Insights

Funds Bulletin

Key updates from May 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.

Key fund updates ELTIF, EuSEF, EuVECA, Companies Act 2014 and AIFMD

  • The finalised text of the ELTIF was published in the Official Journal of the EU on 19 May 2015. It will come into force 20 days later on 8 June 2015, and will be applicable from 9 December 2015.
  • The Minister for Finance published two new Statutory Instruments on 20 May 2015 regarding two new European fund products – the European Union Social Entrepreneurship Funds (EuSEFs) and the European Union Venture Capital Funds (EuVECAs).
  • The Companies Act 2014 ("the Act") came into effect on 1 June 2015. It consolidates the existing Companies Acts, simplifies Company Law and introduces some welcome reforms. The Act affects all Irish companies, including fund service providers such as administrators and depositaries, managers of both UCITS and AIFs, as well as investment companies.
  • The European Securities and Markets Authority published an updated version of its ‘Questions and answers on the application of the AIFMD’ on 12 May 2015. The updated sections are Section III on ‘Reporting to national competent authorities under Articles 3, 24 and 42’ and Section VII on ‘Calculation of leverage’.

Central Bank of Ireland Annual Performance Statement 2014 and Planned Activities for 2015

The Central Bank of Ireland (CBI) must prepare an Annual Performance Statement on its financial regulatory activities undertaken for the previous year and its planned activities for the upcoming year within four months after the end of each financial year.

The CBI recently published its report for 2014 and its planned activities for 2015. It re-iterated that its priorities are safeguarding stability, protecting consumers and that in fulfilling that mandate, it authorises, supervises, regulates and enforces against regulated financial entities.

ESMA calls for modification of the UCITS Directive

The European Securities and Markets Authority (ESMA) published an Opinion on 22 May 2015 addressed to the European Union (EU) institutions on the impact of EMIR on UCITS. In the opinion, ESMA calls for a modification of the UCITS Directive to take into account the clearing obligations for certain types of over-the-counter (OTC) financial derivative transactions under EMIR.

First Irish FATCA reporting deadline 30 June 2015 Are you ready?

If you have not already taken steps to ensure that you are FATCA compliant it is important that you establish the relevance of the rules as soon as possible.

Failure to be FATCA compliant will mean that you are not compliant with Irish tax rules, given that FATCA is now enshrined in Irish legislation. For example, where you fail to make a full and complete FATCA return by the reporting deadline of 30 June 2015 (even where this return is a nil return) you will be liable to an initial penalty of €19,045 with a further penalty of €2,535 for each day the failure continues.

Central Bank of Ireland consultation on corporate governance (CP94) requirements for investment firms

The Central Bank of Ireland (CBI) published a consultation paper on corporate governance requirements for investment firms (CP94) on 5 May 2015. This proposed new regime of corporate governance will apply to investment firms, including all MiFID firms and non-retail investment intermediaries licensed or authorised by the CBI and designated as high, medium high or medium low impact under the CBI’s Probability Risk Impact System (PRISM).

These proposed new requirements are intended to supplement the new corporate governance requirements for investment firms which MiFID II and CRD IV are introducing.

Performance Magazine: Issue 17

May Edition

This edition of Performance magazine with its focus on Africa will be an interesting read. It highlights some of the opportunities this market offers, and attempts to provide a high-level insight into some of the current challenges.

We will see disruption, innovation and all the related changes, and it is important for us to assist our clients with a guiding hand through this process.

Link n Learn session on Remuneration (CRD,MiFID, AIFMD, UCITS)

Join Our latest session will take place Thursday the 11th of June

Agenda

  • Key areas of focus for 2015
  • Regulatory developments:
     - EBA guidelines on CRD IV
     - AIFMD
     - UCITS V
     - MiFID
  • Alignment of risk, reward and culture
  • Key themes in asset management remuneration
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