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SPVs in Ireland: Difference between revisions
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{{a|entity|}} | {{a|entity|}}{{irish deeds}} | ||
{{irish deeds}} | |||
{{charges in Ireland}} | {{charges in Ireland}} | ||
===Types of Irish [[espievie]]=== | ===Types of Irish [[espievie]]=== | ||
====[[ICAV]]s==== | ====[[ICAV]]s==== | ||
See the whole extra article about [[Irish collective asset-management vehicles]]. | See the whole extra article about [[Irish collective asset-management vehicles]]. | ||
====PIFs and QIFs==== | ====PIFs and QIFs==== | ||
As per the CBI rules, a [[PIF]] ([[professional investors fund]])) and [[QIF]] ([[qualifying investors fund]]) may [[rehypothecate]] its own assets to a [[prime broker]] under the following conditions: | As per the CBI rules, a [[PIF]] ([[professional investors fund]])) and [[QIF]] ([[qualifying investors fund]]) may [[rehypothecate]] its own assets to a [[prime broker]] under the following conditions: | ||
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A lot more information from the JC’s big brother [https://en.wikipedia.org/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV) here]. | A lot more information from the JC’s big brother [https://en.wikipedia.org/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV) here]. | ||
===MiFID=== | |||
MiFID is implemented in Ireland through the [https://www.irishstatutebook.ie/eli/2017/si/375/made/en/print European Union (Markets in Financial Instruments) Regulations 2017] of Ireland. We mention this only because there are some odd provisions of MiFID 2 which potentially put SPVs into scope should they look to securitise [[commodity derivative]]s or carbon emission allowances. | |||
So, an odd thing. In MiFID 1, commodity derivatives and carbon emissions products were (largely) excluded from scope. To ensure participants on commodity derivatives markets appropriately regulated and supervised, MiFID 2 narrowed exemptions, especially as regards “[[dealing on own account]]”. | |||
This activity is vaguely defined in MiFID — always has been — but given the purpose of MiFID, generally has been understood as being brokerage and market making activity; a continual activity in the market either to be able to fulfil customer demand or provide market liquidity, only holding prop inventory. In other words, this is not about participants using their own capital to buy, and go on risk to, financial instruments. Indeed, MiFID is meant to ''protect'' people like that, not ''regulate'' them. | |||
{{sa}} | {{sa}} | ||
*[[ICAV]] | *[[ICAV]] | ||