Funds Bulletin

August 2016

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

Directors' Compliance Statement - The Companies Act 2014

The Companies Act 2014 (“the Act”) was enacted in December 2014 and has introduced the requirement for a number of assertions to be made with regard to compliance as part of the directors’ report for affected companies.

Section 225 of the Act sets out the requirement to include the directors’ compliance statement (“DCS”) in the directors’ report of the annual audited financial accounts.

On a first review of Section 225 of the Act it may not be obvious that Irish UCITS funds established as PLCs and qualifying companies under Section 110 of the Irish Taxes Consolidation Act 1997 are required to comply. However on closer inspection they currently are caught under the Act and they must prepare a DCS on a comply or explain basis. Under Section 943(1) (g) (i) of the Act the Minister has the power to make
regulations exempting Section 110s from the DCS requirement but such regulations have not yet been made.

Audit Reform in Ireland

In 2014 the European Parliament and Council introduced new rules in relation to audits carried out in Europe. These changes are contained in a Directive and related provisions of an EU Regulation (the ‘Directive and Regulation’).

On the 15 June 2016 a Statutory Instrument (‘SI 312’) was signed in Ireland that gives effect to the EU Directive and Regulation.

SI 312 provides clarity on how the rules will be implemented in Ireland and what options allowed within the EU Directive and Regulation (so called ‘member state options’) will be taken.

ESMA advises on extension of funds passport to 12 non-EU countries

The European Securities and Markets Authority (ESMA) has published its Advice in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve countries.

Third Consultation On Fund Management Company Effectiveness “CP86”

The Central Bank of Ireland (“CBI”) has published its latest update in the CP86 process. This consultation is the follow up to last November’s CBI guidance on delegate oversight, organizational effectiveness and directors’ time commitments for fund management companies.

General Data Protection Regulation

The new General Data Protection Regulation (“GDPR”) has been voted into law by the European Parliament.

It is vital for organisations to begin preparing for the biggest data protection innovation in 20 years.

Performance Magazine

May 2016 - issue 20, the latest edition of this triannual topical digest for asset management professionals.

NEW! Link'n Learn - MiFiD II and MiFiR

Led by Deloitte’s industry experts, Link’n Learn is a series of free of charge webinars conducted during the course of the year, specifically designed to keep you up-to-date with today’s critical trends and the latest regulations impacting your business.

More details to follow for upcoming webinar on on MiFID II and MiFIR on Thursday, 11 August 2016 



Irish businesses have proven, particularly over the last number of years, how resilient and flexible we can be in responding to changing market circumstances.

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