This Fund Regulation 2015 update covers key updates from the main pieces of regulation impacting the investment fund industry this year.
Key regulatory updates include:
• AIFMD: update on Annex IV Reporting, Authorisation, Key dates in 2015
• FATCA: latest news from the IRS and key dates ahead, as well as CRS update
• UCITS V: progress on with implementation (remuneration & depositary) and key points to consider
• EMIR: latest requirements for reporting and implementation
• Solvency 2: impact on asset managers in the year ahead
• MiFID 2: update on MiFID reporting (MiFIR), fee disclosure and the impact on research
• How Global Perspectives can assist with your operational regulatory requirements
Contact us for more information:-
Shane@globalperspective.co.uk
Automatic exchange of financial account informationnztaxpolicy
The document discusses New Zealand's plans to implement the Common Reporting Standard (CRS) for automatic exchange of financial account information. It provides details on the CRS framework, timeline, and key issues for New Zealand to consider in developing its domestic legislation. These include the definition of reporting financial institutions, account types subject to reporting, compliance requirements, and whether to make certain CRS elements optional or mandatory. The first information exchanges under the CRS are scheduled to occur by September 2018.
First came FATCA, now comes the Automatic Exchange of Information: is it just...sgarazi
Management of Regulatory Projects:
First came FATCA, now comes the OECD's Automatic Exchange of Information: is it just "copy & paste"? Which challenges exist?
Automatic exchange of financial account information - March 2016nztaxpolicy
The document discusses New Zealand's implementation of the Common Reporting Standard (CRS) for automatic exchange of financial account information. It provides details on the CRS framework, timeline for implementation, reporting requirements for financial institutions, due diligence procedures, and seeks input on various implementation options. Key points include: CRS will be effective in New Zealand from 2017, requiring financial institutions to conduct due diligence on accounts and report information to Inland Revenue by September 2018. Financial institutions must identify reportable accounts held by tax residents of other participating jurisdictions.
Ronald Waiswa, ICTD Researcher, and Supervisor: Research and Policy Analysis, Uganda Revenue Authority Research, Planning and Business Development Division
Monica Tumerkunde, Supervisor, HNWI Unit, Uganda Revenue Authority Research, Planning and Business Development Division
International Tax Planning after BEPS - A Country SpotlightTIAG_Alliance
The OECD initiative against “Base Erosion and Profit Shifting” was
commissioned by the G-20 in 2013. Final deliverables were presented to the G-20 in November 2015.
“Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid. BEPS is of major significance for developing countries due to their heavy reliance on corporate income tax, particularly from multinational enterprises (MNEs.)”
Creators and Presenters:
• Russell Brown, LehmanBrown, China
• Florence Bastin, Fiduciaire du Grand-Duché de
Luxembourg S.à r.l. (FLUX)
• Fabrice Rymarz, Racine, France
• Simone Hennessy, HSOC, Ireland
• Fuad Saba, FGMK, Chicago, USA (Moderator)
The document is an introduction to a training program on the Foreign Account Tax Compliance Act (FATCA) for Latin American firms. It outlines the agenda for the training, which covers the historical background of FATCA, its key aims and objectives, milestones, impact, and the three pillars of classification, reporting and withholding that FATCA implements. The training will be held in Panama City and Santo Domingo in February 2015 and presented by consultant Rodrigo Zepeda.
Chapter 6: How is intellectual proprty protected in ColombiaTatiana Behar Russy
This document summarizes Colombia's free-trade zone regime and various tax incentives available to foreign investors. It discusses how free-trade zones are defined and the different types. Benefits include a 20% income tax rate, no import duties or VAT on goods entering the zones. It also outlines user certification requirements. The document then summarizes Colombia's mega-investment special regime, various income tax exemptions for certain industries, and incentives for job creation and imports/exports.
- Revenue for the year ended 31 March 2020 was £87.5 million, down 6% from the previous year. Adjusted EBITDA was £17.6 million, up 5% from the previous year.
- Operational efficiencies and network upgrades were completed during the year to improve margins. Recurring revenues returned to growth in the second half after declines in previous years.
- A settlement was reached with the FCA regarding past conduct, to be funded with £11.4 million to compensate shareholders. Minimal financial impact was seen from the COVID-19 pandemic.
Automatic exchange of financial account informationnztaxpolicy
The document discusses New Zealand's plans to implement the Common Reporting Standard (CRS) for automatic exchange of financial account information. It provides details on the CRS framework, timeline, and key issues for New Zealand to consider in developing its domestic legislation. These include the definition of reporting financial institutions, account types subject to reporting, compliance requirements, and whether to make certain CRS elements optional or mandatory. The first information exchanges under the CRS are scheduled to occur by September 2018.
First came FATCA, now comes the Automatic Exchange of Information: is it just...sgarazi
Management of Regulatory Projects:
First came FATCA, now comes the OECD's Automatic Exchange of Information: is it just "copy & paste"? Which challenges exist?
Automatic exchange of financial account information - March 2016nztaxpolicy
The document discusses New Zealand's implementation of the Common Reporting Standard (CRS) for automatic exchange of financial account information. It provides details on the CRS framework, timeline for implementation, reporting requirements for financial institutions, due diligence procedures, and seeks input on various implementation options. Key points include: CRS will be effective in New Zealand from 2017, requiring financial institutions to conduct due diligence on accounts and report information to Inland Revenue by September 2018. Financial institutions must identify reportable accounts held by tax residents of other participating jurisdictions.
Ronald Waiswa, ICTD Researcher, and Supervisor: Research and Policy Analysis, Uganda Revenue Authority Research, Planning and Business Development Division
Monica Tumerkunde, Supervisor, HNWI Unit, Uganda Revenue Authority Research, Planning and Business Development Division
International Tax Planning after BEPS - A Country SpotlightTIAG_Alliance
The OECD initiative against “Base Erosion and Profit Shifting” was
commissioned by the G-20 in 2013. Final deliverables were presented to the G-20 in November 2015.
“Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid. BEPS is of major significance for developing countries due to their heavy reliance on corporate income tax, particularly from multinational enterprises (MNEs.)”
Creators and Presenters:
• Russell Brown, LehmanBrown, China
• Florence Bastin, Fiduciaire du Grand-Duché de
Luxembourg S.à r.l. (FLUX)
• Fabrice Rymarz, Racine, France
• Simone Hennessy, HSOC, Ireland
• Fuad Saba, FGMK, Chicago, USA (Moderator)
The document is an introduction to a training program on the Foreign Account Tax Compliance Act (FATCA) for Latin American firms. It outlines the agenda for the training, which covers the historical background of FATCA, its key aims and objectives, milestones, impact, and the three pillars of classification, reporting and withholding that FATCA implements. The training will be held in Panama City and Santo Domingo in February 2015 and presented by consultant Rodrigo Zepeda.
