Publications

As the Chinese Government steps up measures to internationalise the renminbi, it is creating opportunities for asset managers, willing to move early.

This article describes why a holistic approach to the regulatory changes occurring worldwide enables you to arrive at strategic and efficient solutions.

In uncertain markets, asset managers are holding back from making acquisitions. Yet the strategic rationale is strong and acquisition prices are falling.

How asset managers and asset servicers can use Solvency II as an opportunity to attract more business from insurers

Low economic growth and a shortage of debt capital are restraining returns in Europe’s real estate market, while the US and Asia are also suffering from uncertainty, according to the Emerging Trends in Real Estate® 2012 series.

All the signs point to a recovery in M&A in 2012, following last year’s low levels of activity.

A PwC survey of US and European private equity firms found that almost all believed that responsible investment creates value, although their approach is still evolving.

This PwC newsletter provides coverage of real estate tax developments in Austria

This PwC newsletter provides coverage of real estate tax developments in Germany.

This PwC newsletter provides coverage of real estate tax developments in Germany.

This PwC reference guide helps you manage your financial services transfer pricing issues.

Asia has significant potential for growth, although geographical diversity and regulatory issues pose challenges.

Environmental, social and governance (ESG) issues in the private equity industry are increasingly in the spotlight. But many PE houses are struggling with how to demonstrate the value of their ESG activity.

A theme to emerge from our survey of the Private Equity industry is the difference in attitude and approach between the US-headquartered PE houses and those in Europe

The breadth of the proposed prohibitions and their complexity has caused industry consternation. After significant concerns were expressed in the comment period that ended on 13 February 2012, US regulators are considering their next steps, and a revised rule or proposal seems likely.

Those managers that dealt best with the corporate governance and communication challenges created by the crisis are likely to be rewarded in future fund raisings.

This new report from PwC examines emerging real estate trends in Asia, in particular property pricing, real estate finance, capital markets, and real estate investments.

PwC Observation: It has been suggested that the proposed regulations have either delayed FATCA or that the efforts around compliance for the asset management industry have been substantially mitigated. It seems in fact there is still a substantial amount of work to be done by these asset managers to even qualify for deemed-compliant FFI status. Given that the regulations have provided details on how these rules may ultimately work, asset managers should have sufficient direction to begin assessing and developing a plan with their third-party service providers to implement the requirements of FATCA into their business processes and procedures.

This PwC newsletter provides coverage of real estate tax developments in the United States.

This PwC newsletter provides coverage of real estate tax developments in France and Luxembourg.

The Project Blue framework considers the rise and interconnectivity of emerging markets and state-directed approaches to economic development. It also examines the impact of new technology, demographics, changing customer behaviour and mounting pressure on the world’s most critical natural resources.

Asset Management CEOs remain positive about the next 12 months despite the economic challenges. They see growth in both existing and emerging markets and are seeking to foster talent in-house. What else did they tell us?

ETFs are becoming more popular, yet some in the industry do not yet have the specialised, cost-effective operating models they need.

This joint PwC/Urban Land Institute publication provides an outlook on European real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues.

For asset managers to offer high-value service, it's imperative they know about the latest tax developments in their territory. PwC's tax alerts keep you in the know, offering the most current – and concise – information on tax issues around the world.

A joint undertaking of the Urban Land Institute and PwC, the Emerging Trends in Real Estate® series provides an outlook on real estate investment and development trends, real estate finance and capital markets, trends by property sector and metropolitan area, and other real estate issues around the globe.

This PwC newsletter provides coverage of real estate tax developments in Ireland.

This PwC newsletter provides coverage of real estate tax developments in Spain.

In our latest webcast series, we provide you with an update on upcoming developments in real estate and what they mean for you.

This PwC newsletter provides coverage of real estate tax developments in Italy.

This PwC publication gives investors and fund managers an overview of year-end to-dos and important issues in real estate taxation in 35 tax systems worldwide.

Is the focus of capital markets finance moving eastward? Will emerging market exchanges have the sophistication and infrastructure to challenge incumbent exchanges in the West? What are the drivers behind the change in capital market dynamics? These are some of the questions we asked in our survey of senior managers from companies across the globe. Their responses paint a very clear picture of the challenges facing incumbent markets in the coming two decades. Download out report to find out more.

