Funds Bulletin

August 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.


ESMA’s Opinion on the functioning of the passport and NPPRs and its Advice on the application of the AIFMD passport.

The Alternative Investment Fund Managers Directive (AIFMD), which entered into force on 22 July 2013, introduced an EU marketing passport for EU domiciled Alternative Investment Fund Managers (AIFM) managing and marketing EU domiciled Alternative Investment Funds (AIF), whereas non-EU domiciled AIFMs remained subject to the national placement regimes (NPPRs) of each Member State where the AIF is marketed.

AIFMD Reporting Survey

AIFMD called for significant reporting to national competent authorities. Now that the first reporting cycles have been completed, Deloitte conducted a survey to assess whether any lessons could be learnt, and how to apply them to the ongoing 'business as usual'.

ELTIFs and CMU - Funnelling investment into SMEs and funds

Recent developments within the European Institutions herald good news for businesses across Europe - several measures are underway to increase funding and growth in the real economy including Capital Markets Union (CMU), the European Long Term Investment Fund (ELTIF) and the ‘Investment Plan for Europe'.

Money Market Funds: CNAV features in the US and the EU compared

After separately reviewing the regulation on Money Market funds (the Regulation), the European Institutions (the European Parliament, the Council of the EU and the European Commission) are holding trialogue discussions on the latest draft. Originally proposed as part of a set of reforms to the UCITS regime, the Regulation will affect all European domiciled money market funds (MMFs). In the US, the SEC last year introduced changes rules governing US MMFs which seem to have been the inspiration for some of the changes introduced into the European version, particularly the new rules for Constant Net Asset Value (CNAV) MMFs.

Five key features of CMU

Capital Markets Union (CMU) is a relatively new initiative from the European legislature that is becoming increasingly topical. We have summarised its five key features.

ICAV – 3 months later: The results are out!

Since the Irish Collective Asset-management Vehicles (ICAV) Act 2015 (the Act) became effective on 12 March 2015, the ICAV has proven to be a popular option for fund managers. We consider how many ICAVs are now in existence and compare the ICAV's features with other Irish fund vehicles.

NEW! Link'n Learn: Derivative Financial Instruments - Valuing Complex Instruments

Thursday 3 September 2015, from 4:00 to 5:00 p.m.


  • Credit-Linked Notes
  • Regulatory Context
  • Recent Trends in Derivative Valuation
    - OIS discounting
    - Credit Valuation Adjustment 
  • Illustration: Swap Trading Pre- and Post-Crisis

Join our webinar

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