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

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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 […]

Background – Companies Act 2014 The Companies Act 2014 (“the Act”) came into force in Ireland on 1 June 2015. A key provision of the Act impacting the Irish investment fund industry is: Section 225, the introduction of a requirement for certain incorporated companies to include in the annual report a directors’ compliance statement (“DCS”). […]

Introduction UCITS1 V was published in August 2014 and EU member states transposed the directive into national law on 18 March 2016. Two of the main areas relate to a new depositary regime and regulations governing UCITS remuneration policies. The focus of this briefing note is on remuneration. Remuneration relates to fixed and variable pay […]

Background The Irish stock exchange is a leading market for the listing of both investment funds and debt securities Two of the markets operated by the Irish stock exchange are the MSM1 and the GEM2 . The MSM, which is an EU regulated market, is the leading venue worldwide for the listing of investment funds […]

Introduction Significant changes to Ireland’s fund governance regime are being introduced further to consultation paper 86 (“CP86”) which was issued by the Central Bank of Ireland. Key developments include: A requirement that boards document the rationale for their composition Increased likelihood of inspection for fund or management companies where directors hold more than twenty board […]

Background In September 2014, the CBI1 issued a consultation paper entitled Fund Management Company Effectiveness – Delegate Oversight (‘CP86’). CP86 concentrates on funds / fund management companies under the regimes of the UCITS Regulations 2011 and AIFM2 Regulations 2013. The aim of CP86 is to ensure that the management and operation of regulated funds have […]

Background The CBI1 oversees in excess of 6,000 Irish domiciled funds. The CBI conducts themed inspections to supplement its supervisory activities under its risk-based supervisory framework PRISM2. In 2015, CBI themed inspections focussed on cyber security, integrity of regulatory returns, depositary oversight, UCITS3 risk management and the treatment of pricing errors. Recent Developments The CBI […]

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Role of the Promoter The CBI1 currently stipulates that all UCITS2 applications must be coordinated by an entity which has relevant experience and appropriate financial resources. The CBI views entities regulated in equivalent jurisdictions as having relevant expertise. Shareholder funds of EUR 635,000 is deemed to be sufficient financial resources. It should be noted that […]