Chapter 6: How is intellectual proprty protected in ColombiaTatiana Behar Russy
This document summarizes Colombia's free-trade zone regime and various tax incentives available to foreign investors. It discusses how free-trade zones are defined and the different types. Benefits include a 20% income tax rate, no import duties or VAT on goods entering the zones. It also outlines user certification requirements. The document then summarizes Colombia's mega-investment special regime, various income tax exemptions for certain industries, and incentives for job creation and imports/exports.
- Revenue for the year ended 31 March 2020 was £87.5 million, down 6% from the previous year. Adjusted EBITDA was £17.6 million, up 5% from the previous year.
- Operational efficiencies and network upgrades were completed during the year to improve margins. Recurring revenues returned to growth in the second half after declines in previous years.
- A settlement was reached with the FCA regarding past conduct, to be funded with £11.4 million to compensate shareholders. Minimal financial impact was seen from the COVID-19 pandemic.
Substance as an important element of tax planning and global trends in exchange of information.
CONTENT
-Information exchange: general facts.
-AEOI: brief chronology.
-AEOI: general ideas.
-AEOI: scheme.
-AEOI: specifics.
-Practical example: Cyprus.
-What is “substance” and where does it come from?
-Today`s substance requirements.
-Actions and measures, indicating “substance”.
-Issues to be considered during the obtainment of Cyprus tax residency certificate.
-Questions asked by tax authorities investigating into substance over form.
A corporate group exists when there is a relationship of subordination (control) between companies, along with a shared purpose and management determined by the parent company. The controlling company must register the corporate group within 30 business days with the Commercial Registry. Failure to register on time can result in sanctions from the Superintendence of Companies of up to 200 minimum legal monthly salaries. An affiliate is directly controlled by a parent company, while a subsidiary is controlled by subordinated companies of the parent.
Tax management within multinational enterprises (MNEs) has never been more challenging. 'Getting to grips with the BEPS Action Plan' is the latest Grant Thornton report exploring the OECD’s planned overhaul of the international tax system, what it means for businesses and how they can prepare.
International Business Transactions has indeed made the world smaller and more developed. However due to the free cross boundary transactions, business entities are now able to generate revenue and not pay the appropriate taxes in their respective countries.
The G20 Countries had assigned OECD to come up with some non tax evasion rules so that the countries of the world may accept the same without any dispute.
This presentation covers the BEPS Rules suggested by OECD and explains the changes in Tax Laws that India has incorporated in order to align with BEPS and to curb Tax Evasion.
This presentation was performed by my GMCS Team during the GMCS 2 Course at Mangalore Branch of SIRC of ICAI.
The document discusses the OECD's Base Erosion and Profit Shifting (BEPS) Action Plan, which aims to address tax avoidance strategies used by multinational enterprises. The Action Plan was released in 2013 and covers 15 specific actions to be completed by the end of 2015. It focuses on three main pillars: ensuring coherence of corporate tax and the digital economy, improving transparency, and aligning taxation with substance. One of the actions addressed is transfer pricing aspects of intangibles. The guidance in this area aims to prevent BEPS resulting from improper allocation of intangible returns. It provides definitions of intangibles and discusses factors like functions, assets, and risks that determine which entity is entitled to returns from int
Dynamic startups in colombia eng (actualizado diciembre 2021)Tatiana Behar Russy
The document discusses Colombia's dynamic startups ecosystem and investing in startups. It describes the various players that make up Colombia's startups ecosystem, including universities, banks, incubators, and investors. It also outlines Colombia's National Policy for Startups, which aims to strengthen skills/innovation, improve financing, facilitate technology development, strengthen marketing networks, and strengthen support networks for startups.
The summary provides an overview of the main taxes in Colombia that should be considered for business models, including national taxes like income tax, VAT, national excise tax, and regional taxes. Income tax rates range from 20% to 31%. VAT is generally charged at 19% but some goods and services are exempt. Various other taxes apply to activities like financial transactions, gasoline, vehicles, cigarettes, and alcohol. The document provides brief descriptions of how these different taxes work.
The document provides an overview of the Guernsey Financial Services Commission's (GFSC) supervisory approach and discusses the implications of Brexit for Guernsey.
The GFSC uses a risk-based approach to supervision called PRISM that categorizes firms based on their impact and the probability of risks. It engages with firms at different levels depending on their risk profile. Brexit could impact Guernsey's access to EU markets but it also provides opportunities if Guernsey can negotiate replacement agreements. The document outlines Guernsey's current relationship to the EU and strategies for maintaining access to UK and EU markets after Brexit.
This document discusses base erosion and profit shifting (BEPS), which refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no tax locations. While not all schemes are illegal, BEPS undermines tax system fairness. The document outlines why BEPS poses risks to tax revenues, sovereignty, and fairness. It argues that international tax rules have not kept up with changing business environments like global value chains. A holistic and coordinated global approach is needed to comprehensively address BEPS through improved transparency, consistency in entity and instrument characterization, transfer pricing rules, and anti-avoidance measures.
International Tax Planning as Viewed through the Eyes of BEPSLewis Rice
Lewis Rice attorney Timothy G. Stewart co-presented to the St. Louis International Tax Group on the OECD's efforts to address Base Erosion and Profit Shifting.
HDG - Base Erosion & Profit Shifting (BEPS) - Conceptual Analysis & Country b...Hitesh Gajaria
How Tax Authorities are Globally Coming Together to Combat the Digital Disruption
World's Largest Cab Co ... Owns No Cabs! - (Uber)
Largest Accommodation Provider .... Owns No Real Estate! (Airbnb)
World's Most Valuable Retailer .. Has No Inventory!
World's Largest Movie House ... Owns No Cinemas! (NetFlix)
Most Popular Media Owner .. Creates No Content! (Facebook)
This document discusses the Foreign Account Tax Compliance Act (FATCA) reporting requirements that fund managers must comply with. It explains that FATCA reporting is due by mid-2015 and involves classifying entities, obtaining registration numbers, and reporting on US and UK taxpayers. It advises fund managers to ensure they have an efficient process to minimize costs and risks of non-compliance.
Hear from Mike Pewton, Executive Director Global Compliance, Solium, and Andrew Kagan, Director Global Compliance, Solium, about parent company, local employer and employee obligations at a glance.
For more information about Global Equity's original webinar which featured this presentation, visit the following link:
http://www.globalequity.org/geo/Webcast-14September2016
8 vs - in academy - prez - fc - aml - cft compliance regime - engZiad Jamal Eddin
The document outlines the key pillars of an anti-money laundering (AML) and counter-terrorism financing (CFT) compliance regime in a country. It discusses the regulatory framework including AML/CFT laws and regulations issued by the central bank and special investigation commission. It also describes the institutional pillars like having a compliance program, compliance officer, ongoing training, and independent audits. Finally, it provides details on regulatory requirements for various entities like banks, money service businesses, and correspondent banking relationships.
