AIFMD Fees - Financial Conduct Authority

AIFMD Fees

Last Modified: 30/08/2015

Authorised/Registered AIFMs

National Private Placement Regime (NPPR)

Frequently asked questions

Authorised/Registered AIFMs 

Application fees must be paid in full at the same time as submitting your application.  This fee is non-refundable and we do not issue invoices for it.

The new ‘Managing an AIF’ and ‘Managing a UCITS’ activities  fall into both fee-block A.7 (Portfolio Managers) and A.9 (Managers and depositaries of investment funds and operators of CIS or pension schemes), except venture capital firms who fall into fee-block A.7 only. Applications for these fee-blocks are classed as ‘Moderately Complex’.

If an existing firm is in only one of the fee blocks at the point of applying for one of these new activities, then the application fee payable is £2,500 as a new fee block will be added.

If a firm is already in both A.7 and A.9 before applying for one of these new activities then the application fee payable is £250.

We have outlined the application fees schedule for the different regimes below.

Type of Application          Fee (£)
New Authorisation (moderately complex)

5,000

Variation of Permission (adding a fee-block)

2,500

Variation of Permission (not adding a fee-block)

250

Periodic fees

AIFMs and UCITS management companies will pay fees in A.7 for their portfolio management activities and fees in A.9 for their risk management and administrative activities.

A firm who becomes authorised or fall into a new fee-block during the fee year will pay a periodic fee, pro-rated according to the month of authorisation.

Small Registered UK AIFMs

In line with our Policy Statement - Implementation of the Alternative Investment Fund Managers Directive, registered AIFMs will be subject to application and periodic fees of £750 each.

EuSEF & EuVECA

As outlined in the Policy Statement, we do not currently consider it appropriate to charge registered EuSEF and EuVECA managers a different fee to that levied on other categories of registered AIFMs. As such, an application and periodic fee of £750 will apply. We will keep these arrangements under review.

National Private Placement Regime (NPPR) 

NPPR application fees

Once a firm has submitted a notification, we will send an email to confirm that we have received it. If we are unable to process the notification, we will inform the firm of the reason why and ask them to resubmit. We will also inform firms once their notification has been successfully processed. At this point we will issue a notification number and ask firms to submit a cheque, in GBP, for the full payment. Please note we do not provide invoices for application, registration or notification fees.

Type of fund Fee per fund (£)
AIF marketed by above-threshold non-EEA AIFM (Regulation 59)

250

AIF marketed by sub-threshold non-EEA AIFM (Regulation 58)

125

Non-EEA AIF marketed by EEA AIFM (or a feeder AIF that is a UK AIF or EEA AIF managed by EEA AIFM where the master AIF is managed by a non-EEA AIFM or is a non-EEA AIF), where AIFM is not otherwise paying any FCA fee as an AIFM (Regulation 57)

250

Full scope UK AIFMs marketing non-EEA AIFs under Article 36

0

Further details of application fees for NPPR are published in the FS Handbook: FEES 3.2.7 R and FEES 3 Annex 2 R.

NPPR periodic fees

Firms should be aware that periodic fees will also apply for NPPR. We expect to issue periodic fee invoices for notifications made between 22 July 2013 and November 2014 by the end of 2014 when our systems are fully operational.  Usually we issue periodic fee invoices in the month following a notification and then annually from July. Invoices are payable within 30 days of the invoice date.

Type of fund Fee per fund (£)
Non-EEA AIF marketed by EEA AIFM (or a feeder AIF that is a UK AIF or EEA AIF managed by EEA AIFM where the master AIF is managed by a non-EEA AIFM or is a non-EEA AIF), where AIFM is not otherwise paying any FCA fee as an AIFM (Regulation 57)

500

AIF marketed by sub-threshold non-EEA AIFM (Regulation 58)

350

AIF marketed by above-threshold non-EEA AIFM (Regulation 59)

500

Full scope UK AIFMs marketing non-EEA AIFs under Article 36

0

Further details of periodic fees for NPPR are published in the FS Handbook: FEES 4.2.11 and FEES 4 Annex 4 R.

Frequently asked questions 

Answer:

Cheques should be made payable to the Financial Conduct Authority, with the firm name, Firm Reference Number (FRN) (where applicable) and application type written on the back and enclosed with the application form.  To pay using a credit or debit card (for firms that are already authorised), please do not enter the details on the application form.  We will contact you to ask for the details.

Answer:

Please write the notification number on the back of your cheque and send it to: NPPR Notifications, Fund Authorisations Department, Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

Answer:

Our fee rules are set out in the Fees Manual (FEES) of our Handbook, available on our website.

Answer:

Authorised internally-managed AIFs will fall into fee-blocks A7 and A9. However, in fee-block A9 the firm will need to use an income proxy of 1% of assets under management. The tariff base for fee-block A9 is gross income from charges to the fund. As internally-managed AIFs do not generate income from charges to the fund, 1% of the value of the AIF’s assets under management will be treated as a proxy for their income.

Answer:

The UK does not charge an application fee for AIFMD outward or inward passport notifications. We are aware that certain other Member States are charging fees payable by UK firms, upon receipt of incoming AIFMD passport notifications.

Answer:

Incoming EEA firms that are passporting into the UK as a branch are required to pay periodic fees on the regulated activities they are conducting in the UK. We do not require firms that passport into the UK on a services basis to pay periodic fees.

Answer:

The fees for venture capital firms remain unchanged by AIFMD. They will fall into fee block A7 but will be excluded from fee block A9.