The Grand Ducal Regulation of 29 September 2012 (the "Regulation") relating to the taxes to be levied by the CSSF which repeals the Grand Ducal Regulation of 18 December 2009, as amended, was published in the Mémorial (the Luxembourg official gazette) on 3 October 2012.
The Regulation, which will enter into force on 1 January 2013, increases the taxes currently payable to the CSSF. The Regulation applies to all legal entities and natural persons subject to the CSSF's supervision which include, amongst others, credit institutions and other professional of the financial sector, trade matching and reporting systems, issuers requesting approval of a prospectus within the meaning of the Law dated 10 July 2005 relating to prospectuses for transferable securities, securitisation undertakings, pension funds, SICARs, investment funds and their management companies.
As an illustration, you will find below the changes applicable to undertakings for collective investment ("UCIs") subject to the Law of 17 December 2010 (the "2010 Law"), specialised investment funds ("SIFs") and management companies subject to Chapters 15 and 16 of the 2010 Law ("ManCos").
As from 1 January 2013, both the taxes to be levied by the CSSF in the context of the submission of an application for approval by a UCI, a SIF or a ManCo ("Examination Taxes") and the annual maintenance tax ("Maintenance Taxes") will increase.
Please find below a sample of the increase of the Examination Taxes and Maintenance Taxes.
(i) Increase of Examination Taxes for UCIs and SIFs:
|
Examination Tax |
Current tax |
Applicable tax as from 1 January 2013 |
|
Stand alone UCI |
2,650 euros |
3,500 euros |
|
UCI with multiple compartments |
5,000 euros |
7,000 euros |
|
Self-managed investment company |
5,000 euros |
10,000 euros |
|
Stand alone SIF |
2,650 euros |
3,500 euros |
|
SIF with multiple compartments |
5,000 euros |
7,000 euros |
(ii) Increase of
Maintenance Taxes for UCIs and SIFs:
|
Maintenance Tax |
Current tax |
Applicable tax as from 1 January 2013 |
|
Stand alone UCI or SIF |
2,650 euros |
3,000 euros |
|
UCI or SIF with multiple compartments |
|
|
|
1 to 5 compartments |
5,000 euros |
6,000 euros |
|
6 to 20 compartments |
5,000 euros |
12,000 euros |
|
21 to 50 compartments |
5,000 euros |
20,000 euros |
|
Over 50 compartments |
5,000 euros |
30,000 euros |
(iii) Increase of Examination Taxes for ManCos:
|
Examination Tax |
Current tax |
Applicable tax as from 1 January 2013 |
|
Chapter 15 ManCo |
2,650 euros |
10,000 euros |
|
Chapter 16 ManCo |
2,650 euros |
5,000 euros |
(iv) Increase of Maintenance Taxes for ManCos:
|
Maintenance Tax |
Current tax |
Applicable tax as from 1 January 2013 |
|
Chapter 15 ManCo |
5,000 euros |
20,000 euros |
|
Chapter 16 ManCo |
5,000euros |
15,000 euros |
The Regulation is currently available only in French on the CSSF's website . An English translation of the Regulation will be available shortly on our website.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
