Quarterly Funds Update: Autumn 2015

Written on 9 Nov 2015

Welcome to the latest edition of Osborne Clarke’s Quarterly Funds Update.
We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in a future edition, please let one of us know. Our contact details are set out below.

Secondary fund sales: how does the process work?

The secondary market for fund investments has grown tremendously over the past few years. So how does the sale process actually work, and what are the common issues that arise in these secondary transactions?

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Cross-border tax reporting regimes: are you ready for the new obligations?

The UK has signed up for a number of international agreements and treaties that require cross-border reporting of information about taxpayers. Many fund vehicles will be caught by the UK HMRC’s definition of “financial institutions” and so will need to collect and supply information to HMRC. And from 1 January 2016 reporting obligations for financial institutions about investors who are tax resident in overseas jurisdictions will be significantly extended.

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AIFMD: extending the marketing passport and guidance on the existing regime

ESMA issued guidance this summer on the potential for extending the marketing passport under the AIFMD to funds and managers based outside of the EEA, and on the functioning of the existing passport and national private placement regimes.

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Pursuing a true “Capital Market Union” and the implications for investment funds

At the end of September 2015 the European Commission published its “Action Plan on Building a Capital Markets Union”, a framework document with the aim of creating a true single market for capital across the EU. The Plan will be of interest to all in the financial services sector. Here we highlight some of the Plan’s proposals which will be relevant from an investment funds perspective.

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