GEO NECF 2015 - Exploring the Challenges of Tax Compliance and the W-8BENAndrea Huck-Esposito
With the many complex brokerage challenges servicing international participants - foreign jurisdictional restrictions, FATCA compliance, IRS guidelines and many more, having an understanding of the shared ownership between you and your broker can help navigate the difficulties of ensuring your participants’ compliance with tax regulations. In this presentation, Andrea Kagan, Solium, will be joined by Brian Burke of TD Ameritrade and Andrew Gerwirtz of KPMG. The trio will discuss their views on the shared ownership of understanding the in and outs of the W-8 and how it impacts international employees and a mobile workforce.
The document discusses the importance of the public sector as a taxpayer segment for the Uganda Revenue Authority (URA). It notes that the public sector was previously largely ignored as a taxpayer, with few inspections, audits, or debt collection. To address this, URA established a Public Sector Office (PSO) in 2014. The PSO cleaned the public sector taxpayer register, increased education and awareness efforts, and improved monitoring of tax flows. As a result, revenue collections from the public sector grew substantially, increasing 193.9% from 2014/15 to 2015/16 and an additional 105.7% from 2015/16 to 2016/17. The success of the PSO is attributed to management support, engagement with government
Panel 10 : Managing Transfer Pricing Risks - By Ms.Marlies de Ruitertaxsutra
The document summarizes guidance from the OECD/G20 BEPS project on aligning transfer pricing and value creation. It provides six sections of guidance: (1) applying the arm's length principle, (2) commodity transactions, (3) transactional profit splits, (4) intangibles, (5) low-value services, and (6) cost contribution arrangements. It also outlines requirements for transfer pricing documentation under Action 13. The guidance establishes frameworks for delineating transactions and evaluating economically relevant characteristics to determine appropriate transfer pricing in intercompany arrangements.
The document discusses constraints to foreign direct investment (FDI) in Zimbabwe and potential solutions. It outlines that while Zimbabwe has implemented measures to attract FDI since 2009, policies like indigenization laws deter investment. It also faces debt issues and arrears that limit development funding. The document then examines specific obstacles like inconsistent government support for FDI, outdated investment reviews, laws requiring black ownership of companies, and inefficient business registration and screening processes. It proposes establishing a one-stop online investor portal that streamlines paperwork and connects investors to relevant agencies as a way to cut costs and red tape. The portal would provide information, forms, and a way for investors to lodge queries and access support.
201502 accenture automatic exchange of information regime an emerging compl...Francisco Calzado
publicación acerca de la norma internacional sobre el intercambio automático de información, elaborada por la OCDE junto con el G20 y la colaboración de la Unión Europea.
Este informe pone de manifiesto los nuevos retos en materia regulatoria a los que se enfrentan las entidades financieras tras la adopción de la norma, con especial foco en el impacto que supondrá el cumplimiento de los requerimientos exigidos por el CRS.
In July 2013 the OECD unveiled the Action Plan on Base Erosion and Profit Shifting (BEPS), which aims to develop a new set of standards to prevent double non-taxation and ensure that profits are taxed where they are actually generated. By Grace Perez-Navarro, Deputy Director, and Raffaele Russo, Head of the BEPS Project, Centre for Tax Policy and Administration.
Substance as an important element of tax planning and global trends in exchange of information.
CONTENT
-Information exchange: general facts.
-AEOI: brief chronology.
-AEOI: general ideas.
-AEOI: scheme.
-AEOI: specifics.
-Practical example: Cyprus.
-What is “substance” and where does it come from?
-Today`s substance requirements.
-Actions and measures, indicating “substance”.
-Issues to be considered during the obtainment of Cyprus tax residency certificate.
-Questions asked by tax authorities investigating into substance over form.
A corporate group exists when there is a relationship of subordination (control) between companies, along with a shared purpose and management determined by the parent company. The controlling company must register the corporate group within 30 business days with the Commercial Registry. Failure to register on time can result in sanctions from the Superintendence of Companies of up to 200 minimum legal monthly salaries. An affiliate is directly controlled by a parent company, while a subsidiary is controlled by subordinated companies of the parent.
Tax management within multinational enterprises (MNEs) has never been more challenging. 'Getting to grips with the BEPS Action Plan' is the latest Grant Thornton report exploring the OECD’s planned overhaul of the international tax system, what it means for businesses and how they can prepare.
International Business Transactions has indeed made the world smaller and more developed. However due to the free cross boundary transactions, business entities are now able to generate revenue and not pay the appropriate taxes in their respective countries.
The G20 Countries had assigned OECD to come up with some non tax evasion rules so that the countries of the world may accept the same without any dispute.
This presentation covers the BEPS Rules suggested by OECD and explains the changes in Tax Laws that India has incorporated in order to align with BEPS and to curb Tax Evasion.
This presentation was performed by my GMCS Team during the GMCS 2 Course at Mangalore Branch of SIRC of ICAI.
The document discusses the OECD's Base Erosion and Profit Shifting (BEPS) Action Plan, which aims to address tax avoidance strategies used by multinational enterprises. The Action Plan was released in 2013 and covers 15 specific actions to be completed by the end of 2015. It focuses on three main pillars: ensuring coherence of corporate tax and the digital economy, improving transparency, and aligning taxation with substance. One of the actions addressed is transfer pricing aspects of intangibles. The guidance in this area aims to prevent BEPS resulting from improper allocation of intangible returns. It provides definitions of intangibles and discusses factors like functions, assets, and risks that determine which entity is entitled to returns from int
Dynamic startups in colombia eng (actualizado diciembre 2021)Tatiana Behar Russy
The document discusses Colombia's dynamic startups ecosystem and investing in startups. It describes the various players that make up Colombia's startups ecosystem, including universities, banks, incubators, and investors. It also outlines Colombia's National Policy for Startups, which aims to strengthen skills/innovation, improve financing, facilitate technology development, strengthen marketing networks, and strengthen support networks for startups.
The summary provides an overview of the main taxes in Colombia that should be considered for business models, including national taxes like income tax, VAT, national excise tax, and regional taxes. Income tax rates range from 20% to 31%. VAT is generally charged at 19% but some goods and services are exempt. Various other taxes apply to activities like financial transactions, gasoline, vehicles, cigarettes, and alcohol. The document provides brief descriptions of how these different taxes work.
The document provides an overview of the Guernsey Financial Services Commission's (GFSC) supervisory approach and discusses the implications of Brexit for Guernsey.
