Funds Bulletin   

April 2015

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.

The Investor Money Regulations - Client Assets rules

The Central Bank of Ireland has published a new set of client asset rules for fund services providers. The Investor Money Regulations were brought into effect on 30th March 2015 by Statutory Instrument 105 of 2015. For those in scope, the new rules must be implemented by 1st April 2016.

The Companies Act - Key impacts for investment companies and fund managers

The Companies Act was enacted on 23 December 2014, with an anticipated effective date of 1 June 2015 ("the Act"). The changes will consolidate the existing Companies Acts, simplify Company Law and introduce some welcome reforms. The Act will affect all Irish companies, including fund service providers such as administrators and depositaries, managers of both UCITS and AIFs, as well as investment companies.

Continuing improvements to Ireland’s property funds

The range of property and private equity fund options in Ireland has developed considerably in recent years, with the introduction of the Qualifying Investor Alternative Investor Fund (QIAIF), the European Long Term Investment Fund (ELTIF), and the Real Estate Investment Trust (REIT). Ireland has also recently expanded the range of underlying legal vehicles by introducing the Irish Collective Asset-management Vehicle (ICAV) – a corporate vehicle tailored for funds. It combines the benefits of each of the existing Irish vehicles to create a highly flexible structure.

Capital Markets Union - European Green Paper and Irish Consultation Paper

The European Commission’s green paper ‘Building a Capital Markets Union’ is a consultation document which seeks views on how to develop Europe’s Capital Markets to enable them to “best contribute to broad policy objectives of growth, employment and financial stability”. The Commission has invited interested parties to respond to the questionnaire that accompanies the green paper by 13 May 2015.

The Commission is also seeking views on related consultations on securitisation and the Prospectus Directive by 13 May 2015.

Central Bank of Ireland continuing funds developments

Over recent months, the Central Bank of Ireland has been busy adding to Ireland’s fund products offerings. In October, it launched the Loan Originating QIAIF, followed by the Irish Collective Asset Management Vehicle (ICAV) and the Client Asset and Investor Money Regulations. It is expected to follow up on the Consultation Papers it issued last year with further developments, such as CP77 on a UCITS Rulebook, and CP86 Fund Management Company Effectiveness – Delegate Oversight.

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