CMU: Ireland calls for streamlined reporting regime

Regulatory reportingIreland’s investment funds association is calling on Brussels to deliver a better regulatory reporting framework as part of the EC’s Capital Markets Union (CMU) project.

Irish Funds wants to see an integrated reporting strategy and a coherent framework that utilises a single EU portal.

Regulatory reporting is regularly cited as a challenge for fund firms, given the barrage of regulation in recent years and the sometimes overlapping reporting requirements between directives.

Irish Funds has also called for other changes as part of the CMU, including the creation of a single EU portal to facilitate the passporting of funds.

Other changes urged by Irish Funds are:

  • Introduction of a maximum fee range regulators can levy
  • A common definition of marketing under Alternative Investment Fund Managers Directive
  • Enhanced clarification on where funds passported from a non-EU country should have their depositary located
  • Clarification on the entitlement of EU resident investment funds to tax treaty benefits

In essence, the body wants a period of regulatory stability following the abundance of changes made to the regulatory framework in recent years and wants regulators to be more cohesive.

“We hope our recommendations will be taken into consideration by the Commission in assessing and improving the regulatory framework for financial services,” said Pat Lardner, chief executive officer of Irish Funds.

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