German BaFin publishes updated guidance notices concerning the fee payment for incoming UCITS and Art. 32 AIFMD passporting
20th August 2024
On 14 and 15 August 2024, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”) published the updated Guidance Notice on marketing of EU UCITS in Germany and Guidance Notice for marketing units or shares of EU AIFs or domestic special AIFs managed by an EU AIF management company to semi-professional and professional investors in the Federal Republic of Germany (Article 32 of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (“AIFMD”)) (the “Guidance Notices”).
The Guidance Notices were updated in particular in respect of the fee payment process. The relevant sections concerning fees have been updated to reflect BaFin’s new administrative practice.
Key Changes in BaFin’s Guidance Notices
UCITS – Guidance Notice on marketing of EU UCITS in Germany
For processing the notification and de-notification of EU UCITS, BaFin charges a fee. Following the new administrative procedure, BaFin will now issue a fee notice for the processing fee, which is sent electronically together with payment details to the management company and/or the person named as relevant contact person in the notification documents. Previously, it was required to pay the respective notification or de-notification fee to BaFin prior to the notification and it was required to submit a proof of payment together with the notification documents to the Home State Regulator as part of the filing.
BaFin Fees for UCITS:
The fees have not changed.
For processing the notification for marketing of units of EU UCITS, BaFin charges a fee in the amount of EUR 322 (in the case of umbrella funds, each investment compartment is subject to the duty to pay fees).
BaFin charges a fee for processing the de-notification in the amount of EUR 637 per investment compartment.
EU AIFs – Guidance Notice for marketing units or shares of EU AIFs or domestic special AIFs managed by an EU AIF management company to semi-professional and professional investors in the Federal Republic of Germany
For processing the Article 32 AIFMD passporting notification, BaFin charges a fee in the amount of EUR 466 (in the case of umbrella schemes, each investment compartment is subject to the duty to pay fees). Following the administrative procedure, BaFin will now issue a fee notice for the processing fee, which is sent electronically together with payment details to the AIF management company and/or the person named as relevant contact person in the notification documents.
BaFin Fees for EU AIFs:
In addition, in relation to EU AIFs, the administrative payment process for the de-notification has been changed accordingly. BaFin charges a fee in the amount of EUR 284 for processing the de-notification (in the case of umbrella schemes, each investment compartment is subject to the duty to pay fees). Furthermore, BaFin also charges a fee in the amount of EUR 952 for processing updates or changes to the information and documents concerning the arrangements made for marketing (in the case of umbrella schemes, each investment compartment is subject to the duty to pay fees).
In both cases, following the administrative procedure, BaFin will issue a fee notice for the processing fee, which is sent electronically together with payment details to the AIF management company and/or the named contact person.
Overview of BaFin fees and charges:
A complete overview of the fees and charges levied by BaFin in relation to cross-border activities and an explanation of the legal basis can be found here on the BaFin website.
Need Help with BaFin Regulatory Compliance?
The Zeidler Legal Team and Regulatory Team are here to assist with any questions or support you may need regarding BaFin’s latest updates. Our global professionals stay on top of the regulatory changes in the asset management industry.