The session is open to all, takes place on 23rd September and will hear from four expert speakers on the following topics:
- Current market trends and observations in credit markets
- Deloitte’s observations on tax developments impacting the debt fund sector
- iBOR reforms, how this may impact you and how we are seeing market participants react to this
- Loan Loss Provisioning: feedback from the local regulator and governance best practices Marc Cleeve leads the Deloitte Debt Funds Services team in Channel Islands and is responsible for the fund audits of a number of the world’s leading debt fund managers.
Marc will cover feedback from the PRA on where they believe the industry needs to improve after the first year of IFRS 9 for recognition of expected credit losses, as well as observations noted from Deloitte’s clients in the UK. He will also share thoughts around best practices for the governance around the models/calculations for loan loss provisioning.
Marc Cleeve says: ‘‘Our award-winning debt fund services team has developed a level of competency, experience and expertise around debt funds which is unique in the financial services market and we are well positioned to advise clients on regulatory developments like IBOR reform and the changing tax landscape for credit assets, as well as providing insightful challenge in our debt fund audits in these times of valuation uncertainty.
“The disruption of the lending market by debt fund managers shows no sign of abating and with investors struggling to obtain the kind of risk-adjusted returns they can get from debt funds elsewhere this growth looks set to continue”.
Robert Connold is a Director in the Debt Advisory team in London with over 12 years of debt and capital advisory experience. He will focus on providing an update of the debt markets and in particular the emergence of the alternative non-bank lenders in the last 10 years.
Stephen Brown is a Partner in the Transactions tax team in London with over 18 years’ experience of advising alternative asset managers across their various asset classes on fund structuring, transactions, fund manager structures, executive reward and other UK and international tax issues. He leads the Credit Funds tax offering across Europe for Deloitte and for the past 12 years has had a significant focus on alternative lenders as they developed their presence in Europe.
Stephen will focus on trends and emerging tax issues concerning credit funds around Europe, including the impact of the implementation of ATAD/ATAD 2 in key countries, the impact of the BEPS changes and reactions of different tax authorities in implementing those changes.
Alex Armstrong will be discussing the impact of the recent iBOR reforms on the debt market. Alex is the Director leading our Treasury Assurance Services team in the Regions Practice and has extensive experience working with a number of FTSE 100/250 corporate and financial institutions.
Alex has over 11 years’ experience specialising in treasury assurance and advisory engagements for the retail banking, corporate client and investment management sectors. He has coordinated a number of market risk assessment and hedging projects and provides derivative valuation and technical/hedge accounting support services including strategy and implementation.