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Performance
A triannual topical digest for investment management professionals, issue 7, January 2012
Market buzz
Fund analytics, regulatory requirement
or business opportunity?
Investing in Château Lafite, Picasso or Patek
Philippe — The rise of collectible assets
GIPS — A 'necessary' evil
Corporate governance in investment funds
Duties and responsibilities of directors revisited
Brazilian investment funds
Wealth management trends
Swing pricing and the challenge of fair cost
allocation in distressed financial markets
Regulatory angle
Managing risks under UCITS IV
New release or fountain of youth?
IASB and FASB issue Exposure Drafts
(ED) on investment entities
Reform of 'MiFID'
Spotlight on the 'inducements'
section
Tax perspective
New tax reporting requirements
for foreign investment funds
distributed in Italy
New tax rules put pressure
on offshore jurisdictions
Financial transactions tax
EMEA
2
14
In this issue
4 Foreword
5 Editorial
Market buzz
6 Fund analytics, regulatory requirement or business
opportunity?
14 Investing in Château Lafite, Picasso or Patek Philippe
The rise of collectible assets
20 GIPS — A 'necessary' evil
26 Corporate governance in investment funds
Duties and responsibilities of directors revisited
32 Brazilian investment funds
40 Wealth management trends
46 Swing pricing and the challenge of fair cost
allocation in distressed financial markets
6 20 26 32 40
3
Tax perspective
54 New tax reporting requirements for foreign
investment funds distributed in Italy
60 New tax rules put pressure on offshore
jurisdictions
68 Financial transactions tax
Regulatory angle
80 Managing risks under UCITS IV
New release or fountain of youth?
86 IASB and FASB Issue Exposure Drafts (ED)
on investment entities
92 Reform of 'MiFID'
Spotlight on the 'inducements' section
96 Hot off the press
98 Contacts
92
54 60 68 80 8646
4
Foreword
Dear investment management practitioners, faithful readers and new-comers of our magazine,
we are glad to present you the seventh edition of Performance, Deloitte’s worldwide digest
covering the current topics of the Investment Management industry. First of all, we wish you
a successful year in 2012 at both personal and professional levels. This edition of Performance
actually kicks off the third calendar year of existence for our publication. We continue to believe
that offering an international and common platform to the worldwide Investment Management
industry professionals is a challenge that turns out to be of great interest for our clients,
prospects and Deloitte practitioners. Thank you again for your inspiring support.
2011 has been everything but a quiet year in Investment Management. Worldwide consumer
confidence is not at its highest, this is the least one can say. Who is to blame? Did the market
expect investors to fully erase 2008 and the Lehman collapse driven crisis from their memory?
Is it not a natural reaction to anxiously anticipate the reminiscence of this uncomfortable time
for asset management now that even the eurozone, the world leading economy, is as fragile
as it ever was? We nevertheless do not paint everything in black. Let us remember that from a
statistical perspective, global markets cyclically going down for a straight period, as it has been
the case towards the end of 2011, are generally followed by a period of potential appreciation.
Macro perspectives tell us that 2012 could well become a difficult year for the EMEA region.
A recession scenario will be difficult to avoid for the eurozone, this factor will obviously have LIST OF PROJECTS CALLING FOR INVESTMENT FOR PERIOD OF 2008-2015 (Issued in accordance with the Decision No 3512/QD-UBND dated October 3rd, 2008 by the Chairman of the Provincial People’s Committee) N0 Name of projects locations Some criteria (plan- architecture; land, capital ) Forms of investment A- Industry and Construction sectors Project on construction of infrastructure for industrial Groups in Hai Duong province Project on construction of Cay Bridge and road 394 (from Phu Binh to Hung Yen) Industrial Groups in + Area & capital: base on the each group planned and approved by the Provincial People's Committee, the districts investors can self choose the proper projects + Investment mechanism: - Bidding if there more than two investors interested in project - Bid assignment if there is only one investor interested in project Binh Giang district 100 Foreign capital, Joint-venture Domestic capital or other forms investment + 200 m long; bitumen covered road, 7m wide, km BOT long + Capital: from 200 billion VND + Investment mechanism: - Bidding if there more than two investors interested in project - Bid assignment if there is only one investor interested in project or of Project on construction of TUAN MAY Bridge and lanes to the two bridge ends Kim Thanh District + 600 m long Bridge; Concrete Lanes km long BOT + Capital: 200 billion VND + Investment mechanism: - Bidding if there more than