnb/jerrs.
The annual maintenance fees can be paid via the three following procedures. Please note that the Czech authority will not issue any invoice.
1. Cash payments |
Must be done in person at the CNB’s office, in Czech currency only. |
2. Transfers from Czechia to the CNB’s bank account |
Payment details: CNB’s bank account number: 342-69193891/0710 Example: ABC ICAV; XYZ Management Co. |
3. Transfers from abroad to the CNB’s bank account |
Must be entered in Czech currency only. Payment details: Beneficiary: ČESKÁ NÁRODNÍ BANKA Payment comment: [/VS/Fund Personal Identification Number]; [Fund name]; [Fund’s Manager name] Example: /VS/9876543210; ABC ICAV; XYZ Management Co. |
The payer is responsible for crediting the renewal fee to the CNB’s account with the correct amount and currency. In this sense, the Czech authority suggests choosing “OUR“ option (i.e. SHA/OUR/BEN) when proceeding with the international payment order.
Please note that it is highly important to enter the Fund Personal Identification Number. This will allow the CNB to identify the payment and therefore renew the fund’s record.
Information on renewal fees is also disclosed on the CNB’s website (available in Czech and English):
Fees and costs - Czech National Bank (cnb.cz).
Please feel free to contact us should you require any additional information.
Contacts
Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu
Stephanie Zedda
Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu
