Fees and costs

The statement contains information on the fees collected and costs charged by the Czech National Bank in relation to the cross-border activities of alternative investment fund (AIF) managers, European Social Entrepreneurship Fund (EuSEF) managers, European Venture Capital Fund (EuVECA) managers and standard fund (UCITS) management companies in accordance with Article 9(1) and Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

1 Fees and costs related to cross-border management of foreign investment funds in the Czech Republic

The Czech National Bank does not collect fees related to the cross-border management of foreign funds marketed in the Czech Republic.

2 Fees and costs related to cross-border marketing of foreign investment funds in the Czech Republic

2.1 A fee in connection with the acceptance and processing of a notification of cross-border marketing in the Czech Republic and in connection with entry on the list of foreign investment funds maintained by the Czech National Bank

a) Relevant legal regulations

b) Description of fee structure

Foreign investment funds in notification regime

Fees in connection with the acceptance/processing of notifications in accordance with Art. 32 of the AIFMD[1] and in accordance with Art. 93 of the UCITS Directive[2] and in connection with the entry of notified foreign AIF and UCITS funds in the list of foreign investment funds investments in which can be marketed in the Czech Republic are not collected by the Czech National Bank[3].

Fees for the acceptance/processing of notifications in accordance with Art. 16 of the EuVECA Regulation and Art. 17 of the EuSEF Regulation and for the entry of notified foreign EuVECA and EuSEF funds in the list of foreign investment funds investments in which can be marketed in the Czech Republic are not collected by the Czech National Bank.

Foreign investment funds outside notification regime

The Czech National Bank collects a fee of CZK 10,000 for each one fund or subfund for the acceptance of a request for entry of a foreign AIF or its subfund in the list in accordance with Article 597 of the AMCIF outside the notification regime in accordance with Art. 32 of the AIFMD/Art. 93 of the UCITS Directive.

c) Information on payment and payment details

For the payment of a fee it is necessary to wait for a call from the Czech National Bank for its payment in which the Czech National Bank states to the applicant its account number and the relevant variable symbol. The applicant, usually the manager of the foreign alternative investment fund being assessed, is responsible for paying this fee.

A fee can be paid by wire transfer to an account of the Czech National Bank or in cash at a Czech National Bank branch. Information about Czech National Bank branches, including business hours, is available at the Czech National Bank website. A cash payment of a fee should be made in Czech koruna. A fee cannot be paid using revenue stamps.

In the case of domestic cashless payments, the following payment details are used:

Czech National Bank account:

Account number: 78-69193891/0710
Variable symbol: (will be communicated by the Czech National Bank in a call for payment of fee)

In the case of cashless payments from abroad, the fee is paid in the Czech currency, where it is necessary to use a payment instruction in international format.

Czech National Bank account in international format:

Beneficiary: CZECH NATIONAL BANK
IBAN: CZ72 0710 0000 7800 6919 3891
BIC CODE: CNBACZPP

So that a fee paid from abroad is credited to the Czech National Bank account in the correct amount, when inputting the payment order the payer must select “OUR” in the billing details, i.e. SHA/OUR/BEN.

2.2 Fee for Renewal of Entry of Foreign Investment Fund in List Maintained by Czech National Bank (does not apply to EuVECA and EuSEF funds)

a) Relevant legal regulations:

b) Description of fee structure

As a part of the amendment to the AMCIF which became effective on 29 May 2022, an administrative fee was introduced for renewal of the entry of foreign investment funds in the CNB List (Article 598 (5) AMCIF) (hereinafter also as the “renewal fee”).

The renewal fee is set on an annual basis and will be charged for the first time in 2023.

The new Article 598 (5) AMCIF has fixed that each entry of a foreign investment fund in the CNB list is valid until the end of the calendar year following to the calendar year of the registration of the fund. In relation to those foreign investment funds registered in the CNB List by 31 December 2022 (inclusive) – their registration lasts until 31 December 2023 and will be renewed for another 12 months upon payment of an administrative fee.