The GFSC uses a risk-based approach to supervision called PRISM that categorizes firms based on their impact and the probability of risks. It engages with firms at different levels depending on their risk profile. Brexit could impact Guernsey's access to EU markets but it also provides opportunities if Guernsey can negotiate replacement agreements. The document outlines Guernsey's current relationship to the EU and strategies for maintaining access to UK and EU markets after Brexit.
This document discusses base erosion and profit shifting (BEPS), which refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no tax locations. While not all schemes are illegal, BEPS undermines tax system fairness. The document outlines why BEPS poses risks to tax revenues, sovereignty, and fairness. It argues that international tax rules have not kept up with changing business environments like global value chains. A holistic and coordinated global approach is needed to comprehensively address BEPS through improved transparency, consistency in entity and instrument characterization, transfer pricing rules, and anti-avoidance measures.
International Tax Planning as Viewed through the Eyes of BEPSLewis Rice
Lewis Rice attorney Timothy G. Stewart co-presented to the St. Louis International Tax Group on the OECD's efforts to address Base Erosion and Profit Shifting.
HDG - Base Erosion & Profit Shifting (BEPS) - Conceptual Analysis & Country b...Hitesh Gajaria
How Tax Authorities are Globally Coming Together to Combat the Digital Disruption
World's Largest Cab Co ... Owns No Cabs! - (Uber)
Largest Accommodation Provider .... Owns No Real Estate! (Airbnb)
World's Most Valuable Retailer .. Has No Inventory!
World's Largest Movie House ... Owns No Cinemas! (NetFlix)
Most Popular Media Owner .. Creates No Content! (Facebook)
This document discusses the Foreign Account Tax Compliance Act (FATCA) reporting requirements that fund managers must comply with. It explains that FATCA reporting is due by mid-2015 and involves classifying entities, obtaining registration numbers, and reporting on US and UK taxpayers. It advises fund managers to ensure they have an efficient process to minimize costs and risks of non-compliance.
Hear from Mike Pewton, Executive Director Global Compliance, Solium, and Andrew Kagan, Director Global Compliance, Solium, about parent company, local employer and employee obligations at a glance.
For more information about Global Equity's original webinar which featured this presentation, visit the following link:
http://www.globalequity.org/geo/Webcast-14September2016
8 vs - in academy - prez - fc - aml - cft compliance regime - engZiad Jamal Eddin
The document outlines the key pillars of an anti-money laundering (AML) and counter-terrorism financing (CFT) compliance regime in a country. It discusses the regulatory framework including AML/CFT laws and regulations issued by the central bank and special investigation commission. It also describes the institutional pillars like having a compliance program, compliance officer, ongoing training, and independent audits. Finally, it provides details on regulatory requirements for various entities like banks, money service businesses, and correspondent banking relationships.
GEO NECF 2015 - Exploring the Challenges of Tax Compliance and the W-8BENAndrea Huck-Esposito
With the many complex brokerage challenges servicing international participants - foreign jurisdictional restrictions, FATCA compliance, IRS guidelines and many more, having an understanding of the shared ownership between you and your broker can help navigate the difficulties of ensuring your participants’ compliance with tax regulations. In this presentation, Andrea Kagan, Solium, will be joined by Brian Burke of TD Ameritrade and Andrew Gerwirtz of KPMG. The trio will discuss their views on the shared ownership of understanding the in and outs of the W-8 and how it impacts international employees and a mobile workforce.
The document discusses the importance of the public sector as a taxpayer segment for the Uganda Revenue Authority (URA). It notes that the public sector was previously largely ignored as a taxpayer, with few inspections, audits, or debt collection. To address this, URA established a Public Sector Office (PSO) in 2014. The PSO cleaned the public sector taxpayer register, increased education and awareness efforts, and improved monitoring of tax flows. As a result, revenue collections from the public sector grew substantially, increasing 193.9% from 2014/15 to 2015/16 and an additional 105.7% from 2015/16 to 2016/17. The success of the PSO is attributed to management support, engagement with government
Panel 10 : Managing Transfer Pricing Risks - By Ms.Marlies de Ruitertaxsutra
The document summarizes guidance from the OECD/G20 BEPS project on aligning transfer pricing and value creation. It provides six sections of guidance: (1) applying the arm's length principle, (2) commodity transactions, (3) transactional profit splits, (4) intangibles, (5) low-value services, and (6) cost contribution arrangements. It also outlines requirements for transfer pricing documentation under Action 13. The guidance establishes frameworks for delineating transactions and evaluating economically relevant characteristics to determine appropriate transfer pricing in intercompany arrangements.
The document discusses constraints to foreign direct investment (FDI) in Zimbabwe and potential solutions. It outlines that while Zimbabwe has implemented measures to attract FDI since 2009, policies like indigenization laws deter investment. It also faces debt issues and arrears that limit development funding. The document then examines specific obstacles like inconsistent government support for FDI, outdated investment reviews, laws requiring black ownership of companies, and inefficient business registration and screening processes. It proposes establishing a one-stop online investor portal that streamlines paperwork and connects investors to relevant agencies as a way to cut costs and red tape. The portal would provide information, forms, and a way for investors to lodge queries and access support.
201502 accenture automatic exchange of information regime an emerging compl...Francisco Calzado
publicación acerca de la norma internacional sobre el intercambio automático de información, elaborada por la OCDE junto con el G20 y la colaboración de la Unión Europea.
Este informe pone de manifiesto los nuevos retos en materia regulatoria a los que se enfrentan las entidades financieras tras la adopción de la norma, con especial foco en el impacto que supondrá el cumplimiento de los requerimientos exigidos por el CRS.
In July 2013 the OECD unveiled the Action Plan on Base Erosion and Profit Shifting (BEPS), which aims to develop a new set of standards to prevent double non-taxation and ensure that profits are taxed where they are actually generated. By Grace Perez-Navarro, Deputy Director, and Raffaele Russo, Head of the BEPS Project, Centre for Tax Policy and Administration.
- How are US laws affecting other jurisdictions around the world?
- The changing concept of international tax laws: rethinking territoriality of tax laws
Lorraine White, MD, Head of EMEA Securities Tax and US Tax Services, BNY Mellon
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
The document outlines Ethiopia's roadmap for adoption of International Financial Reporting Standards (IFRS). It discusses the challenges of adopting IFRS and strategies to address them. The roadmap involves a three-phase transition over three years, beginning with significant public interest entities in 2009 and ending with small and medium entities in 2011. It emphasizes the need for education, training, legal and regulatory changes, and monitoring to ensure successful adoption.
