MiFID II will come into effect on 3 January 2018 and is widely regarded as one of the most important regulatory initiatives undertaken by the European Union since the onset of the financial crisis in 2008
The first quarter of 2017 was characterised by gains in Eurozone, global and UK equities. In the Eurozone, the PMI reached a six year high in March and inflation increased. Political worries in Europe were less of a concern with fears of far-right election victories in both France and the Netherlands receding. The quarter also saw positive returns in the credit space in line with equities.
The Companies (Accounting) Act 2017 (the “Act”) became active on 9 June 2017 and transposes the EU Accounting Directive 2013/34/EU into Irish law. The main objective of the Act is to make the financial reporting and filing obligations of smaller companies less onerous. The Act impacts funds established as UCITS/AIFMD compliant investment companies (collectively “Investment […]
Introduction The first Markets in Financial Instruments Directive (“MiFID I”) became effective on 1 November 2007. It introduced a number of items including the MiFID passport, client categorisation requirements, client order handling requirements, pre and post trade transparency requirements and requirements relating to investment firms ensuring that clients receive best execution. MiFID II will come […]
Introduction On December 19th 2016, the Central Bank of Ireland (“CBI”) published the final guidance on consultation paper 86 (“CP86”). CP86 addresses the effectiveness of Fund Management Companies (“FMCs”). The process commenced in September 2014 with the publication of the first of three consultations on this topic. The objective of CP86 is to introduce initiatives […]
The Impact of CP86 on Existing and New FMCs
On 14 October 2016, ESMA1 published Guidelines on sound remuneration policies under the UCITS Directive
In this article, we review the political considerations of Brexit and analyse the potential impact on UK asset managers.
James Wauchope joined KB Associates in October 2016 where he serves as an independent professional director
Download this presentation from KB Associates Managing Principle, Mike Kirby on International Fund Distribution and Product Design
Background on Section 110 Companies Section 110 of the Irish Taxes Consolidation Act, 1997 provides advantageous tax treatment for Irish SPVs that meet the “qualifying companies” requirements. Section 110 companies are widely used by non-UCITS funds. “Qualifying companies” must: Be resident in Ireland for tax purposes Acquire, hold or manage “qualifying assets” Carry out a […]
A Summary of the Impact of CP86 on Existing and New FMCs1 – September 2016 CP86 Key Requirements Existing FMCs (authorised before Nov 1 2015 New FMCs (authorised after Nov 1 2015) 1. The rationale for board composition to be outlined in the business plan/programme of activity. For existing FMCs, compliance will be required within […]
ICAV Background The ICAV Act 2015 put in place a legal framework for a corporate fund vehicle in Ireland that is tailor-made for investment funds. The ICAV is available under both the UCITS and AIFMD regimes and may be set up as a standalone or umbrella structure. The ICAV has a number of benefits over […]