This edition of AIFMD News addresses main issues that have arisen from ESMA’s latest consultation papers on possible implementing measures of AIFMD.

A joint undertaking of the Urban Land Institute and PwC, the Emerging Trends in Real Estate® series provides an outlook on real estate investment and development trends, real estate finance and capital markets, trends by property sector and metropolitan area, and other real estate issues around the globe.

The members of our PwC European Real Estate Investment Management (REIM) tax group listed as country specialists in the booklet will be very happy to help you, by providing further information on any of the fund vehicles described.

This PwC newsletter provides coverage of real estate tax developments in Germany.

As the Chinese Government steps up measures to internationalise the renminbi, it is creating opportunities for asset managers, willing to move early.

This article describes why a holistic approach to the regulatory changes occurring worldwide enables you to arrive at strategic and efficient solutions.

In uncertain markets, asset managers are holding back from making acquisitions. Yet the strategic rationale is strong and acquisition prices are falling.

On 13 July, the European Securities and Markets Authority (ESMA) issued its consultation paper on possible implementing measures of the AIFMD. This was followed by a further consultation paper, issued on 23 August, dealing with third country issues.

This PwC newsletter provides coverage of real estate tax developments in Germany.

Our global real estate network comprises of people and teams with hands-on experience at the very top of the industry. The 2011 edition of Going Global provides you with a summary of the tax and legal aspects of real estate investments from more than 70 countries.

PwC reports on recent changes in Real Estate Investment Trusts (REITs).

In this issue of Asset Management (AM) News we look at how investors' view of value has changed. Performance is still essential but investors are now looking for a competitive fee, strong infrastructure and increased transparency. In this issue, we highlight areas where asset managers can respond to these raised expectations.

Hedge fund investors, legislators and regulators are seeking improved governance, controls and transparency. These demands are raising industry standards, and having the right people, repeatable processes and scalable technology has become more important than ever. This PwC paper outlines why stronger hedge fund sector infrastructure is essential and discusses what this involves and the benefits it will bring.

This PwC newsletter provides coverage of real estate tax developments in Germany and Spain.

This PwC newsletter provides coverage of real estate tax developments in Luxembourg.

This PwC newsletter provides coverage of real estate tax developments in the United Kingdom.

An update on recent events and an outline of PwC's views on how industry needs to respond in advance of the Directive's implementation.

In this edition of AM News we build on the themes that emerged from our recent Global CEO Survey and discuss some of the strategic decisions asset managers need to consider as the industry enters a new growth cycle.

The new Dutch policy on the application of tax treaties 2011 has now been published. The amendments which are relevant for the RE industry include amongst others, the extension of the application of the tax treaty benefits to (i) entitles that are not subject to tax (ii) asset pools.

The regulation surrounding UCITS is being reviewed. PwC can help you to understand the implications, prepare for and implement these changes.

Under legislation dated 17 December 2010, the Luxembourg government has introduced new tax measures pertaining t the financial and economic crisis and applicable as from the 2011 tax year. This Newsalert summaries the possible effect of these measures on real estate structures.

Emerging Trends in Real Estate® Europe 2011 represents a consensus outlook for the future and reflects the views of more than 600 individuals who completed surveys and/or were interviewed as part of the research process for this report.

Emerging Trends in Real Estate® Asia Pacific 2011 represents a consensus outlook for the future and reflects the views of more than 280 individuals who completed surveys and/or were interviewed as a part of the research process for this report.

As usual at the end of the calendar year, a number of tax measures were approved in December 2010, mostly with the intention of simulating investment in Spain. Even though they are generally applicable, some of them may be of particular interest for investors operating in the Spanish real estate market in addition, an update on the Spanish Real Estate Transfer Tax rules on share deals is included.

The Finance Act 2011 strengthened the French thin capitalisation ("thincap") regime. As a result of this change, bank loans can now potentially fall within the scope of thincap regime, depending on the security package negotiated.

The new RETT exemption rule stipulated in the newly inserted Section 6a of the German Real Estate Transfer Act (RETTA) applies to reorganisations that are implemented after 31 December 2009.

The report provides an outlook on Asia Pacific real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues.

The report provides an outlook on European real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues.