The document outlines Ethiopia's roadmap for adoption of International Financial Reporting Standards (IFRS). It includes a three-phase transition plan over three years, beginning with significant public interest entities in 2009 and ending with small and medium entities in 2011. It discusses requirements for entities to disclose effects of adoption and for audit firms to report on their IFRS preparation. It also proposes a task force to support implementation and address issues arising during the transition period.
Sound governance and effective institutions are essential to achieve shared prosperity and sustained reductions in poverty.
Public accountability and proper governance contribute to better delivery of public services, support competition and growth, including through cooperation with private sector.
Quality information helps the government properly analyze risks and play their essential roles in resolving the complex and interconnected challenges in variety of sectors, including in health, social protection and education.
This was a presentation to NJTC audience - a Government delegation on Financial Innovation & Supervision, with Tax Evasion, Tax Transparency and how FATCA, CRS solutions addresses tax transparency.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on FATCA and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/fatca
IBSA Webinar on FATCA & Exchange of Information which took place on 27 January 2015. Presented by Ross Belhomme of Saffery Champness (Geneva) and Peter Grant of KPMG (London). To view the webinar on demand, please visit our Bright Talk channel at https://www.brighttalk.com/channel/11641
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
This document discusses the new FINREP regulatory reporting requirements for European banks established by the European Banking Authority (EBA). The key points are:
- FINREP aims to standardize European financial reporting to reduce the burden on banks and improve cross-border risk analysis. It requires over 40 new reporting templates with over 3,500 data fields to be submitted within 42 days of each quarter end.
- Banks will need to provide both initial and audited financial reports, disaggregate some data (e.g. by country or activity), and report additional information beyond current GAAP requirements.
- Implementing FINREP by the January 2013 deadline will be challenging for banks and require understanding the new requirements, identifying data
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
This document discusses new regulatory challenges and expectations for mutual fund boards, including new disclosure forms N-PORT and N-CEN that will require increased oversight of new risk reporting and financial disclosures. It also covers changes to money market funds, including liquidity fees, redemption gates, and a floating NAV for some funds. Interfund lending is also discussed as an option for liquidity management that boards will need detailed procedures and oversight for.
Legal shorts 13.12.13 including draft finance bill 2014Cummings
The document provides a summary of recent legal and regulatory developments in the financial services industry from the past week. It discusses draft legislation implementing tax policies from the 2013 UK Budget and Autumn Statement, an FCA update on private placement regulations under AIFMD, proposed updates to the FCA Handbook, guidance on risk disclosures for absolute return funds, new regulations implementing CRD IV capital requirements, concerns about proposed UCITS V regulations potentially discriminating against centrally cleared derivatives, enhanced corporate governance standards for Cayman Islands funds, principles for outsourcing by asset managers, debates in the UK parliament around the proposed Financial Transaction Tax, and progress on standardizing initial margin calculations for uncleared swaps under EMIR regulations.
Regulatory Reporting - Key considerations for Fund Managers and Service Provi...GECKO Governance
The growth of numerous regulatory initiatives over the last few years has led to a number of new reporting requirements for fund managers globally. These include Form PF, AIFMD and EMIR.
This new Grant Thornton article examines various operational and implementation challenges fund managers and service providers are currently navigating in order to comply with these new reporting requirements.
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Fund Regulation - Global Perspectives' Key Updates for 2015
1. Fund Regulation – Key Updates for 2015
Strictly Confidential – the content poof this document may not be disclosed to third parties without
prior consent from Global Perspectives
January 22nd 2014
Shane Brett
Founder, GLOBAL PERSPECTIVES
2. Fund Regulation – Key Updates 2015
• Shane Brett – Introduction
• Topics:-
AIFMD – general update on authorisation, reporting, dates for decisions (July 2015)
FATCA & CRS – latest updates and key dates ahead…
UCITS V – update with implementation & UCITS VI
EMIR – latest requirements
Solvency 2 – impact
MiFID 2 – Update, Research impact, fee impact & MiFID Reporting
Regulation impact on the Funds Industry
• Global Perspectives – how can we help?
3. Shane Brett
Author
“The Future of Hedge Funds”
“The AIFMD Cheat Sheet”
19 years in Investment Funds
London, Dublin, Edinburgh, Sydney &
Wellington
BNP Paribas, Daiwa, State Street, RBS, UBS
Operations (FA/TA etc.), Middle Office,
Operational Due Diligence
Founded Global Perspectives (2011)
• Clients – Fund Managers, Administrators,
Software Vendors
• Operational consulting, Bespoke Research, IT
development & regulatory implementation
Contact
• shane@globalperspective.co.uk
• +353 87 115 2173
Currently…..
Updating & assisting clients with regulatory
updates and implementation
CBI – Annex IV AIFMD Reporting industry
Taskforce
- Living and breathing multiple regulations 24/7
Recent book about AIFMD
Global Perspectives
4. AIFMD - Updates for 2015
Global Perspectives
Reporting – As At Dec 31st 2014 is first major pan-European submission to ESMA.
• 1 October 2014 - FCA published a Q&A document on reporting transparency information to provide
information to Alternative Investment Fund Managers (AIFM) about:
Who is required to report transparency information,
What transparency information must be reported,
How the FCA will collect transparency information,
Registering and using GABRIEL to report transparency information, and
Key dates on which FCA systems will support reporting of transparency information.
The FCA has outlined an initial schedule of reporting obligations but stresses it should not be relied upon as
being correct.
- Full-scope UK AIFMs Half-yearly
- Small authorised UK AIFMs Annual
- Small registered UK AIFMs Annual
- Above-threshold non-EEA AIFM Half-yearly
- Small non-EEA AIFM Annual
• 9 January 2015 - ESMA published an update to its Q&A on the AIFMD. Questions 50-53 relate
to how AIFMs should report information on:
• Subscriptions and redemptions over the reporting period;
• The change in NAV per month;
• The percentage of gross and net investment returns per month;
• when the AIFM (managing both funds and funds of funds) should report
aggregated information at the level of the AIFM.
5. AIFMD - Updates
• Authorisation – Largely complete.
• 23 July 2014 the FCA updated website stating FCA had received 1,130 applications - 644 have been
approved and a further 129 were ready for imminent approval.
• Remuneration – “Proportionality” - The FCA expects firms to implement the AIFMD remuneration
regime for new awards of variable remuneration to relevant staff for performance periods following that in
which the firm becomes authorised.
• FCA - General guidance on the AIFM Remuneration Code (SYSC 19B)
• Risk Policy - “Proportionality”
Global Perspectives
7. FATCA - What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is a new US law aimed at Foreign Financial Institutions (FFIs) and
other financial intermediaries to prevent tax evasion by US citizens and residents through use of offshore accounts.
•Under the new provisions, a FFI may enter into an agreement with US tax authorities (a.k.a. the Internal Revenue
Service, or IRS) requiring it, among other things, to report information on the FFI's US accounts.
