IFSC.ie Funds Features

ESMA Opinion on UCITS Share Classes

11/04/2017 - The UCITS Directive (2009/65/EC) recognises the possibility for UCITS to offer different share classes to investors, but provides no detail as to the permitted scope of these share classes. As a result, there is no common legal or regulatory framework for establishing share classes throughout the EU.

Central Bank Updates

05/04/2017 - Updates of interest include: Supervisory Priorities - Speaking at two industry events*, Grainne McEvoy, Director of Securities and Markets Supervision set out the Central Bank's 2017 supervisory priorities, together with other planned initiatives, as they relate to Asset Management.

Pressure on for Supervisory Convergence

05/04/2017 - As part of the overall plan toward achieving capital markets union ("CMU"), the European institutions are increasingly focused on the streamlining and convergence of regulation in the asset management and financial services landscape.

New Regulations for Fund Administrators, MiFID and Other Investment Firms

04/04/2017 - The Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Investment Firms) Regulations 2017 (the "Regulations") consolidate into one location the requirements that the Central Bank imposes on certain investment firms.

Consultation on New Methodology to Calculate Funding Levies

30/03/2017 - Have your say by 28 April 2017 : The Central Bank of Ireland has published a Consultation Paper (CP 108) on the industry funding levy that is paid to the Central Bank by regulated financial services providers in relation to its supervision of those entities.

Fourth EU Anti-Money Laundering Directive's Effective Date Looms - Are You Ready?

29/03/2017 - The Fourth EU Anti-Money Laundering Directive (EU 2015/849) (AMLD4) is the latest significant upgrade to the EU legislative programme in the area of anti-money laundering and counter-terrorist financing (AML/CTF).

Ireland Publishes First AML/CTF National Risk Assessment

01/12/2016 - On 7 October 2016, the Department of Finance and the Department of Justice and Equality published the first National Risk Assessment for Ireland (NRA) on money-laundering and terrorist financing (AML/CTF).

Irish Securitisations with Financial Assets deriving their value from Irish property

01/12/2016 - Are you aware of the proposed changes to Section 110? On 6 September 2016, the Minister for Finance, Michael Noonan announced details of proposed amendments to Section 110 of the Taxes Consolidation Act 1997 ("Section 110")

ESMA Publishes Final UCITS Remuneration Guidelines

18/11/2016 - As previously reported, in March 2016 the European Securities Markets Authority ("ESMA") published its final report on Guidelines on sound remuneration policies under the UCITS Directive.

EuVECA and EuSEF Funds: Prescriptive Minimum Capital Requirements Proposed

18/11/2016 - In our August 2016 e-zine, we reported on a European Commission ("Commission") initiative to boost the numbers of venture capital and social impact funds by amending the original 2013 European Venture Capital Funds ("EuVECA") and European Social Entrepreneurship Funds ("EuSEF") Regulations.

Investment Funds Update: Finance Bill 2016

18/11/2016 - The long awaited details of the changes to the taxation of Irish investment funds holding Irish property were announced in the Finance Bill, issued on 20 October 2016.

Directors’ Time Commitments in Managing Sub-Funds

03/11/2016 - On 8 September 2016, the Central Bank of Ireland (Central Bank) issued a letter to the chairs of investment funds companies, outlining the findings of its thematic review on the additional directors’ time commitments associated with managing sub-funds.

European Parliament Rejects PRIIPs Regulation Technical Standards

03/11/2016 - On 14 September 2016, the European Parliament (Parliament) voted to reject the draft regulatory technical standards (RTS) adopted by the European Commission (Commission) in June 2016 in respect of the EU Regulation on Packaged Retail and Insurance-Based Investment Products (“PRIIPs”) (EU 1286/2014) ("PRIIPs Regulation").

European Parliament Rejects PRIIPs Regulation Technical Standards

18/10/2016 - On 14 September 2016, the European Parliament (Parliament) voted to reject the draft regulatory technical standards (RTS) adopted by the European Commission (Commission) in June 2016 in respect of the EU Regulation on Packaged Retail and Insurance-Based Investment Products (“PRIIPs”) (EU 1286/2014) ("PRIIPs Regulation").

Changes to Section 110 Regime Relating to Irish Property Assets

11/10/2016 - On 6 September 2016, the Irish Minister for Finance released a statement advising of a proposed amendment to section 110 of the Taxes Consolidation Act, 1997 (section 110), which deals with the taxation regime for special purpose vehicles (SPVs) established in Ireland to securitise assets.

The Fourth EU Anti-Money Laundering Directive – Impact on Investment Funds

11/10/2016 - The Fourth EU Anti-Money Laundering Directive (EU 2015/849) (AMLD4), which came into force on 26 June 2015, will replace the Third Anti-Money Laundering Directive (2005/60/EC) and must be transposed into the national law of member states by 26 June 2017.

The Practical Implications of MiFID II: Third Country Firms

03/10/2016 - In this article we review the new regime being introduced by MiFID II (comprising Directive 2014/65/EU on markets in financial instruments and

Irish Securitisations With Financial Assets Deriving Their Value From Irish Property

15/09/2016 - Are you aware of the proposed changes to Section 110?. On 6 September 2016, the Minister for Finance, Michael Noonan announced details of proposed amendments to Section 110 of the Taxes Consolidation Act 1997 ("Section 110")

Changes to Audit Procedure and Filing Obligations of UCITS and AIFs Proposed

13/09/2016 - The Companies (Accounting) Bill 2016 (the "Bill") was published on 5 August 2016.

Changes to Audit Procedure and Filing Obligations of UCITS and AIFs Proposed

07/09/2016 - The Companies (Accounting) Bill 2016 (the "Bill") was published on 5 August 2016. The primary purpose of the Bill is to transpose the Accounting Directive 2013,

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