two investors interested in project - Bid assignment if there is only one investor interested in project Project on construction of Quang Thanh Bridge Thanh Binh Commune (Thanh District) + Bridge: 400 m long; 2.5 km road leading to bridge BOT +Time for transfer: after 25 years + Investment mechanism:- Bidding if there more than two investors interested in project - Bid assignment if there is only one investor interested in project Project on construction of lengthening the road No 390B From Ba Hang roadcrossing to Tien Tien Commune (Thanh Ha Distric) + Bitumen or concrete road, km long BOT + Investment mechanism: - Bidding if there more than two investors interested in project - Bid assignment if there is only one investor interested in project Project on electrical & + Industrial Zones + Scale: Investment Capital required: electronic production + Industrial Groups: Cao An (Cam From 50 million USD (equivalent to Giang District); Nguyen Giap (Tu 800 billion VND) upwards Ky Dist); Đoan Thuong, Thach Khoi (Gia Loc dist); Thai Hoc (Binh Giang Dist) Project on production + IZs of new construction + Industrial Group material in districts: Kinh Mon, Thanh Ha, Tu Ky, Ninh Giang, Chi Linh Project on building Industrial Group plant producing high Van An I; Chi Minh quality glass Group (Chi Linh dist) Project on industrial + IZs; material production + Industrial clusters 100 Foreign capital, Joint-venture or Domestic capital or other forms of investment + Scale: Investment Capital required: From 20 million 100 Foreign capital, USD (equivalent to 320 billion VND) upwards Joint-venture or Domestic capital + Scale: Investment Capital required: From 100 million 100 % Foreign USD (equivalent to 1,600 billion VND) upwards capital, Joint-venture or Domestic capital + Scale: Investment Capital required: From 10 million 100 % Foreign USD (equivalent to 160 billion VND) upwards capital, Joint-venture or Domestic capital 10 Project on manufacturing and assembling automobiles, equipments and construction & agriculture machinery + Industrial Zones; + Scale: Investment Capital required: From 30 million 100 % Foreign USD (equivalent to 480 billion VND) upwards capital, Joint-venture + Industrial clusters or 100 % Domestic of Thanh Mien, capital Cam Giang, Ninh Giang, Binh Giang Tu ky districts 11 Project on + IZs + Scale: Investment Capital required: From 10 million 100 Foreign capital, 10 manufacturing electric + Industrial Groups USD (equivalent to 160 billion VND) upwards engines and diesel of An Dong engines (Nam Sach; Nguyen Giap ( Tu Ky) 12 13 14 15 Joint-venture or 100% Domestic capital Project on manufacturing and assembling civil & industrial washing machines Project on production of energy saved lighting equipments + IZs; + Industrial Groups chosen by investors + Scale: Investment Capital required: From 10 million 100 Foreign capital, USD (equivalent to 1,600 billion VND) upwards Joint-venture or 100% Domestic capital + IZs; + Industrial Groups chosen by investors Project on manufacturing and assembling digital audio- visual equipments Project on production of informatic and technilogy equipments + IZs; + Industrial Groups chosen by investors + Scale: Investment Capital required: From 10 million 100 Foreign capital, USD (equivalent to 160 billion VND) upwards Joint-venture or 100% Domestic capital + Scale: Investment Capital required: From 30 million 100 Foreign capital, USD (equivalent to 480 billion VND) upwards Joint-venture or 100% Domestic capital + IZs; + Industrial Groups chosen by investors + Scale: Investment Capital required: ...OUTER
Top 10 Challenges
for Investment Banks 2011
Top 10 Challenges
for Investment Banks 2011
Top 10 Challenges
for Investment Banks
2011
Copyright © 2010 Accenture
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A
ccenture, its logo, and
High Performance Delivered
are trademarks of Accenture.
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pproximately 204,000 people serving
clients in more than 120 countries.
Combining unparalleled experience,
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ecome high-performance businesses
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generated net revenues of US$21.6
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2010. Its home page is
www.accenture.com.
Top 10 Challenges
for Investment Banks 2011
With leverage no longer an easy option
to drive returns on equity, and
proprietary trading now seen as risky by
both regulators and shareholders alike,
investment banks are faced with the
difficult task of identifying new ways to
propel their returns on equity back to
something close to pre-crisis levels. In
such an uncertain operating
environment, assessing risk, making the
most of existing revenues, and
capitalising on new opportunities have
never been more important.
Introduction
Navigating Through
Uncertainty
Focusing on the future:
Investment banks are increasingly operating in a volatile,
resource constrained and highly regulated environment.