What is the “cost” of non-compliance?
• If a FFI does not enter into an agreement with the IRS, all relevant US-sourced payments, such as dividends
and interest paid by US corporations, will be subject to a 30% withholding tax.
• In addition, USFIs and FFIs will also be liable for any tax that they failed to withhold, plus interest and potential
penalties.
• FATCA GIIN number becomes standard part of onboarding new clients or opening accounts
Intergovernmental Agreement Models
• Under Model I, the Reporting FI will report the requested information to its Local Tax Authorities;
• Under Model II, the Reporting FI will have to report directly to the IRS.
• If the FFI is incorporated in a country that did not enter into an IGA, the FFI will have to enter into an
FFI Agreement with the IRS directly.
8. FATCA– What PFFI’s will need to do internally
•Reporting
– Annual report and filing for US investors and recalcitrant investors
– Building and sustaining an annual reporting model for all US individuals to cover account balances and gross
payments
– Consider local country disclosure requirements or data protection laws that impact ability to make disclosures to
IRS
•Tax Withholding
– PFFI required to withhold tax on withholding payments and other types of payments
– Assess whether current systems have capability to perform withholding functions
– Assess types and frequency of payments to determine where withholdable payments are made
– Building functionality for withholding on recalcitrant account holders.
•Governance
– Certification to IRS and ongoing review of compliance.
– Identify who will perform certification function and the back-up documentation they need – i.e. the FATCA
“Responsible Officer”
9. FATCA Updates
Implementation very far advanced at most fund managers.
Initial Registration Period on the IRS website finished in 2014.
Foreign Financial Institutions (FFI’s) need to be registered to :-
get their GIIN number and
be on the first global list of compliant entities (published 2014)
July 1st Deadline – FATCA Withholding Begins - the hard and fast deadline for implementation of the Foreign
Account Tax Compliance Act.
Start date for FACTA compliance has been pushed back many times. Currently the start date for withholding on
new customers was July 1, 2014.
May 15th IRS Important News Release - the Internal Revenue Service (IRS) announced that calendar years 2014 and
2015 will be regarded as a "transition period" for purposes of IRS enforcement and administration of the due
diligence, reporting, and withholding provisions under the Foreign Account Tax Compliance Act (FATCA).
During 2014-2015, IRS enforcement will take into account the extent to which a deemed-compliant FFI or other
affected party has made “good faith” efforts to comply with FATCA regulations.
If an entity has not made a good faith effort to comply, however, it will not be given any relief from IRS enforcement.
18 month “Transitional Period of Good Faith” is good news - it should not be considered a free pass.
Key question – will the US Senate allow the reciprocal exchange of data on US account the IRS has promised. We doubt it –
this could throw FATCA into disarray globally (depends if US passes the OECD CRD)
11. OECD Reporting Agreement – CRS - “FATCA-like”
• On 13 February 2014, the Organization for Economic Co-operation and Development (OECD) agree Common
Reporting Standard (CRS) designed to create a global standard for the automatic exchange of financial account
information.
• The publication of the CAA and the CRS is a significant structural step in governments’ efforts to improve cross
border tax compliance.
• The countries which endorsed the declaration were the 34 OECD member countries, along with Argentina,
Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore
and South Africa. Switzerland has signed up to automatic exchange of tax information
• The CRS represents another global compliance burden for financial institutions and increases the risks and
costs of servicing globally mobile wealthy customers.
• The good news for financial institutions is that the OECD has modelled the CRS on FATCA, which means it
should be possible to leverage existing and planned FATCA processes and systems.
• However, the data required is different, and the volume of reporting required is likely to be significantly
greater under the CRS.
• The standard has no direct legal force but it is expected that jurisdictions will follow the model CAA and CRS
closely when implementing bilateral agreements.
• There is significant political will to implement this standard, with more than 40 jurisdictions signing up for
early adoption. The expected timeframe could see jurisdictions seeking to sign agreements in 2014, with new
customer due diligence procedures required in 2015 and reporting in 2016.
• Implementation timelines are likely to be very tight. OECD commentary is not due to be released until around
the middle of 2014!
• FATCA programs can be leveraged but there are differences that may require additional processes /
procedures in order to comply. Global Perspectives
12. UCITS V – Moving to implementation…
Global Perspectives
UCITS V has now been approved and fund managers and depositaries are beginning implementing the new rules
under the Directive.
UCITS V – 19 March 2014 – The EU approved the final compromise text of UCITS V.
Parliament adopted its final position on the text on April 14th.
Brings UCITS in line with AIFMD
Depositary - clear segregation rules in the event of depositary insolvency
Remuneration – bring in line with AIFMD – defer 60% of “very high bonuses”
Sanctions - strengthen existing sanctions for breach of UCITS rules.
These new sanctions include hefty fines, withdrawal of Management Company
authorisation and recording of all sanctions on a central database for 5 years.
UCITS V contains important changes to the rules around remuneration and also sanctions for breach of the
regulations.
But the key focus of change under the Directive is wide scope of new responsibilities Depositaries must
undertake.
13. UCITS V – Expanded Depositary Implications
Global Perspectives
Key focus of change under the Directive is wide scope of new responsibilities Depositaries must undertake.
These include important new rules regarding:-
Who is eligible to act as a depositary,
Rules for the segregation of assets in the event of a depositary insolvency,
Requirements for depositaries to monitor cash flows and complete asset verification.
As was expected Depositary liability has been strengthened under UCITS V to bring it in line with AIFMD. This
means that the Depositaries will be liable for the loss of UCITS assets held in custody and through-out their sub-
custody network.
However unlike under AIFMD, UCITS V reaches down to the central securities depositary (CSD) level, which
means that depositaries are on the hook for losses here as well.
Also under UCITS V, there is no way for the depositary to discharge its liability to a third party. With the only
exception if the depositary can prove that losses were due to an external events beyond its control – for example
a natural disaster. Very difficult to prove.
Finally under the new rules Depositories must also demonstrate that sub-custodians are fit for purpose. This
mean they will have to conduct enhanced due diligence on an on-going basis and they must also show that
delegation to their sub-custodian’s is justified and that the proper due diligence was completed in the selection
process.
14. UCITS V – Operational considerations
Global Perspectives
In implementing UCITS V, fund managers should be preparing to complete a number of key operational and
fund governance requirements.
These include:-
Completing a business impact analysis to understand exactly how the new depositary, remuneration
and sanction rules will impact the organisation.
Reviewing existing depositary agreements in detail, to ensure they meet the large number of new
depositary requirements.
Drafting any required changes to their remuneration policies to bring them in line with the new rules.
This may include changes relating to conflicts of Interest, disclosure requirements and the requirement to
establish a remuneration committee.
