Audit via an Abalone partner
The contract will be directly between the Auditor (provider "Groupe Audit Luxembourg") and the securitisation vehicle's compartment (customer).
It will therefore be a flow separate from the maintenance fees.
The audit cost is 5,000 EUR per umbrella vehicle + 2,000 EUR per compartment. In the future it can go up or down depending if new compartments are created or die. The client will see the contract and invoice from the auditor.
(Milo, 23.10.2020)
Correspondence with a client:
"The audit costs were clarified and will be converted from the issuer down to a single compartment. The absolute maximum for a compartment is EUR 7,000 per annum, although due to the size of the operative Luxembourg structure we would be at EUR 3,666 per annum on compartment level. Currently, the structure has no products that will expire in the next two years and we expect more compartments to follow. Therefore, the audit amount for your compartment is more likely to drop even further in the second year. "
FYI - We are evaluating a flat fee to be charged to the clients with Milo...