Funds Bulletin 

February 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 Fourth EU Anti Money Laundering Directive

The final version of the Fourth EU AML Directive is expected to be enacted in early 2015. The purpose of the Directive is to remove any ambiguities in the previous legislation and improve consistency of anti-money laundering (AML) and counter terrorist financing (CTF) rules across all EU Member States.

Revised Money Market Funds Regulation

In this article, we consider the latest amendments to the Regulation, particularly:

  • the calculation of the NAV;
  • the introduction of liquidity fees and redemption gates;
  • the removal of the 3% capital buffer

Asset Segregation under the AIFMD: Responses to ESMA’s Consultation on Guidelines

On 1 December 2014 ESMA published a Consultation on Guidelines on Asset Segregation under the AIFMD (the Consultation Paper).

In it, ESMA proposed five options for the segregation of assets by a sub-depositary, in circumstances where an AIF’s depositary had outsourced the custody of the AIF’s assets. Our review of the responses received are summarised in the briefing.

Join our latest Link'n Learn webinar: UCITS V & VI updates

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. An hour of your time is all you need to log on and tune in to each informative webinar.

Join our latest webinar in the series: UCITS V & VI updates

ICAV: Irish Collective Asset management Vehicle

Ireland’s new corporate fund vehicle, the Irish Collective Asset-management Vehicle (“ICAV”), is being introduced under bespoke funds legislation due to be enacted in the coming weeks.

The ICAV has many benefits, including enhanced distribution among US investors and a streamlined compliance model. Irish and overseas fund managers will benefit from structuring new funds as ICAVs, and in certain circumstances may also benefit from converting or merging existing funds to form an ICAV.

FCA competition study

The FCA recently announced that it will kick-off a market study looking at competition in investment and corporate banking services in spring 2015. This comes as part of its review into competition in the wholesale sector.

Deloitte has published a blog on the wholesale competition review, focusing on the implications for investment and corporate banking. 

Performance magazine

January 2015 - issue 16, the latest edition of this triannual topical digest for asset management professionals.

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