EMIR blog – regulatory update

12 August 2014 – Daily derivative trade reporting of valuation and collateral exposure becomes effective

 The second stage of the reporting obligation came into effect on 12 August 2014, just 6 months after the first reporting stage went live on 12 February 2014. All financial counterparties must report their trade valuation and all posted collateral on a daily basis for their derivatives trades to one of the six authorized trade repositories (TRs1) under EMIR. Where counterparties do not collateralize on a transaction level basis, counterparties shall report to a TR collateral posted on a portfolio basis, and additionally shall report to the TR a code identifying the portfolio of collateral posted to the other counterparty. Non-financial counterparties not exceeding the clearing threshold shall not be required to report collateral, mark to market, or mark to model valuations of the contracts to TRs. Reporting valuations and collateral applies on a daily basis where contracts are concluded, modified or terminated2.

Expo Real Estate AIFMD BEPS

KPMG Luxembourg at ExpoReal

Not quite finished with Oktoberfest yet? Why not extend your stay in Munich a little bit longer! Frauke Oddone, Antoine Badot, Oliver Hoor, Pascal Foehr, Vincenzo Salari and I, all experienced real estate practitioners from KPMG Luxembourg, will be at ExpoReal. ExpoReal 2014 (the International Trade Fair for Property and Investment) is an event where the entire real estate sector will gather together in one location, taking place in Munich, Germany from 5 to 7 October 2014.


Ban on inducements: let’s place clients at the centre of the picture

For this ALFI Global Distribution Conference, we’ve decided to take a slightly different approach to the ban on inducements. This issue has, of course, been at the heart of the MiFID debate for all kinds of fund distributers: from banks to fund promoters to independent financial advisors. The pros and cons of a ban on inducements have already been argued and disputed in many articles. However, rather than looking at the debate, we want to ask a question: what if?

2030, say hello to your investor

With the focus for this ALFI conference on the future and megatrends, I wanted to share this video which really puts this into perspective. The clients of tomorrow are likely to be very different from the clients of today: more “diverse, informed and demanding”. Several demographic drivers are behind the changes:


The World is Not Enough

Change is vital. Change is everywhere. And most of all: change is not limited to only parts of your organisation, it impacts a whole industry. At KPMG, we believe that the future for the investment management industry is very positive and yet to capture the opportunities presented, it will have to overcome unprecedented challenges.

#ALFIGlobal14 participants: Are you a disrupter? Or a potential casualty?

Contributing to this ALFI trailer got me thinking about the wider picture on distribution. With the debate on the ban on inducements still raging on and consuming the industry’s time and energy, I sometimes feel that – as the English might say – we can’t see the wood for the trees. Picking apart the MiFID directive and arguing against the details only distracts us from the real issues at hand: whether the ban is introduced or not, change is afoot for fund distributers.


Your data: who is taking a peek?

The chances are that most of you reading this blog post have some kind of smartphone – perhaps you’re using it right now. If you’re anything like me and security-conscious, you may also have taken the step of installing an antivirus for extra peace of mind. The problem is, it gave me even more to worry about …

VAT recoveryfinal4

The VAT recovery handbook: where you can recover and how easy it is to do so

You’re a CFO and your group has paid VAT in countless countries around the world. You know that some of this money can be reclaimed, but as the number of countries in which you spend multiplies, you’re constantly in a state of uncertainty about where you can claim, how difficult it might be and how long it will take. Our new survey – VAT/GST Refunds Survey 2014 – was made with you in mind.

What Hedge Funds US Managers need to know to do business in Europe

What Hedge Funds US Managers need to know to do business in Europe

These are the questions that were discussed during our KPMG Global Roadshow in Boston, Dallas, New York, San Francisco and Los Angeles.

circular economy

Circular Economy – more than just another green initiative

In times when we have already learnt and acknowledged that earth’s resources are limited and that we globally consume in an unhealthy way, we are virtually non-stop fed with information about green initiatives and sustainability. We sometimes perceive it as “getting flooded” or even “spammed”. Activities around recycling, ecofriendly consumption, waste avoidance and renewable energies today influence almost all aspects of our life.