AIFMs authorised in their EEA home State may exercise passport rights for management and marketing in Belgium in relation to most types of AIF, on a services and / or branch basis. In order to do so, the Belgian law on AIFs sets out several conditions to be fulfilled.

Regardless of whether an existing passport to do management business under another single market directive (such as UCITS) is held, EEA AIFMs are required to make a separate notification to their home State competent authority if intending to manage or market an EEA AIF on a passported basis. The home State competent authority will send the management passport notification to the Belgian Financial Services and Markets Authority (“BFSMA”) on behalf of the EEA AIFM.

Please note that in the case of a public offer of the AIF’s units in Belgium, registration of the AIF with the BFSMA and approval of a prospectus will be required.

2. Third country AIFMs

AIFMs based in non-EEA (third country) jurisdictions wishing to market EEA and / or Non-EEA AIFs in the UK will be required to comply with the National Private Placement Regime, as well as the financial promotion rules.

3. Fees

To date, no application fee for outward or inward AIFMD passport notifications has been announced by the BFSMA. However, each and all financial institutions subject to prudential supervision in Belgium (including AIFs and AIFMs) have to pay a variable fee and / or a fixed fee to the BFSMA annually. In this respect, AIFMs have to pay a variable fee 1 Each year, a global contribution budget for the operating expenses of the BFSMA is fixed (about EUR 79,6m in 2016) and each different category of financialinstitutions has to participate in a fixed proportion to this budget. The category encompassing the AIFMs has to contribute with a 2.49% proportion of theglobal contribution budget. The 2.49% contribution is itself divided between the financial institutions of that category on the basis of criteria such as theirregulatory capital, revenues, and balance sheet.  and AIFs have to pay an annual fee beetween EUR 375 and EUR 3,000 2 Calculated in proportion to the amount of assets under management in the previous year .