By Mark Crossan, Bridge Consulting – Irish Funds are on the move again. Every couple of years there is a new product evolution. In 2015 we had the introduction of the ICAV (Irish Collective Asset Management Vehicle) and 2018 is shaping up to be no different. Not only could this year be the year that Ireland gets its eagerly awaited revamped Investment Limited Partnership (ILP) structure, but it looks like other changes are afoot as well.
Legal & Regulation
By Gayle Bowen & Aongus McCarthy, Pinsent Masons – Under new rules implemented by the Central Bank of Ireland (“Central Bank”) last month, Irish Loan Originating Qualifying Investor AIFS (“L-QIAIFs”) are now permitted to adopt broader credit focussed strategies. Previously L-QIAIFs were prohibited from engaging in any activities other than lending and ancillary related operations.
Ireland’s investment funds industry shows no sign of slowing with total AUM reaching EUR2.4 trillion by end of 2017. That’s a 16 per cent growth year-on-year and represents a new high watermark for the jurisdiction, as alternative fund managers continue to set up UCITS and QIAIFs.
Guernsey’s fund sector is expecting increased interest in its Private Investment Fund following a change in its rules and guidance.
Changes are being made to Guernsey’s Private Investment Fund (PIF) regime following a one-year review undertaken by the Guernsey Financial Services Commission (GFSC).
A growing number of Jersey-registered fund managers are opting to future-proof their strategies and market into Europe through national private placement regimes (NPPRs) under the Alternative Investment Fund Managers Directive (AIFMD), according to the latest figures from Jersey’s regulator, the Jersey Financial Services Commission (JFSC).
There has been a 65 per cent jump in the number of firms referred to the Regulatory Decisions Committee, suggesting an acceleration in FCA investigations, according to Cleveland & Co, the boutique legal advisory business.
Unexplained Wealth Orders came into force on 31 January, designed to enable law enforcement agencies such as the SFO and NCA to apply to Court for an Order necessitating people, including foreign politicians and their family members, to identify any interest in an asset that is worth over GBP50,000, giving information about how it was obtained without having to give recipients notice.
Proposed changes to property tax could result in big inflows to real estate investment trusts (REITs), or the establishment of new ones, according to Zoe Thomas, partner in the real estate team at Smith & Williamson, the accountancy, investment management and tax group.