Switzerland

Details

  • Service: Financial Services
  • Industry: Investment Management, Fund News
  • Type: FundNews
  • Date: 3/25/2014

Fund News - Issue 112 - February 2014 

Issue 112 of our Fund News consists of regulatory news from Switzerland and the European Union with special reports on the UK, Ireland, Luxembourg and Malta. The Tax News section relates the latest developments in Germany and Malta.
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On 25 February the negotiators of the Council and the European Parliament reached an agreement on the UCITS V Directive, which will have to be formally approved by the European Parliament and of the EU member states. The directive will contain requirements on fund employee incentives, explicit information on sanctions in case of fraud or similar and prescriptions on whistleblowing. Please find detailed information on page 3.

 

ESMA issued Final Reports on EuSEF and EuVECA, updated the Q&A on the application of AIFMD and the AIFMD MoU. The related links can be found on page 3 and 4.

 

Pages 6, 7 and 8 provide an overview of the main publications of the Central Bank of Ireland (CBI); among others, a first EMIR Q&A document, a first edition of UCITS Q&A document and the 7th edition of AIFMD Q&As.

 

The Switzerland section focuses on the Collective Investment Schemes Act (CISA) that states that, as of 1 March 2014, foreign collective investment schemes targeted at retail investors will be subject to a Memorandum of Understanding between the FINMA and the foreign scheme's regulator.

 

In the UK, IMA recommend using trading commissions to pay for investment research, which strengthens clients' interests and improves efficiency for the market. More details on page 11.

 

Last but not least, the International Tax News section is devoted to the OECD FATCA Project, a global standard for the automatic exchange of information.

 

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