Asset Management

Asset Management update - October 2016

Grant Thornton Asset Management conference

Thank you to all the delegates who attended our second annual Grant Thornton Asset Management conference.

Our Asset Management conference featured a key note address by former Taoiseach and EU Ambassador to the Unites States, John Bruton, a panel discussion on the changing face of the Asset Management industry followed by a range of breakout sessions covering topics such as financial reporting and tax updates for funds and SPVs, Companies Act 2014 and compliance responsibilities, the growth of fintech and cybercrime, BEPS and many more. Find out more

 

Central Bank of Ireland Markets Update

On 12 September 2016 the Central Bank of Ireland published Issue 5 of 2016 of its Markets Update. This update covers a variety of topics such as updated Questions & Answers sheets relating to UCITS, AIFMD and MiFID, Directors time commitments and Market Abuse Regulations updates. Find out more

 

ESMA consults on future reporting rules for securities financing transactions

On 30 September 2016, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking activities.

ESMA is seeking stakeholder’s views on its draft SFTR implementing measures. The key areas of the draft rules include:

  • the procedure and criteria for the registration as a trade repository under the SFTR;
  • the use of internationally agreed reporting standards, the reporting logic and the main aspects of the structure and content of SFT reports;
  • the requirements regarding transparency of data, data collection, aggregation and comparison; and
  • the access levels for different competent authorities. Find out more

 

Finance Bill 2016

As previously announced, changes have been introduced for Section 110 companies. The use of profit participating loans will be restricted where they are used by qualifying companies in relation to Irish property transactions. To ensure that bona fide securitisations are not restricted by the amendment, the legislation provides that defined Collateral Loan Obligation transactions, defined Commercial Mortgage Backed Securities/Residential Mortgage Backed Securities transactions and defined loan origination businesses are excluded from the amendment. 

Exemptions are also provided in relation to payments made to individuals within the charge to income tax or companies within the charge to corporation tax, Irish or EEA pension funds, or EEA citizens or companies who will pay tax on receipt of the interest, without any deduction for profit participating interest, provided that the payment of the coupon to the EEA citizen or company is not for tax avoidance purposes.

Irish Real Estate Funds (IREFs) - A new taxation method for fund structures holding Irish real estate has been proposed. IREFs are investment undertakings (excluding UCITS) where 25% of the value of that undertaking is made up of Irish real estate assets. IREFs must deduct a 20% withholding tax on certain property distributions to non-resident investors.