Insights

Funds Bulletin

August 2014

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.

AIFMD implementation update

The one year transitional period for the Alternative Investment Fund Managers Directive ended on 22 July 2014. Nevertheless, some countries are still engaged with the implementation stage, while ESMA and other countries are still addressing ongoing operational queries while at the same time are issuing guidance.

ESMA has issued a new Q&A on the application of the AIFMD. In Ireland, the Central Bank has issued guidance on reporting and reporting templates, a feedback statement on its consultation on Depo-Lite, and a Guidance Note and template for completion of the Minimum Capital Report by Irish authorised AIFMs and UCITS management companies. The IFIA has also issued an “AIFMD Regulatory Reporting – Getting started guide”.

UCITS update

Across Europe and Ireland, there have been several updates recently affecting UCITS. The Council of the EU adopted the UCITS V Directive, ESMA launched a consultation on counterparty risk calculation methods for UCITS subject to central clearing, while the Central Bank of Ireland issued a Consultation Paper on adoption of ESMA’s Guidelines on ETFs and other UCITS issues.

IFIA Corporate Governance code for Fund Service Providers

This initiative by the Irish Fund Industry Association (IFIA) to introduce a Corporate Governance Code for Fund Service Providers (the Code) follows on from the IFIA’s Corporate Governance Code for Collective Investment Schemes and Management Companies (2012). 

Market Abuse Directive/Regulation

On 15 July 2014, the European Securities and Markets Authority (ESMA) issued a consultation on the new Market Abuse Regulation (MAR) which entered into force on 2 July 2014.

In its press release, ESMA explained that to assist in developing the implementation of the new MAR framework which will become applicable in July 2016, it is issuing two consultation papers seeking stakeholders’ views on the draft regulatory and implementing technical standards (RTS/ITS) and Technical Advice (TA).

Consultation on loan originating Qualifying Investor AIF - (CP85)

On 28 July 2014, the Central Bank of Ireland (CBI) issued Consultation Paper (CP85) on a “Loan originating Qualifying Investor Alternative Investment Fund” (LOQIAIF).

 

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