In our latest webcast on lease accounting, PwC partners', Kees Hage and Tom Wilkin, provide you with an update on the future of lease accounting, the impact it is having on the different real estate sectors, and discuss the business implications.

In a decree dated 1 October 2010, the German Federal Ministry of Finance ruled that the deadline for an entrepreneur to opt to VAT or to cancel an option to tax has been shortened from a 4 year period to a period of 1 month after the filing of the respective annual VAT return.

An amendment to the Polish Corporate Income Tax ('CIT') Law has recently been passed which provides exemptions from income and withholding tax for certain investment funds based in the EU/EEA countries. The amendment will be effective from 1 January 2011.

Our view entitled ‘from black box to open book hedge fund trust and transparency’, validated by conversations with Europe’s hedge fund investors, regulators, managers and other industry participants, is that there is room for further improvements related to conflicts of interest and operational controls to allow the sector to truly fulfil its growth potential.

As the consequences of the credit crisis become clearer, this is a time of exceptional change for asset managers and real estate companies alike. Shifting economics, onerous new regulation and a drive for greater transparency in reporting are creating challenges – yet also some opportunities.

This booklet seeks to compare more than 30 different types of fund vehicle in a summary form, by looking at a consistent set of key topics, and noting major pros and cons. We hope that you will find it a useful starting point, and a source of reference.

With the final directive imminent, it is time to assess the impact.

This publication outlines tax considerations, financial, economic and regulatory issues which commercial real estate may face with the proposed new lease accounting model.

After three years of dislocation and delaying unprecedented losses, the U.S. real estate industry finally sees some hopeful signs in 2011 of tempered improvement—across all markets and all property sectors.

Just two years after the credit crisis struck comes the regulatory aftershock. In the US, Europe and Asia, the shape of new regulations is becoming clear. Governments are subjecting asset managers to far tougher rules and more intrusive supervision. The asset management sector has never had to adapt to so much regulatory legislation in such a short time.

This PwC report contains a detailed summary of the key provisions of the Exposure Draft stage of an ambitious IASB and FASB joint proposal that would radically transform lease accounting from the existing model which has existed for over 30 years.

On 15 June 2010, the first draft of the "Betrugsbekämpfungsgesetz 2010" (BBKG 2011) was published by the Austrian Ministry of Finance. It stipulates various measures to combat fiscal fraud and includes amendments which have a significant impact on the deductibility of interest of share deals.

Recovering confidence in Financial Services.

The real estate industry faces huge challenges over the coming decades. At our Annual European real estate conference back in 2007, we looked at the enormous impact that globalisation, demographic change and climate change will have on the world over the period that could be feasibly modelled, to 2050.

May was a tumultuous time for the AIFMD. Early stories surfacing in the UK press just after the UK General Election spoke of George Osborne (UK Chancellor of the Exchequer) preparing to go to Brussels to fight the “Hedge Fund Directive” but facing an immediate and hostile barrage from France’s President Sarkozy and Germany’s Chancellor Merkel.

There has been much lobbying by industry participants since the initial Alternative Investment Fund Management Directive, AIFMD text was published in April 2009. The proposals were met with much controversy when first issued and wide debate behind the scenes in Europe. However, the time for lobbying is all but over with the proposed Directive having moved a step closer to finalisation following approval on 17th and 18th May by the European Parliament and the European Council of their respective drafts of the Directive, (separate Directive texts with differing proposals).

Our first survey focuses on the replacement of the Simplified Prospectus with the Key Information Document (the "KID“).

The Italian Government is introducing extraordinary economic measures intended to improve the financial stability and the economic competitiveness of Italy, in order to comply with the Maastricht Treaty parameters by 2012 at the latest.

Following first signs of recovery in the second half of 2009, investment volumes continue to increase in 2010 in the Benelux region. Private investors and German funds have dominated the Benelux markets. Investment volumes are still far from the peak in 2007. This is caused by the scarcity of income producing prime assets which is the main focus of investors and their financers in today’s market.

For asset managers, the legacy of the financial crisis that struck in 2008 and rumbles on in 2010 is now clear. Gone is much of the freedom they have historically enjoyed. Their investment activities, operating models and tax arrangements will be far more closely controlled and scrutinised in future.