Rigorous focus on strategic and operational priorities
provides the key to high performance.
The world economy is emerging from its
most severe recession in over 50 years.
And the mid-term prognosis is still far
from rosy. Recoveries from credit-
induced recessions take time. Often
twice as long, in fact, as recoveries from
recessions sparked by interest rates
hiked to contain inflation.
Signs of real structural strength are in
short supply. In the US, although
recovery is underway, underlying
fundamentals remain relatively weak.
The government’s stimulus package has
not delivered as significant a boost as
had been hoped. Meanwhile, in Europe,
the likelihood of any sustained
recovery from the worst downturn in 30
years remains at best uncertain. For
the moment, bank lending continues to
be constrained by new regulation such
as Basel III, as much as by now cautious
bankers – just when it is needed most.
While banks managed to dramatically
improve productivity over the past two
years, a new wave of banking
innovation and revenue generation has
yet to arrive. The most encouraging
signs of growth are in the emerging
markets – highlighted by the IMF for
their exciting catch-up growth
potential. In many of these markets,
escalating levels of wealth point to
accelerating demand for financial
services and products – an exciting
opportunity for investment banks,
provided they can tailor their offerings
to suit local requirements.
Introduction: Navigating Through uncertainty
1
0
Source: IMF, World Economic Outlook Database, April 2010
8
6
4
2
0
-2
-4
-6
2
0
0
0
0
1
0
2
0
3
0
4
0
5
0
6
0
7
0
8
0
9
1
0
1
1
1
2
1
3
1
4
1
5
US
Emerging & Developing economies
EU
Figure 1: Real GDP Growth (% growth
year-on-year)
Introduction: Navigating Through Uncertainty
No surprise that investment banks are
still scrambling to adjust to the realities
of this ‘new normal’. In a straitened
operating environment where the only
certainty is increased regulation,
pre-crisis returns on equity (RoE) of,
on average, 20 percent look extremely
optimistic.
As banks seek to identify (and exploit)
every revenue opportunity, they need
to ensure a rigorous focus on strategic
and operational priorities. If they do
not, Accountin
g
Standard
(
AS
)
13
133
Accounting for Investment
s
Contents
INTRODUCTION Para
g
raphs 1-3
Definitions 3
EXPLANATION 4-25
Forms of Investments 4-6
Classification of Investments 7-8
Cost of Investments 9-13
Carrying Amount of Investments 14-19
Current Investments 14-16
Long-term Investments 17-19
Investment Properties 20
Disposal of Investments 21-22
Reclassification of Investments 23-24
Disclosure 25
MAIN PRINCIPLES 26-35
Classification of Investments 26-27
Cost of Investments 28-29
Investment Properties 30
Continued. . /. .
134
Carr
y
in
g
Amount of Investments 31-32
Changes in Carrying Amounts of Investments 33
Disposal of Investments 34
Disclosure 35
Accounting for Investments 169
Accounting Standard (AS) 13
Accounting for Investments
(Thi
s
A
ccountin
g
S
tanda
r
d include
s
p
aragraph
s
s
et in bold
i
t
alic type
and plain type, which have equal authority. Paragraphs in bold italic typ
e
indicate the main principles. This Accounting Standard should be read in
the context of the General Instructions contained in part A of the
A
nnexure to the Notification.)
Introduction
1. This Standar
d
deals with accounting fo
r
investments in the financia
l
statements of enterprises and related disclosure requirements.
1
2. This Standar
d
does not deal with:
(a) the
b
ases fo
r
recognition of interest, dividends an
d
rentals earne
d
on investments which are covered by Accounting Standard 9 o
n
Revenue Recognition;
(
b
)
o
p
eratin
g
o
r
finance leases;
(c) investments of retirement
b
enefit plans an
d
life insurance ente
r
-
prises; and
(d) mutual funds and venture capital funds and/or the related asse
t
management companies, banks and public financial institution
s
formed under a Central or State Government Act or so declare
d
under the Companies Act, 1956.
1
Shares, debentures and other securities held as stock-in-trade (i.e., fo
r
sale in the
ordinary course of business) are not ‘investments’ as defined in this Standard.
However, the manner in which they are accounted for and disclosed in the financial
statements is quite similar to that applicable in respect of current investments.
Accordingly, the provisions of this Standard, to the extent that they relate to curren
t
investments, are also applicable to shares, debentures and other securities held a
s
stock-in-trade, with suitable modifications as specified in this Standard.
