In order to improve financial stability by increasing the transparency of so-called “shadow-banking” transactions, mainly securities lending and repos, the European Commission recently proposed certain measures. Mid-January, the European Commission, the Council and the European Parliament agreed to update the MiFID II. Please find detailed information on page 3.
In Ireland, the Minister for Finance has published the general legislative scheme for the proposed Irish Collective Asset-management Vehicle (ICAV) Bill (the “General Scheme”). The main advantages are listed on page 4, including a link where KPMG comments the ICAV. Furthermore, the Swiss Department of Finance published the “Investment Funds (Money Laundering and Terrorist Financing) Sectoral Guidelines”.
On page 7, you will find latest publications of the Financial Stability Board and International Organization of Securities Commissions and the relevant links.
In Switzerland the Swiss Financial Market Supervisory Authority (FINMA) announced in which publications collective investment schemes must announce amendments and other information. FINMA stated that publication could either be in print media or even electronic platforms but which have to be accessible by public and recognized by the FINMA.
Last but not least, in the Tax News section, the UK reports on the draft legislation on the “bond fund” rules.