Deloitte Ireland takes a look at the investment management industry in Ireland.
The Investment Management Regulatory Horizon
The range of issues the funds industry must address has risen steadily as we face an unprecedented wave of regulatory change. Looking to 2014 and beyond, the Investment Management Regulatory Horizon provides you with a snapshot of each significant regulatory, highlighting key impacts and actions to consider. For each of these issues we have incorporated ‘five key questions you need to ask’ along the way to help address the regulatory challenges you are facing.
AIFMD transparency rules – impact on the annual report
The Alternative Investment Fund Managers Directive (AIFMD) includes “transparency requirements” which are applicable to AIFMs marketing and or/managing AIFs in the EU. The transparency requirements relate to the annual report, investor disclosures and regulatory reporting. This briefing outlines the impact of the transparency requirements on the annual report of the AIF in terms of how, when and in what format information might be disclosed.
EU Presidency compromise paves way for UCITS V
A compromise text on UCITS V, agreed by the EU’s Council of Ministers on 4 December 2013, means that negotiations with the European Parliament can now commence with a view to adopting the Directive in early 2014. UCITS V had not featured as an EU Presidency priority since it was proposed by the European Commission in July 2012 but now looks likely to be adopted in advance of the European elections in May 2014. This means that that the new UCITS rules on the depositary, remuneration and sanctions would take effect in 2016.
In the eye of the storm – debate on money market funds rages on
The controversy surrounding the future regulation of money market funds shows no signs of abating following the release of a draft report in the European Parliament on 15 November 2013. The draft report goes further than the original Commission proposal in many respects and sets the scene for more intense discussion on the future viability of money market funds in Europe. Most notably, the draft report would impose a 3% capital buffer on constant NAV money market funds by the end of 2014, leading up to an outright ban of such funds by 2019.
EMIR for asset servicers and custodians
The European Market Infrastructure Regulation (EMIR) will have a sweeping effect on the operation of derivatives markets. EMIR will impact not only those who trade in derivatives but also the asset servicers and custodians. However, these changes represent an opportunity for providers to enhance their service offering to their clients. Download our paper for analysis of the relevant changes brought about by EMIR, our thoughts on the operational impact and how to maximise the opportunities presented for you.
Revised models of FATCA IGAs
On 4 November 2013 the US Treasury released revised versions of the Model 1A, Model 1B and Model 2 Intergovernmental Agreements (IGAs). Key changes include an extension to the definition of a Financial Account, a revised definition of a US Specified Person to exclude certain tax-exempt trusts and clarification that a FATCA Partner FI can continue to be in compliance even though it has related entities and branches that are Nonparticipating Financial Institutions.