In December 2017, 3GPP passed two major milestones for 5G by approving the first set of 5G New Radio (NR) specifications and by putting in place the 5G Phase 1 System Architecture. These achievements have brought about the need for new management standards, as 5G adds to the ever-growing size and complexity of telecom systems. 3GPP management standards from Working Group (WG) SA5 are approaching another major milestone for 5G. With our studies on the 5G management architecture, network slicing and charging completed last year, we are now well under way with the normative work for the first phase in 3GPP Release 15, which includes building up a new service-oriented management architecture and all the necessary functionalities for management and charging for 5G networks. SA5's current work also includes several other work/study items such as management of Quality of Experience (QoE) measurement collection and new technologies for RESTful management protocols. However, this article will focus on the new 5G Rel-15 architecture and the main functionalities, including charging.