List of Fees

The fees applicable are specified in Law 10/2013, of 23 May, of the Andorran Financial Authority [Llei 10/2013, del 23 de maig, de l’Autoritat Financera Andorrana] and specifically in the following articles:

 

Article 28 - Authorisation fee for the creation of a new operating entity in the Andorra financial system.

The fee payable is determined by a fixed amount depending on the entity type, in accordance with what is established below:

Type of Entity

Creation Fee

Banks

34.291 euros

Non-bank Specialised Credit Institutions

11.431 euros

Financial investment companies

13.716 euros

Financial investment agencies

9.144 euros

Asset management companies

6.859 euros

Financial advisers

2.286 euros

Collective Investment Schemes Management Companies

6.859 euros

Payment Institutions

6.684 euros

Electronic Money Institutions

6.684 euros

 

Article 33 - Andorran financial investment institutions annual supervision fee

The fee payable is determined by a fixed amount depending on the investment services, ancillary services, and complementary activities that are authorised and exercised in a real and effective manner, in accordance with what is established below;

Types of services

Annual Supervision Fee

Investment services

 

a)  The reception and transmission of client orders in relation to one or more financial instruments

572 euros

b)   The execution on behalf of clients’ orders mentioned in item a) above, which consists in the business of purchase or sale of one or more financial instruments

1.143 euros

c)   Proprietary account negotiation that consists in the formalization of operations on one or several financial instruments

1.143 euros

d) 1)   The discretionary and individualized management of portfolios in accordance with the mandate given by clients

2.286 euros

d) 2)   The discretionary and individualized management of portfolios in accordance with the mandate given by clients, exclusively in the form of indirect management

1.372 euros

e)  Investment advice that consists in providing personalised recommendations to clients, at their request or at the initiative of the financial investment entity, on one or more operations related to financial instruments

572 euros

f)   The assurance of the issue or placement of financial instruments

1.143 euros

g)    The placement of financial instruments, with or without, a firm commitment basis

1.143 euros

h)   The management service of multilateral trading systems

2.286 euros

Ancillary services

a)   The administration and custody of financial instruments on behalf of clients, including custody and related services such as treasury and guarantee management

2.286 euros

b)  The granting of credits or loans to an investor in order to allow an operation in one or several financial instruments, when the financial investment entity that grants the credit or the loan participates in the operation

1.143 euros

c)  Advice to companies in the field of capital structure, industrial strategy and related issues, and advice and services in relation to company mergers and acquisitions

572 euros

d)  Currency exchange services when they are related to the provision of investment services

572 euros

e)  Investments reports and financial analysis, or other forms of general recommendation regarding operations in financial instruments

572 euros

f)  Services related to assuring the issuance or placement of financial instruments

1.143 euros

g)   Investment services and activities, and complementary services referring to the underlying  non-financial derivative of financial instruments as stipulated in the fifth, sixth and seventh points of item 7 of the preliminary title of the Law 10/2008, 12th June, regulating collective investment schemes under Andorran Law [ la Llei 10/2008, del 12 de juny, de regulació dels organismes d’inversió col·lectiva de dret andorrà] when they are linked to the provision of investment services or ancillary services

572 euros

Activitat complementària

1.143 euros

 

Article 37 –Financial Entities and Collective Investment Schemes Management Companies Annual fee of supervision on a consolidated basis

The fee payable is determined by a fixed amount that is made up of:

  • An annual fee of supplementary supervision, that corresponds to supervision on a consolidated basis at a fee of €5,715, for all financial entities and collective investment schemes management companies subject to supervision on a consolidated basis by the AFA, if applicable.
  • An annual supplementary supervision fee, that corresponds to supervision on a consolidated basis, for all those financial entities subsidiaries and collective investment schemes management companies that are under the supervision of a foreign financial or insurance supervisory authority, in accordance with what is established below

Types of branches or subsidiaries

Annual Supervision Fee

For each supervised foreign non-bank subsidiary active within the consolidated supervision scope

6.859 euros

For each branch dependent on an entity operating in the system

4.572 euros

For each representative office dependent on an entity operating in the system

1.143 euros

 

Article 40 - Fees for the pre-authorisation process and/or registration with the AFA.

The fee payable is determined by a fixed amount in accordance with what is established below:

Fee concept

Pre-authorisation and/or registration fee

Pre-authorisation process

554 – 110.634 euros

Registration process

332 – 55.317 euros