Ensure their depositaries have completed sufficient updated due diligence on their sub-custodians and
service providers.
And lastly!……….
UCITS VI will follow – ESMA Consultation Paper (July 2013)
• Depositary passport,
• Use of OTC investments & derivatives.
• Continue alignment with AIFMD.
15. MiFID 2 – Key points of the Regulation
Global Perspectives
Scope of the directive – Much wider scope than MIFID 1.
Effective Date - The rules will enter into force 2 July 2014 with the implementation date being January 2017.
Governance & Conduct of business - Enhanced requirements around governing bodies of investment firms
Transaction and transaction reporting – MIFIR reporting from 2017
Electronic and exchange trading – Limits on using “dark pools”.
Algorithmic traders - New controls around high frequency and algorithmic traders
Investor Protection -
EU-wide ban on independent financial advisers or discretionary portfolio managers accepting or retaining
payments/inducements
Regulatory power to ban products
Enhanced provisions around suitability and appropriateness of “complex” products
Market Structure and transparency –
Increasing requirements for formalisation of internal matching and crossing systems across different financial
instruments.
Open, non-discriminatory access to trading venues and central counterparties – vertically integrated trading
venues and central counterparties (CCPs).
Access by third country firms - A harmonized regime (passport) for granting access to EU markets for firms operating
from third countries
Research – cost of research must be transparent and potentially unbundled from other fees impact
Fee disclosure- fees charges to managers must be reported by them impact
16. MiFID 2 – Impact on the Investment Fund Industry
Global Perspectives
• Agreement 2014 final text of MiFID2 - aims to change how trillions of euros-worth of stocks and bonds, derivatives
and commodities are traded, cleared and reported.
• Will force trading across all asset classes into open and transparent markets—not just equities, the focus of MiFID 1, or
derivatives, the focus of EMIR’s clearing rules.
• Fund Industry are looking to MiFID 2 with interest to see how it will impact the trading execution style of some fund
managers.
• Algorithmic traders being forced to register their formulae with regulators and introduce circuit-breakers.
• This means MIFID2 will impact so-called “Dark Pools”. These are off-exchange trading books used which are used for
trading some assets – which many fund managers have used to dispose of large blocks of securities in a discrete and
price sensitive manner.
• The Investment Fund Industry will be looking with particular interest to see how the rules will impact the trading and
trade execution style of some fund managers – particularly high frequency traders and those that use “dark pools” to
shift large holdings of stock.
• For the first time algorithmic traders being forced to register their formulae with regulators and introduce circuit-
breakers into their programmes.
• Many of our clients are actually still interpreting the MiFID 2 text to understand how it will impact their business.
• Potential impact on fee unbundling (e.g. Research)– watch this space.
• Implications of MiFID 2 on the investment fund industry are potentially wide-ranging and larger than has been noted to
date.
17. MiFID 2 – Implementation challenges for the asset management industry
Global Perspectives
• Research – how will fund manager’s price and purchase research in future? Will it be paid from the funds management
fee?
• Fee disclosure - transparency means providing annual granularity of all fees – implicit and explicit.
• Internal Business Review– identify key shareholders approve MIFID 2 budgets etc.
• Strategic impact review of MiFID2 across the entire company.
• Governance review – will be required as part of MiFID2 adoption
• Client base – review of clients to understand MiFIDs impact.
• System and operational processes - change to technology, operational models, operational processes, new distribution
models.
• Pricing and costs –greater awareness of cost base and product profitability will be required by managers. Potential
impact of MIFID on fund manager profitability
• Reporting – formulate company reporting (MIFIR) strategy – proprietary or vendor. Selection, testing and
implementation process.
• Product Management & Distribution – impact on platforms and providers, independents and technology
18. MiFID 2 – MiFIR reporting
Global Perspectives
Transaction reporting is a key element to MiFIR which looks to harmonise the transaction reporting requirements brought in
under MiFID in 2007 and bring consistency with EMIR.
The main objectives of MiFIR transaction reporting are to:
• Harmonise Transaction Reporting obligations across jurisdictions
• Ensure fair and orderly functioning of the Financial Markets and Institutions
• Allow regulators to detect potential cases of market abuse and monitor the activities of investment funds
The number of fields required for transaction reporting under MiFIR will also increase significantly to a staggering 92 (based
on initial proposals):
Diagram 1: The impact of the proposed MiFIR reporting requirements on the current MiFID regime.
19. MiFID 2 – MiFIR reporting (cont.)
Global Perspectives
Some of the new requirements introduced in MiFIR are:
• A more prescriptive approach to reporting underlying client data; such as Passport Number, National Identity Number and
country of residence. MiFIR will also prescribe a hierarchical approach to how these are reported
• The reporting of short sale flags (how will banks capture this?)
• Details of not only the transaction executor, but also the decision maker behind the transaction
• Increased product scope to include FX and Commodity Derivatives which are not currently reportable under MiFID
regulation
Whilst the implementation of MiFIR seems
some way away, now is the time for
organisations to ensure there is a robust existing
platform and capability for transaction reporting
which can be scalable to meet MiFIR in a timely
and cost effective manner.
Firms should consider identifying synergies
between various trade/transaction reporting
obligations (e.g. Dodd Frank, MiFID, EMIR) to
define and build the optimal governance and
system & controls.
Finally, as a reminder firms should ensure they
continue to meet their existing transaction
reporting obligations under MiFID and these
reports remain complete, accurate and timely.
20. MiFID 2 – 2015 update
Global Perspectives
Updated MiFID II draft rules published, deadline for comments 2 March 2015
19 Dec 2014 - ESMA published its final technical advice and launches consultation on its draft regulatory technical and implementing
standards.
The key proposals stemming from ESMA’s TA/draft RTS cover the following issues:
• A trading obligation for shares and a double volume cap mechanism for shares and equity-like instruments, introducing a major change to
the framework for trading these instruments in the Union;
• An obligation to trade derivatives on MiFID venues (regulated markets, multilateral (MTFs) or organised trading facilities (OTFs)) only, in
line with G20 requirements;increased trade transparency, for non-equity instruments, in particular bonds, derivatives, structured finance
products and emission allowances;
• Newly introduced position limits and reporting requirements for commodity derivatives;
• Rules governing high frequency trading, imposing a strict set of organisational requirements on investment firms and trading venues;
• Provisions regulating access to central counterparties (CCPs), trading venues and benchmarks, designed to increase competition in the
Union; and
• Requirements for a consolidated tape of trading data, including rules for tape providers, reporting, publication and sales of data.