PricewaterhouseCoopers (PwC): A second wind: The regulation, taxation and distribution of hedge funds around the globe

A year ago in UK real estate insights, as the first signs of a recovery in real estate capital markets were emerging, we commented on the fragility of the occupier market and the dangers of ongoing economic recession

The International Accounting Standards Board (IASB) and the United States Financial Accounting Standards Board (FASB) discussed further questions relating to consolidation of particular interest to investment managers at their meeting in March 2010.

This booklet seeks to compare more than 20 different types of fund vehicle in a summary form, by looking at a consistent set of key topics, and noting major pros and cons. We hope that you will find it a useful starting point, and a source of reference.

On 7 May, the Government released the Board of Taxation's (BOT) report into the proposed tax treatment for Managed Investment Trust (MITs) together with its response. The BOT report is very lengthy and comprehensive. 39 of the BOT's 48 recommendations have been accepted; however the Government has decided to consider some recommendations further.

Welcome to the first edition of CEE Real Estate Insights. Central and Eastern Europe, as we see it, extends from the Balkans to the Baltics and from the old frontier of Germany and Austria across the 11 time zones of Russia, covering 28 markets.

In this edition of AIFMD News we look at the most controversial aspects of the discussions in the Council of Ministers, including the Spanish Presidency compromise position on third countries which caused the directive to be removed from the agenda of the EcoFin Council on 16 March.

There are significant challenges ahead, many of which are discussed in this edition, the state of the economy, the state of the banks, the looming threat of regulation.

Just like the broader economy that it serves, the asset management industry is returning to growth. Yet this growth is far from uniform – there are pockets of flourishing activity and areas of continuing weakness.

The IASB’s annual improvements project provides a vehicle for making non-urgent but necessary amendments to IFRSs.

The most comprehensive survey of its kind, Appetite for change examines attitudes in the international business community towards environmental regulation, legislation and taxes.

This point of view, informed by conversations with regulators, looks at how how the conflict between welcome innovation and protecting the retail investor needs to be carefully managed.

This e-publication compares IFRS with local accounting standards for Luxembourg.

In this edition, we provide you with an audio recording of a workshop we recently held at our European Asset Management client conference (London, Nov 16-17, 2009).

The International Accounting Standards Board (IASB) published on 12 November 2009 the new IFRS 9 Financial Instruments: Classification and Measurement. The IASB intends to publish IFRS 9, that will ultimately replace IAS 39, in its entirety by the end of 2010.

This publication addresses questions that arise when applying IFRS 8 to real estate entities. It should be read only in conjunction with the A practical guide to IFRS 8 for investment funds (June 2009), which contains further guidance that may also be relevant.

This note is to provide an update on the draft Alternative Investment Fund Managers Directive ("AIFMD") about the key areas of agreement and disagreement between the various parties debating the directive, and then recommends what managers can do to prepare for the time when a final draft emerges.

In this issue of Asset Management News we highlight some of the emerging ‘best practice’ risk management standards. In our general stories section, we also provide views about topical trends and events across the globe.

An epublication coproduced by PricewaterhouseCoopers real estate teams in The Netherlands, Belgium and Luxembourg. Benelux real estate insights follows the successful launch of UK real estate insights last year.

After more than a year spent in suspended animation lagging already shattered housing markets, the commercial real estate industry hits bottom in 2010, suffering a surge of painful writedowns, defaults, and workouts.

2008 was an extremely challenging year for the industry, and attention is now turning to the prospects for 2009. Yields on real estate have moved dramatically since the peak of the market, with further falls anticipated in the short-term.

Released on 29 April, the European Commission’s draft Alternative Investment Funds Management Directive (AIFM Directive) has caused waves of consternation across the industry in Europe and further afield.

This publication addresses the questions arising when applying the amended IAS 40, ‘Investment property’.

A comparison of IFRS and local GAAP for investment funds.Territories included: Australia, Canada, Hong Kong, India, Japan, and Singapore.

As the Chinese Government steps up measures to internationalise the renminbi, it is creating opportunities for asset managers, willing to move early.

This article describes why a holistic approach to the regulatory changes occurring worldwide enables you to arrive at strategic and efficient solutions.

In uncertain markets, asset managers are holding back from making acquisitions. Yet the strategic rationale is strong and acquisition prices are falling.