Asset Management

Asset Management update - August 2016

IFRS News Q3 2016 Update

IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. This update includes:

  • some of the potential financial reporting implications of the UK’s decision to leave the European Union;
  • the amendments and proposed amendments the IASB has recently made to its Standards;
  • round-up of financial reporting developments; and
  • a summary of the implementation dates of newer Standards that are not yet mandatory and a list of IASB publications that are out for comment. Find out more

 

New Market Abuse Regime (MAR)
The Central Bank of Ireland issued revised Market Abuse Rules and Guidance on "Market Abuse Regulatory Framework". This new Market Abuse Regime (MAR) has a number of implications for investment funds listed on the Main Securities Market and the Global Exchange Market of the Irish Stock Exchange. Listed investment funds will need to review and update their existing internal policies and procedures, insider list templates etc. to comply with the updated requirements. Find out more

 

Irish funds and VAT

VAT is generally seen as a costly issue for those involved in the financial services industry. This is because most financial services businesses do not charge VAT and therefore cannot recover VAT (although this is not always the case). Find out more

 

Germany: Investment tax reform law adopted

The half-life of German law is not only falling in the field of inheritance tax; the investment tax law has also experienced several changes in recent years. After the last amendment via the AIFM Directive Implementation Act from 24 December 2013, there was again a rumbling in the responsible committees, resulting in first discussion drafts of a substantial reform of the investment tax law in July 2015.

After adopting the current draft bill in the second and third reading by the German Federal Parliament, the Federal Council of Germany also issued its consent to the new investment tax reform law on 8 July 2016.

Warth & Klein Grant Thornton have produced a document that examines these changes. Find out more

 

ESMA Q&A Updates

The European Securities and Markets Authority (ESMA) issued an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR). The updated Q&A includes a new answer in relation to reporting of trades cleared by a clearing house which is not a Central Counterparty under the EMIR definition.

ESMA has further published updated Q&A’s on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and Alternative Investment Fund Managers Directive (AIFMD). The Q&A’s include one new question and answer on the impact of the EMIR on the UCITS and AIFMD frameworks regarding the valuation of centrally cleared OTC derivatives.

Find out more:

ESMA EMIR Q&A

ESMA UCITS Directive Q&A

ESMA AIFMD Q&A