• ESMA’s TA proposes that the Commission adopts a number of measures that will further the protection of investors across the EU. The
main proposals relating to the improved protection of investors, especially retail, include:
• Clarifications about the circumstances in which portfolio managers can receive research from third parties;
• Clarifications under which circumstances inducements meet the quality enhancement requirement for the provision of advice;
• Requirements for investment firms manufacturing and/or distributing financial instruments and structured deposits to have product
governance arrangements in place in order to assess the robustness of their manufacture and/or distribution;
• Requirements for firms to provide clients with details of all costs and charges related to their investment, including cost aggregations, the
timing of disclosure (ex-ante and ex-post); information to non-retail clients; the scope of firms subject to this obligation;
• Information on the cumulative effect of costs on the return;
• Organisational requirements for firms providing investments advice on an independent basis; and
• Specification of powers for ESMA and national regulators with regards to prohibiting or restricting the marketing and distribution of
financial instruments.
Source: http://www.esma.europa.eu/news/Press-Release-ESMA-provides-implementing-rules-MiFID-II
21. European Markets Infrastructure Regulation (EMIR)
EMIR:-
A reporting obligation for OTC derivatives;
A clearing obligation for eligible OTC derivatives;
Measures to reduce counterparty credit risk and operational risk for bilaterally cleared
OTC derivatives;
Common rules for central counterparties (CCPs) and for trade repositories; and
Rules on the establishment of interoperability between CCPs.
Derivative reporting to regulators via Trade Repositories (e.g. DTCC) – up to 80 data points for
each trade
Daily reporting - Trade Repositories (e.g. DTCC )
Feb 11th 2014 – ESMA issued more guidance – material changes to the reporting template.
Feb 12th 2014 - Original Date for implementation:-
From this date all new trades had to be reported – DTCC fell over the first day!
May 2014 - All pre-existing trades must be reported
11 August 2014: All financial counterparties/NFC+s required to provide daily reports on
mark-to-market valuations of positions and on collateral value.
1 December 2015: Variation requirements for non-centrally cleared trades will apply.
1 December 2015 - 1 December 2019: Initial margining requirements will be phased in
between these dates.
11 February 2017: All OTC derivative contracts entered into before or after 16 August
2012, no longer outstanding as of 12 February 2014 to be reported to a TR.Global Perspectives
22. EMIR – Bungled implementation….
Rules requiring reporting of derivative transactions to trade repositories started to be phased in
from February 2014 and are now largely implemented.
There were, however, some difficulties in implementation of the rules which represented a
logistical and administrative challenge for many market participants.
Many of these issues have now been resolved, but in November 2014 ESMA proposed various
changes to the relevant technical standards to seek to resolve certain issues. It is therefore
likely that there will be some technical amendments to the derivatives reporting regime in early
2015.
Infrequent users of derivatives like corporate firms and smaller investment managers have not
been fully aware of how and what to report.
Some administrators coming under pressure to provide this data reporting service for their
manager clients. Reluctance to assume this responsibility. Rate card unclear.
More IT vendors starting to bring reporting products to market.
Global Perspectives
2015 Update
9 January 2015 - ESMA has published an update of its list of central clearinghouses (CCPs) which are authorised under EMIR.
8 January 2015 - ESMA published a peer review report on its participation in the supervisory colleges set up under the EMIR to
authorise and supervise EU-based central counterparties (CCPs). Under EMIR, ESMA is required to coordinate between national
competent authorities and across colleges with a view to building a common supervisory culture and consistent supervisory
practices, ensuring uniform procedures and consistent approaches, and strengthening consistency in supervisory outcomes. To
this end ESMA must, at least annually, conduct a peer review analysis of the supervisory activities of all competent authorities
in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010
(ESMA Regulation).
23. Solvency 2 – Reporting back in focus..
Insurance Company regulation - been around for years with many delays. Latest push happening
now following Oct 31st 2013 regulatory guidance.
It is primarily huge piece of complex Insurance Company regulation that impacts many aspects of their
business.
The European Insurance and Occupational Pensions Authority (EIOPA) has set up the timeline for
the delivery of the Solvency II Implementing Technical Standards (ITS) and Guidelines.
The overall goal of the project is to deliver the regulatory and supervisory framework for the
technical implementation of the Solvency II regime from the first day of application, 1 January 2016
Insurers are required to demonstrate that they have fully defined, assessed, governed, quality
tested internal and ‘external data’, i.e. data provided to the insurer from a third party (e.g. asset
managers), must also be held to these standards.
Solvency II has also created new requirements for the provision of asset data in the form of new
data fields, new data coding conventions, greater granularity of data and increased frequency of
reporting.
Insurers will typically have no more than six weeks at each quarter end to complete their Solvency
II reporting. Very short operational window for asset managers to quality assure and deliver data
to support these cycles
They may ask their administrator to provide this data to insurance companies
Dec 31st 2014 – First annual submission
Dec 31st 2015 – First quarterly submissions
Insurers must be able to ‘look-through’ fund of fund and other investment structures to identify
the ultimate asset. This will necessitate a dramatic increase in data exchange between asset
managers and require an increased level of disclosure between asset managers.Global Perspectives
24. Impact of regulation on the funds industry
1. AIFM Passport
– AIFM Marketing Passport
– AIFM Management Passport
o Will it be as successful as the UCITS passport?
o Mark of quality
o Help industry to continue growing
3. Increased cost/ Burden = Industry
consolidation
– Managers
High cost of compliance
Less Managers but managing larger funds
– Fund Administrators
Need for scale (“One stop shop”)
Deep pockets (e.g. Depositary)
Consolidation
2. Better regulated industry?
o Reflects a more mature alternative industry
- More transparent
o Less risk of fraud (E.g. Madoff etc)?
o Better regulator understanding of systemic risk
o Managers more dependant on their administrators &
Service Providers
4. Strategic change
o Service Providers using AIFMD, EMIR, MiFID2 and
FATCA as an opportunity to:-
o Review company strategy
o Launch new products,
o Look at different markets
o Ensure “Best Practise” controls
Global Perspectives
FUTURE OUTLOOK - Long term growing global demand for investment funds…
Future pension crisis.
Traditional pension managers will need to allocate more to alternative funds.
Savings glut in Asia.
Hedge Funds going mainstream.
25. Global Perspectives - how can we help?
Global Perspectives have assisted multiple clients with their new regulatory requirements including:-
• Advising EU& non-EU managers of their AIFMD, FATCA MiFID2 & EMIR requirements
• Assisting fund managers with their applications for AIFM authorisation
• Ensuring operational compliance with FATCA requirements
• Implementing AIFMD Reporting requirements
• Selecting suitable software vendors for regulatory reporting (e.g. AIFMD, Form PF, CFTC).
• Supporting the Depositary selection process
We would be happy to assist you with your regulatory requirements.
Please contact:-
• Shane Brett
• shane@globalperspective.co.uk
• +353 87 115 2173
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