The renewal of entries in the CNB List for the upcoming year 2024 will take place during 2023. The renewal applies to all foreign AIF and UCITS investment funds marketed in the Czech Republic that were entered in the CNB List by 31 December 2022 (inclusive) (unless they were de-notified in the meaning of Art 32a AIFMD1 / Art 93a UCITS Directive2 or will be de-notified during 2023).

A subject responsible for proper and timely payment of the renewal fee is the Alternative Investment Fund Manager  / UCITS Management Company.

Before paying the renewal fee, the CNB recommends checking out the total number of foreign investment funds offered by Alternative Investment Fund Manager  / UCITS Management Company in the Czech Republic including the validity period of their entry in the CNB list. Please note that the entry of each individual foreign investment fund in the CNB List always contains, in addition to other recorded data, the date of validity and the fund’s Personal Identification Number[4], which is one of the necessary payment instruction details (and is highly essential for identifying the fee paid by non-cash transfer).

The list of all foreign investment funds marketed in the Czech Republic is publicly available in Czech and English on the CNB’s website: www.cnb.cz/cnb/jerrs_en . Before starting to use the CNB list, it is necessary to enter a verification code. The CNB list can be switched between Czech and English language mutation in the upper left corner.

Data on funds in the CNB List can be displayed as of a specific date.

Picture 1 – Lists of regulated financial institutions

Lists of regulated financial institutions

Upon entering the Next Step(s) button, lists of regulated financial institutions will appear. Within Management Companies and Investment Funds there is a List of Foreign Investment Funds offered in the Czech Republic. The foreign investment funds or sub-funds offered by Alternative Investment Fund Manager  / UCITS Management Company can then be searched in the sub-lists as marked in blue.

Picture 2 –  List of Foreign Investment Funds offered in the Czech Republic

List of Foreign Investment Funds offered in the Czech Republic

c) Information on payment and payment details

Amount of the fee

The renewal fee amounts to:

  • CZK 10,000 per a single fund (without sub-funds) or
  • CZK 10,000 per each sub-fund of an umbrella fund.

Meaning that in case of sub-funds, the charge covers the particular sub-funds, not the umbrella itself.

Payment details

Please be informed that the CNB does not issue invoices. There are three manners of payment of the fee:

  • Cash payments in person at the CNB‘s office. Information on the CNB’s headquarters or its regional branches including their business hours is available at the CNB’s websites: https://www.cnb.cz/en/about_cnb/cnb-offices-in-the-czech-republic/. The CNB accepts cash payments only in the Czech currency. Payments by revenue stamps are not available.
  • Domestic wire transfers to the bank account of the CNB, with the following payment details:
    CNB’s bank account number: 342-69193891/0710
    Variable symbol: [ Fund Personal Identification Number4 ]
    Payment comment: [ Fund name ]; [ Fund’s Manager name ]
    Example: ABC ICAV; XYZ Management Co.
  • Wire transfers from abroad to the bank account of the CNB. The payment must be entered in the Czech currency. It is necessary to use payments instructions in an international format:
    Beneficiary: ČESKÁ NÁRODNÍ BANKA
    IBAN: CZ97 0710 0003 4200 6919 3891
    BIC CODE: CNBACZPP
    Remittance information / Payment comment: [ /VS/Fund Personal Identification Number4 ]; [ Fund name ]; [Fund’s Manager name ]
    Example: /VS/9876543210; ABC ICAV; XYZ Management Co.

Note: The actual foreign payer is responsible for crediting the fee to the CNB account in the correct amount. For this purpose, the CNB recommends choosing „OUR“ option in details of charging (meaning the SHA/OUR/BEN options) while entering the international payment order. 

The CNB emphasizes that inserting the Fund Personal Identification Number in the variable symbol (domestic transfers) or in the remittance information for the payee via payment comment (international transfers) is absolutely crucial.[5] Without the Personal Identification Number, the CNB will not be able to identify the payment. As a result, the fund’s record will not be renewed.

