Newsletter 322 of 19 December 2014 regulation on fees
Dear Member,
Not only our members have been suffering from a steady increase of supervisory requirements and regulation costs over the last couple of years, but also VQF itself faces a regulatory environment that has become more and more complex. Amongst other unpleasant effects, this also causes a steady and considerable increase of the annual supervisory costs that FINMA invoices from VQF. This increase in regulation forces VQF, despite the difficult market situation, to maintain a qualified legal and audit team to ensure ongoing member support. Due to this development, VQF has to amend its VQF fees regulations and to moderately increase its AML files fees, for the first time since the year 2000.
Furthermore, VQF introduces an alternative new fee assessment procedure that bases no longer on the number of AML files but on the annual turnover of a member, with increments similar to the AML files fee to take the economic strength of a member into account. This alternative fee assessment procedure has been designed for members that are not traditional asset managers and that are active in other AML regulated business activities. In addition to this, the VQF fees regulations have been simplified and harmonized.The updated version of the VQF fees regulations is available in the download section on www.vqf.ch.
Please do not hesitate to contact us for any further questions.
Kind regards,
VQF
Financial Services Standards Association
Baarerstrasse 112, Postfach
6302 Zug
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Phone +41 41 - 763 28 20
Fax +41 41 - 763 28 23
e-mail:info@vqf.ch
Financial Services Standards Association
Baarerstrasse 112, Postfach
6302 Zug
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Phone +41 41 - 763 28 20
Fax +41 41 - 763 28 23
e-mail:info@vqf.ch
Please note that only the German version is legally binding.