Fund News
Issue 108 - November 2013

Investment Fund Regulatory and Tax developments in selected jurisdictions


This month developments from:

European Union

PRIPs approved in ECON

The Economic and Monetary Affairs Committee (“ECON”) of the European Parliament approved a draft law on 21 October 2013 on a Key Information Document (“KID”) for Packaged Retail Investment Products (“PRIPs”). Read more

ECON voted report on recovery and resolution for non-bank institutions

ECON also adopted a report on recovery and resolution for non-bank institutions on 22 October 2013. The report stresses the need for strong recovery and resolution rules for key critical market infrastructures that are non-bank financial institutions, including Central Counterparties (”CCPs”), Central Securities Depositaries (“CSDs”), insurance undertakings, asset managers and payment systems. Read more

AIFMD MoUs signed by the EU authorities

In the context of AIFMD cross-border business activities ESMA published a list of the AIFMD MoUs signed by EU authorities on its website on 18 October 2013. This is available via the following link:

ESMA publishes Q&A on EMIR

On 22 October ESMA published a Questions and Answers on the implementation of EMIR (51 pages) which is available via the following link:


FCA raises its concerns over the use of brokerage fees and fee bundling

At the Financial Conduct Authority’s (“FCA”) annual Asset Management Conference on 30 October the keynote speech “Shaping the future in asset management” was given by Martin Wheatley, Chief Executive of the FCA. The speech raised some clear challenges on the need for the industry to: demonstrate greater stewardship; deliver fair outcomes; transparently disclose fees and charges; and better manage conflicts if it is to remain internationally competitive. Read more

FCA makes a commitment to faster fund authorisations

On 30 October at its annual asset management conference the Financial Conduct Authority (“FCA”) announced a commitment to support the development of UK Authorised Funds by speeding up its fund authorisations process. Read more

FCA draft guidance on converting investors between pre- and post-RDR unit classes

On 23 October the Financial Conduct Authority (“FCA”) published a consultation on proposed FCA guidance setting out its expectations of firms delivering, for investors, the conversion of their units from pre-RDR unit classes to post-RDR unit classes ("GC 13/7"). Read more


CSSF regulation relating to the resolution of extrajudicial claims

A CSSF Regulation was published to Memorial A on 28 October 2013 relating to the resolution of extrajudicial claims. This regulation will repeal IML Circular 95/118 and will provide clear details on the process and timeline of the resolution of the extrajudicial claims introduced by clients of entities supervised by the CSSF (“professionals”). Read more

Grand-ducal regulation relating to the fees to be levied by the CSSF

A Grand-ducal regulation was issued on 31 October 2013 updating the fees to be levied by the CSSF. This Grand-ducal regulation is applicable from 1 November 2013; it repeals the Grand-ducal regulation of 29 September 2012 relating to fees. The new regulation mainly introduces fees relating to entities derived from the AIFM law (law of 12 July 2013). The fees to be levied by the CSSF are payable by the different financial entities supervised in Luxembourg. The full text (in French) can be found via the following link:


CBI Issues Deadline for AIFM Applications

With the transitional period set to expire on 22 July 2014, the Central Bank of Ireland (“CBI”) has advised that 21 February 2014 is the latest date for its receipt of applications from existing managers seeking authorisation as an alternative investment fund manager (“AIFM”). Given the expected volume of applications, applicants have been advised to submit their applications at the earliest opportunity. Read more

CBI Publishes 4th Edition of AIFMD Q&A

On the 30 September 2013 the Central Bank of Ireland (“CBI”) published a fourth edition of the AIFMD Q&A document. The updated Q&A document is available on the CBI’s website here.

CBI amends UCITS Notices

The Central Bank of Ireland has amended paragraph 4 of Notice UCITS 10 (Financial Derivative Instruments) to expand the list of eligible counterparties for OTC derivatives. Additional counterparties are set out in paragraph 4 (iii) of the Notice. The amendment took effect from 11 October 2013. Read more

Irish Stock Exchange – Fund publication initiative

Since 2 October 2013 the Irish Stock Exchange (“ISE”) has been offering listed funds the opportunity to publish a variety of documents on the ISE website without charge. Read more

IFIA Paper on the Requirements for Offsetting Financial Assets and Liabilities

Following amendments to IFRS 7 and IAS 32 and the Financial Accounting Standards Board’s update ASU 2011-11, the Irish Funds Industry Association (“IFIA”) has published a paper entitled: “The Requirements for Offsetting Financial Assets and Liabilities”. Read more

FRC publishes draft amendments to FRS 102

The Financial Reporting Council (“FRC”) has published draft amendments to FRS 102, the financial reporting standard applicable in the UK and the Republic of Ireland, on Hedge Accounting; the draft publication (33 pages) is available at the following link:

CBI publishes Guidance/Instructions on Preapproved Controlled Functions (“PCFs”)

On 03 October 2013 the Central Bank of Ireland (“CBI”) published guidance/instructions on the resignation process for PCFs; and on 04 October 2013 the CBI published guidance/instructions for regulated financial service providers on how to access the Online Reporting System (“ONR”) PCF Information Page and guidance on the features of the ONR PCF Information Page.

Key dates reminder

Read more


Revised Anti-Money Laundering Law entered into force on 1 November 2013

The partial revision of the Swiss Anti-Money Laundering Act (“AMLA”) entered into force on 1 November 2013. This was decided by the Federal Council in its meeting on 16 October 2013. In the future, the Money Laundering Reporting Office Switzerland (MROS, the Swiss Financial Intelligence Unit) will be in the position of also sharing financial information with its foreign counterparts. Read more


2nd IOSCO hedge fund survey published

In October 2013 the IOSCO published its second hedge fund survey. The survey collected data from hedge funds managers and advisers in 15 jurisdictions on their trading activities, the markets they operate in, leverage, funding and counterparty information. Read more

Other publications

The cost of compliance: 2013 KPMG/AIMA/MFA Global Hedge Fund Survey


Evolving Investment Management Regulation – June 2013


Industry Insights: A snapshot of the key trends, issues and challenges facing the investment management industry

The cost of compliance: 2013 KPMG/AIMA/MFA Global Hedge Fund Survey


Evolving Investment Management Regulation – June 2013


Industry Insights: A snapshot of the key trends, issues and challenges facing the investment management industry

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Print Fund News

For further details on any of these topics, or for any questions or queries you may have, please get in touch with your usual KPMG contact or one of the KPMG LLP (UK) contacts listed below

Tom Brown
Tel: 020 7694 2011

Jon Mills
Tel: 020 7311 6079

Gareth Horner
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Rachel Hanger
Tel: 020 7311 5328

Nathan Hall
Tel: 020 7311 5217

Paul Bradbury
Senior Manager
Tel: 020 7694 2946

Stefano Borsi
Tel: 013 1527 6816

Colin French
Senior Manager
Tel: 013 1527 6765

Richard Pettifer
Risk and Compliance
Tel: 020 7311 5749

Paul Taylor
Senior Manager
Funds Regulatory
Tel: 020 7311 5116

Andrew Clark
Senior Manager
Tel: 020 7311 1480

KPMG in Luxembourg Contact details

Ravi Beegun
Tel. +35222 5151 6248

Georges Bock
Tel. +35222 5151 5522

Vincent Heymans
Tel. +35222 5151 7917

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