Payment period and consequences of non-payment / payment failure

The renewal fee is payable no later than 30 days before the expiration of the validity of the entry – i.e. no later than 2 December 2023 (inclusive).

Therefore, the fee for renewal of the records for the upcoming year 2024 is payable within the period from 1 January 2023 to 2 December 2023 where the second day of December is a closing date on which the fee has to be on the account of the CNB at the latest.[6] The decisive day of the fee payment is the date on which the payment was credited to the account of the CNB.

The closing date is fixed and the payment period cannot be extended. Missing the deadline cannot be excused.

If the renewal fee was not paid properly and in time the CNB will delete the unpaid foreign AIF / UCITS fund from the List of foreign investments funds marketed in the Czech Republic upon the expiration of the validity of the entry (in accordance with Art 598 (5) AMCIF).

The CNB welcomes any information provided by the Alternative Investment Fund Manager / UCITS Management Company (or a third party payer, if outsourced) about the already made payments. The electronic address of the CNB for communication on renewal fees and sending payment documents is: obnova-ZIF@cnb.cz . Please include the accompanying details (i.e. relevant Fund Personal Identification Number, Fund Name and Fund’s Manager Name) to e-mail message if those are not apparent from the annexed proof of payment.

2.3 Fee for accepting application for assessment of comparability of foreign fund with special fund

a) Relevant legal regulations

b) Description of fee structure

In the event of the marketing of investments in a foreign alternative investment fund (AIF) to the public (retail) the Czech National Bank collects an administrative fee totalling CZK 5,000 for the acceptance of an application for an assessment of comparability of a foreign investment fund with a special fund.

The fee for accepting an application for an assessment of the comparability of a foreign fund with a special fund is a lump sum, totalling CZK 5,000 for each fund or subfund assessed.

c) Information on payment of fee and payment details

For the payment of a fee it is necessary to wait for a call from the Czech National Bank for its payment in which the Czech National Bank states to the applicant its account number and the relevant variable symbol. The applicant, usually the manager of the foreign alternative investment fund being assessed, is responsible for paying this fee.

A fee can be paid by wire transfer to an account of the Czech National Bank or in cash at a Czech National Bank branch. Information about Czech National Bank branches, including business hours, is available at the Czech National Bank website. A cash payment of a fee should be made in Czech koruna. A fee cannot be paid using revenue stamps.

In the case of domestic cashless payments, the following payment details are used:

Czech National Bank account number:

Account number: 78-69193891/0710
Variable symbol: (will be communicated by the Czech National Bank in a call for payment of fee)

In the case of cashless payments from abroad, the fee is paid in the Czech currency, where it is necessary to use a payment instruction in international format.

Czech National Bank account number in international format:

Beneficiary: CZECH NATIONAL BANK
IBAN: CZ72 0710 0000 7800 6919 3891
BIC CODE: CNBACZPP

So that a fee paid from abroad is credited to the Czech National Bank account in the correct amount, when inputting the payment order the payer must select “OUR” in the billing details, i.e. SHA/OUR/BEN.

[1] Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (AIFMD)

[2] Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS Directive)

[3] Advice: The Czech National Bank announces that from 1 December 2022 there is a change to the concept for collecting fees. If a fee was paid in the past, its return can be requested in accordance with Article 7 of Act No. 634/2004 Coll., on administrative fees, as amended. A person/entity that paid a fee can request its return.

[4] Fund’s Personal Identification Number is  a ten-digit identification number that was assigned to each foreign investment fund once it was registered in the list maintained by the CNB.

[5] Considering this fact, a collective payment of several renewal fees (for example for several funds of the same  manager or for several sub-funds of one umbrella fund) via one single payment order is not possible.

[6] The rule applies accordingly in next years. Due to technical reasons it is not possible to pay a multiple renewal fee for multiple annual periods (i.e. it is not possible to "pre-pay" several annual renewal fees in advance).