136 AS 1
3
Definitions
3. The following terms are used in this Standard with the meanings
assigned:
3.1 Investments are assets held by an enterprise for earning incom
e
by way of dividends, interest, and rentals, for capital appreciation,
or for other benefits to the investing enterprise. Assets held a
s
stock-in-trade are not ‘investments’.
3.2 A current investment is an investment that is by its nature readil
y
realisable and is intended to be held for not more than one
y
ea
r
from the date on which such investment is made.
3.3 A long term investment is an investment other than a current
investment.
3.4 An investment property is an investment in land or buildings tha
t
are not intended to be occupied substantially for use by, or in th
e
operations of, the investing enterprise.
3.5 Fair value is the amount for which an asset could be exchan
g
e
d
between a knowledgeable, willing buyer and a knowled
g
eable,
willing seller in an arm’s length transaction. Under appropriat
e
circumstances, market value or net realisable value provides a
n
evidence of fair value.
3.6 Market value is the amount obtainable from the This document and trademark(s) contained herein are protected by law as indicated in a notice appearing later in
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Finding Candidate Options
for Investment
From Building Blocks to
Composite Options and
Preliminary Screening
Paul K. Davis, Russell D. Shaver,
Gaga Gvineria, Justin Beck
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Assurance and Advisory Services
Technical Brief for Investment Funds
Accounting, Financial Reporting and Regulatory: Volume 4 –December 2011
© 2011 Deloitte & Touche
Page 1 of 26
Technical Brief for Investment Funds
Accounting, Financial Reporting & Regulatory
Volume 4 – December 2011
In this issue:
Introduction
Recent Accounting and Financial Reporting Updates – US Generally Accepted Accounting Principles
Recent Accounting and Financial Reporting Updates – International Financial Reporting Standards
Regulatory Update – US – SEC – private fund registration and other requirements – summary and update
Regulatory Update – US – SEC and CFTC – private fund reporting rule (Form PF)
Regulatory Update – US – SEC – ‘Volcker Rule’ – banking entities involvement with investment funds
Regulatory Update – US – Foreign Account Tax Compliance Act (FATCA) – an update
Regulatory Update – Cayman- CIMA - Rule on Regulatory Reporting Standards
Regulatory Update – Cayman - CIMA – registration of “master funds”
Legal Update – “Weavering“ judgment – directors responsibilities
Fund Liquidations – Cayman considerations
Links to archive editions of the Tech Brief newsletter
Introduction
Welcome to Volume 4 of the Technical Brief for Investment Funds (“Tech Brief”), a periodic newsletter developed by
the Deloitte Cayman Investment Funds Technical Team.
The major accounting standard setting bodies have put out a number of new and proposed amendments in 2011,
some of which represent the culmination of projects that have been ongoing for a year or more. In this Tech Brief, we
summarize some of the more significant new accounting and financial reporting requirements that investment funds
and their managers will have to contend with. A few of these are effective for 2011 year ends, while others will be
effective in future years.
Lawyers and others involved in the structuring of funds should have some level of awareness of certain of the new
and proposed changes to US GAAP and International Financial Reporting Standards, particularly those that introduce
or amend criteria for determining whether an entity is deemed to be an investment fund for financial reporting
purposes, as well as separate amendments that may result in some investment managers having to consolidate
certain of the funds they manage into the financial statements of the investment manager. Managers of some funds
may seek changes to fund structures, agreements or governance processes in order to avoid undesirable reporting
outcomes in certain circumstances.
On the regulatory front, there continues to be developments that significantly affect the investment management
industry. Some of these were proposed in prior years and are now, or soon to be, effective, while some were newly
proposed in 2011. This Tech Brief summarizes the more significant developments.
Cayman Islands
Assurance and Advisory Services
Technical Brief for Investment Funds
Accounting, Financial Reporting and Regulatory: Volume 4 –December 2011
© 2011 Deloitte & Touche
Page 2 of 26
Finally, we summarize some considerations in ... + Industrial clusters 100 Foreign capital, Joint-venture or Domestic capital or other forms of investment + Scale: Investment Capital required: From 20 million 100 Foreign capital, USD (equivalent... 100 Foreign capital, Jointventure or Domestic capital investment + Scale: Investment Capital required: From 25 million USD (equivalent to 400 billion VND) upwards + Investment mechanism: + Investment. .. Foreign capital, Joint-venture or Domestic capital investment - Note: The projects mentioned above are just for orientation Other projects in conformity with the plan of socio-economic development
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