3.1 In CP18/4 we also consulted on new fees schedules for MMFs, to allow us to recover the cost of authorising and supervising funds under the MMF Regulation. We asked:
Q4: Do you have any comments on our proposed charges for authorising money market funds?
Q5: Do you have any comments on our proposal to include money market funds in the structure of fees for collective investment schemes?
Fee levels
3.2 Most respondents pointed out that, due to the formatting of the fees schedules in Annex C to the draft Handbook instrument, it appeared as if all MMFs, regardless of their legal structure, might have to pay the same application fee as a qualified investor scheme.
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Our response |
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We are happy to clarify that MMFs will pay a different application fee, according to whether they are undertakings for collective investment in transferable securities (UCITS), non-UCITS retail schemes (NURSs) or qualified investor schemes (QISs). In each case, the fee will be identical to that for non-MMF |