Asset Management Bulletin April 2017


Asset Management Bulletin

April 2017

The Deloitte Asset Management Bulletin delivers you our latest updates and insights on industry and regulatory developments. We hope you find this edition useful and please contact us if you have any queries.

ETF market in Europe - What impact will MiFID II, MiFIR and other regulatory and tax developments have on the ETF market?

In this article we look at key regulatory and tax developments nad what the implicatiosn are on the European ETF market:

  • The implications of MiFID II
  • Is MiFIR a game changer for ETFs/ETPs?
  • Other regulatory and tax deveopments
    Benchmark regulation and the ETF Market
     - The European Union Fourth Anti-Money Laundering Directive
     - The General Data Protection Regulation (“GDPR”)
     - Brexit
    Section 871(m)

Link'n Learn - EMIR and SFTR

Agenda for EMIR and SFTR

  • EMIR: where do we stand and next steps

- Margin requirements

- Clearing

- Reporting

  • SFTR: where do we stand and next steps

- Transparency on re-use

- Disclosure to investors

- Reporting

UCITS PLCs - Audit Committee Requirement

Section 167 of The Companies Act 2014 (“the Act”) requires UCITS PLCs to establish an Audit Committee on a “comply or explain” basis.

Subsequently, the European Union (Statutory Audits) Regulations 2016 ( S.I. 321) came into effect on 17 June 2016. It included a clause expressly dis-applying the requirement to establish an audit committee to public interest entities that are UCITS PLCs. This has resulted in a conflict between the Act’s requirements and SI 321; such that a public interest entity UCITS PLC can’t ignore it’s obligation under the Act regardless of the SI.

Brexit - Article 50 trigger: from planning to implementation

The Prime Minister’s announcement of the Government’s decision to trigger Article 50 (Art 50) and commence the process of the UK’s formal withdrawal from the EU is momentous in many ways. However, for financial services firms - many of which have been working on their Brexit contingency planning for six months or more - the significance of this is that it means that they now have a maximum of two years in which to implement their plans.

First Irish CRS Reporting Deadline 30 June 2017 - Are you ready?

The Common Reporting Standard (CRS) has relevance for Irish custodians, depositories, investment entities (certain funds, securitisations and trusts), and certain insurance companies.

Where an entity falls within the definition of a Reporting Financial Institution (“RFI”) under the Irish CRS regulations, it should have already commenced the process of carrying out the required internal due diligence and updating of its systems in preparation for its first CRS reporting deadline of 30 June 2017.

Finance Act 2016: Changes to the Irish Securitisation Tax Regime

Ireland has established itself as a leading centre for securitisation activity and has generated significant domestic employment in servicing securitisation companies established here. Finance Act 2016 introduced changes affecting Irish securitisation companies that hold certain investments which derive their value from Irish property.

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