Fund News
Issue 106 – September 2013

Investment Fund Regulatory and Tax developments in selected jurisdictions


This month developments from:


FCA updates its web pages for Collective Investment Schemes

In August the Financial Conduct Authority (“FCA”) launched its revised web pages for Collective Investment Schemes.  The new site provides more detail in a user friendly manner and includes sections on: authorisation; recognition of overseas schemes; marketing UK UCITS in the EEA; a ‘Key messages’ section; a section on the Protected Cell Regime (the submission deadline for which approaches in November 2013); and a section on the new (1 July 2013) Authorised Contractual Scheme.  It can be accessed here

FCA commences its thematic work on the review of fund charges

In August the FCA commenced the work it set out in its Conduct Risk Outlook of March 2013 where it said it would undertake a review of fund changes.  The work has started with the FCA writing to 11 fund managers ranging from global asset managers to boutiques and the FCA foresees this phase of its review running for the remainder of 2013.  Read more

FCA issues final rules on fund descriptions and names

On 25 July, through Handbook Notice 4 available here: the FCA has given clarity to the disclosures necessary to provide clear descriptions in fund objectives and names where terms such as ‘absolute return’ or ‘total return’ are used.  Read more

Luxembourg the Luxembourg fund regulation library from KPMG

On 2 September 2013, KPMG Luxembourg launched a new online tool for investment management professionals. is a web-based library that pulls together Luxembourg fund regulations.  Vincent Heymans, Partner at KPMG Luxembourg, explains the logic behind the new initiative: “For any given regulation, there can be in excess of twenty relevant documents, spread across a range of different websites. You know that the information you are looking for is somewhere in cyber space but, with the plethora of institutions involved, you find yourself endlessly hunting around countless websites to locate the information you need. By bringing everything together in one place, we hope to reduce the time wasted searching for a needle in a haystack.”

The website has been conceived with simplicity in mind.  With just one click on the name of the desired regulation, users are directed to a list of associated circulars, laws, consultation papers and other legal texts.  For each regulation, the documents are grouped according to issuing institution with the most recent document at the top of the list.  A powerful search function scans the content of all the documents in the library.

Regulapedia is available via this link


European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. 257 of 2013) published on 26 August 2013

The Minister for Finance has published the European Union (Alternative Investment Fund Managers) Regulations 2013 to give effect to the EU AIFM Directives (2011/61/EU, 2003/41/EU and 2009/65/EC) and related EU regulations ((EC) No. 1060/2009 and (EU) No. 1095/2010). (104 pages), available here

Consultation on Authorisation of Regulated Firms, Funds and Intermediaries: Process Improvements and Service Standards

The Central Bank of Ireland has published a Consultation Paper (“CP67”) on the authorisation process for regulated firms, funds and intermediaries.  The objective of the consultation is to improve the authorisation process with the goal of improving efficiency and timeliness of response, while maintaining rigorous assessment of new applicants. The proposed processes should improve the consistency of decision making and the quality of regulatory information provided by applicants to the Central Bank. It is expected over time to eliminate paper from the application process. Read more

Consultation on Client Asset Regulations

Protection of client assets is a regulatory priority for the Central Bank of Ireland. Deficiencies in firms' client asset systems and controls can have serious consequences for clients and counterparties, as well as causing reputational damage to the Irish financial market. A Central Bank review of the regulatory regime for safeguarding client assets noted that that there were inconsistencies in interpretation and application of the existing client asset requirements ("CAR") and that the requirements needed revision with issues as to form, scope and substance. The proposed Regulations and Guidance aim to enhance the Central Bank's client asset regime. Read more

CBI Regulatory reporting requirements of Irish authorised investment funds - Updated: Vol. 2.0 - July 2013

The Central Bank of Ireland’s (“CBI”) regulatory reporting requirements of Irish authorised investment funds was updated and re-issued in July (“Vol. 2.0 - July 2013”).  This guidance note is relevant for all Irish authorised investment funds (“IFs”).  The purpose of the guidance note is to provide information and direction to the IF’s Board of Directors / Management Company / General Partner, as appropriate, on the reporting requirements relating to the extension of the Central Bank of Ireland’s Online Reporting System to IFs. The revised guidance (84 pages) is available via this link

The Return of Values (Investment Undertakings) Regulations 2013 (SI 245/2013)

The Return of Values (Investment Undertakings) Regulations, give effect to the provisions of section 891C of the Taxes Consolidation Act 1997, provide for the making of annual returns to the Revenue by certain 'Investment Undertakings' of the value of the investments in a tax year, held by certain unit holders. Read more


FSMA publishes Q&A on AIFMD transitional provisions and Belgian national provisions

The Financial Services and Markets Authority (“FSMA”) issued a Questions and Answers (“Q&A”) document on the transitional rules that will apply to Belgian entities that are in scope of the AIFMD.  Although the AIFMD has not been transposed into national law, the Belgian regulator is already accepting draft authorisation files from in-scope entities. Read more


Call for action for representatives of foreign collective investment schemes

The revision of the Swiss Collective Investment Schemes Act ("CISA") made the requirements for representatives of foreign collective investment schemes more stringent and introduced the licensing requirements for representatives of foreign collective investment schemes dealing with qualified investors ('representatives light'). All representatives of foreign collective investment schemes must: critically analyse their operational organisation; prepare new representative and distribution agreements; and, where appropriate, apply for a license. Read more


Evolving Investment Management Regulation – June 2013    

Evolving Investment Management Regulation – June 2013 here



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
Tel: 013 1527 6951

Rachel Hanger
Tel: 020 7311 5328

Nathan Hall
Tel: 020 7311 5217

Paul Bradbury
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

Nathalie Dogniez
Tel. +35222 5151 6253

Georges Bock
Tel. +35222 5151 5522

Vincent Heymans
Tel. +35222 5151 7917

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