Funds Bulletin

Insights

Funds Bulletin

Key updates 

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.

CP86: CBI feedback on it's consultation paper

The Central Bank has issued feedback (Feedback) on its “Consultation on Fund Management Company Effectiveness – Delegate Oversight’ (CP86) (the “Consultation”).

It has also issued consequential guidance on related subjects including Guidance on Organisational Effectiveness and Guidance on Directors’ Time Commitments. The original version of CP86 included draft Guidance on Fund Management Companies – Delegate Oversight. The Central Bank of Ireland (CBI) has now re-issued that as a consultation in its own right and is inviting submissions from industry. Each of these developments is considered in detail in our paper, which is available to read in the attachment.

Central Bank of Ireland June developments

On 12 June 2015, the Central Bank of Ireland published Issue 3 of 2015 of its Markets Update. Its contents include updates on Fund Management Company Boards (CP86), Q&A Update on the Companies Act 2014, a Revised AIF Rulebook, AIFMD Q&A and UCITS Q&A.

Capital Markets Union: AIMA’s response to the Green Paper gives the IM perspective

The Capital Markets Union (CMU) is the European Commission’s ‘landmark project’ which aims to create a single market for capital, unlock funding for Europe’s businesses and boost growth in the EU’s 28 Member States. Earlier this year the commission issued a 'green paper' which sought input generally from all stakeholders across the EU on the proposed content of the CMU, as well as additional suggestions. The Alternative Investment Management Association (AIMA) submitted a response to this green paper from the perspective of the investment management industry. Here we summarise their key points.

ETFs: Exchange Traded Funds

Exchange Traded Funds (ETFs) are fund structures whose units are traded on regulated markets and investment exchanges. They are typically open-ended and redeemable on a daily basis. Most European ETFs are structured as UCITS funds.

The Irish Revenue recently published a Guidance Note on the Revenue website regarding the tax treatment of investments in Exchange Traded Funds. We summarise these developments, and provide an of ETFs and their evolution.

 

Extension of FATCA Reporting Deadline to 31 July 2015

The Irish Revenue have confirmed that the FATCA reporting deadline of 30 June 2015 has been extended to 31 July 2015. This extension will apply to 2015 filings only. The extension comes after representations from industry, where many entities are experiencing difficulties in preparing and filing FATCA returns.

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