October 2013 edition
Deloitte Ireland takes a look at the investment management industry in Ireland.
- ESMA guidelines on AIFMD reporting
- AIFMD reporting – get a head start
- AIFMD webinar: remuneration and delegation
- Client asset reform
- EU and US derivatives regulation
ESMA guidelines on AIFMD reporting
Time to prepare
The wait for the final set of reporting guidelines under the Alternative Investment Fund Managers Directive (AIFMD) is now over. A number of helpful and important new clarifications have been made, enabling AIFMs to step up their preparations. Much to the relief of industry, initial reporting will now be aligned with authorisation and the quarterly calendar year. This will allow for a phasing in of filings from 31 January 2014. AIFMs will need to consider a separate opinion ESMA issued to national regulators advising them to collect some additional items of information. The guidelines now pass to national regulations for adoption and roll-out.
Minimise effort and risk with AIFMD reporting
Get a head start
Fund service providers are ideally placed to assist clients with the new reporting obligations and thereby develop new service offerings from AIFMD. However, implementing an AIFMD reporting solution is not without challenges and risks. Clients need to know that the reporting solution is correctly calibrated. Deloitte can assist you to get your AIFMD reporting solution right first time – minimising the effort for you and the risk to your business.
Remuneration and delegation
Thursday 10 October 2013, from 4:00 to 5:00 pm BST
The Alternative Investment Fund Managers Directive (AIFMD) went live on 22 July 2013 but AIFMs continue to grapple with the compliance challenges the new regime has brought. Two key areas – remuneration and delegation – stand out as major challenges where uncertainties persist.
To help firms understand these challenges and how to address them, Deloitte specialists from the UK, Ireland and Luxembourg will host a joint webinar in which they will share insights on the latest developments in AIFMD’s rules on remuneration and delegation.
Funds industry faces client asset reform
Consultation Paper 71
The changes proposed in the Central Bank of Ireland’s consultation on client assets are likely to impact the funds industry. CP 71 proposes to develop a new regime for collection accounts operated by fund service providers as early as Q1 2014. Given the possible effect on daily processes and the high level of oversight afforded to client assets generally, it is important that firms understand the requirements now so that they can analyse the impact and take appropriate action.
EU and US derivatives regulation
An outcomes-based comparison
The implementation of these rules at a global level has thrown up challenges as the constraints of domestic law, differences in market structure and timing hamper the ability for rules to work globally across the spectrum of market participants. The need for a consistent and co-ordinated approach has been a key focus for ESMA recently. This paper, commissioned by the Securities Industry and Financial Markets Association (SIFMA) and the Association for Financial Markets in Europe (AFME), considers the approaches taken in the two largest derivatives markets: the EU and the US.
Money market funds and shadow banking
Cash buffers, transparency and the long road ahead
On 4 September 2013 the European Commission published its proposed Regulation on Money Market Funds (MMFs) and a communication outlining its wider shadow banking work. Of particular concern is the proposed introduction of a 3% NAV buffer. The proposals also include measures relating to investment policy rules, risk management, valuation and transparency.
Sweeping regulation to capture benchmarks and indices
On 23 September 2013 the European Commission proposed a Regulation on indices used as benchmarks, following attention drawn to this area by the manipulation of LIBOR. The proposal is very broad in scope, covering virtually all published benchmarks and indices used as references for traded instruments, financial contracts, and measuring fund performance. The proposal affects firms which are administering benchmarks or submitting information used for benchmarks.
Independent non-executive director seminar
Preparing for the financial reporting season ahead
The seminar will provide insight into the latest audit, regulatory and tax developments as non-executive directors prepare for the financial reporting season ahead. The event will be specifically tailored for independent non-executive directors and provide an opportunity to exchange ideas and insights with Deloitte professionals and your peers. Items on the agenda include:
- Regulatory oversight and governance
- AIFMD – impact for the board
- Accounting updates – new Irish GAAP, IFRS & US GAAP
- Tax updates including FATCA, reclaims & director PAYE
- UCITS and other regulatory developments
Tuesday, 17 October 2013, registration and light breakfast
Seminar: 8:30 am – 11:00 am
Deloitte Academy, Deloitte & Touche, Earlsfort Terrace, Dublin
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