FEES 4 Annex 4 Periodic fees in relation to collective investment schemes, recognised schemes, AIFs marketed in the UK, small registered UK AIFMs and money market funds payable for the period 1 April 2024 to 31 March 20251910161516181920212425

1Part 1 - Periodic fees payable

Fees are charged according to the number of funds or sub-funds 5operated by a firm as at 31 March preceding the relevant fee year14.83 Where a new collective investment scheme becomes authorised during a fee year14, fees are charged according to the number of funds or sub-funds 5operated by a firm as at the date of authorisation. Where more than one fund or sub-fund 5is operated,5 the number of funds (not including the umbrella 5or parent fund) produces a 'fund factor' in accordance with the table above,5 which is then applied to a basic fee to produce one total fee per operator 5. Fund factors are applied per operator 5rather than per scheme 5so that the fees relate to the number of funds rather than the number of schemes5. This means that, for example, an authorised fund manager5 of three schemes 5pays the same as an operator 5or authorised fund manager 5of one scheme 5with three sub-funds 5(as only the sub-funds 5are counted).

Umbrellas recognised under sections 271A or 272 of the Act are charged according to the number of sub-funds which are recognised under section 271A or 272 of the Act (subject to the note below) as at 31 March immediately before the start of the period to which the fee applies. For example, for 2024/25 fees, a reference to 31 March means 31 March 2024.

In the event that an umbrella were to have both sub-funds that are recognised under section 271A of the Act and sub-funds that remain recognised under regulation 62 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 for the time being, the calculation of the periodic fees charged to the umbrella will take into account all of those sub-funds. For the avoidance of doubt, in this scenario only one fee will be payable for both FEES 4 Annex 4R Part 1 and FEES 4A Annex 2R Part 1 purposes. 29

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 regulation13

Part 3 - Periodic fees paid by small registered UK AIFMs13