UNITED KINGDOM: FCA Publishes Periodic Fees for AIFMs and Collective Investment Schemes

Friday March 19 2021

On 18^th March 2021, the Financial Conduct Authority (FCA) published its periodic fees in relation to collective investment schemes, AIFs marketed in the UK, small registered UK AIFMs and money market funds payable for the period 1 April 2020 to 31 March 2021.

Part 1 – – Periodic fees payable

Fees are charged according to the number of funds or sub-funds operated by a firm as at 31 March preceding the relevant fee year. Where a new collective investment scheme becomes authorised during a fee year, fees are charged according to the number of funds or sub-funds operated by a firm as at the date of authorisation. Where more than one fund or sub-fund is operated, the number of funds (not including the umbrella or parent fund) produces a ‘fund factor’ in accordance with the table above, which is then applied to a basic fee to produce one total fee per operator . Fund factors are applied per operator rather than per scheme so that the fees relate to the number of funds rather than the number of schemes. This means that, for example, an authorised fund manager of three schemes pays the same as an operator or authorised fund manager of one scheme with three sub-funds (as only the sub-funds are counted).

Schemes set up under section 264 of the Act are charged according to the number of funds or sub-funds which a firm is operating and marketing into the UK as at 31 March immediately before the start of the period to which the fee applies. For example, for 2010/11fees a reference to 31 March means 31 March 2010.

Part 2 – Periodic fees for AIFs marketed in the UK, following a notification to the FCA under regulation 57, 58 or 59 of the AIFMD UK regulation

Part 3 – – Periodic fees paid by small registered UK AIFMs

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