The INREV Due Diligence Questionnaire (DDQ) for debt vehicles provides a standardised framework, helping investors to achieve a high level of scrutiny when entering a vehicle for the first time. To help us shape the Debt Vehicle DDQ and further improve your workflow we present an updated version for member consultation.
This updated version has been aligned with the generic INREV DDQ issued in 2018 and resembles the same phased approach consisting of three stages: Preliminary, Advanced and Supplementary.
It has also been aligned with the terms in the Global Definitions Database to improve its usability across the globe.
This consultation period is open for eight weeks, members are invited to provide feedback before 28 October.
Please provide your comments to [email protected].
The Hong Kong Government gazetted the new Limited Partnership Fund Bill on 20 March 2020. The Bill had its first reading on 25 March 2020 and is expected to become law later this year.
Specifically designed for private funds and enabling the establishment of onshore funds in Hong Kong, this historic legislative reform will deepen and strengthen the ecosystem that supports the funds industry and better position Hong Kong for growth as a leading asset management hub in the Asia Pacific region.
Join to hear from the HKMA and experts from EY and Sidley on the implications to our industry.
During the briefing, John Moutsopoulos and Grant Mackinlay of KPMG Australia delivered a presentation and discussion on recent changes to Australia’s regulatory framework for foreign fund managers that wish to raise capital from Australian investors; specifically:
- Update on ASIC s recent repeal of licensing exemptions for foreign fund managers who have clients in Australia or wish to raise capital in Australia;
- legal and tax implications for ANREV members with an existing book of clients in Australia including transitional arrangements;
- legal and tax implications of key options for ANREV members going forward to raise capital in Australia including reliance on other licensing relief, applying for a foreign licence, or setting up a local office and applying for a standard license.
In response to the current COVID-19 outbreak, ANREV is increasing its online offering to include timely content to prepare our members with the insights and knowledge they need to prepare for this new wave of challenges.
On Thursday, 7 of May, 16:30 pm – 17:30 pm (HK Time GMT +8) we offered members the opportunity to join a briefing on 'Reporting during exceptional circumstances'
During the briefing, Amelie Delaunay, ANREV was joined by Paul Walters, Michelle Wong, PwC , James Crawford, JLL and Danny Mohr, CBRE to deliver a presentation and discussion on:
- Appropriate levels of disclosure
- How to follow a risk assessment approach for reporting
- Practical thoughts on the use of Valuations in the current market…
Additionally, members may find a summarized set of existing INREV Guidelines and considerations for investment managers when reporting to investors on any significant changes that have or could have a material impact on the vehicle’s operations and performance.
The global spread of COVID-19 and the impact on the global societies is creating major operational and reporting challenges for investment managers. To help the industry navigate in these uncertain times, we summarised below a set of existing INREV Guidelines and considerations for investment managers when reporting to investors on any significant changes that have or could have a material impact on the vehicle’s operations and performance.
It is now nearly four years since the OECD and G20 agreed on the action points to tackle international tax avoidance. During this time we have seen anti-avoidance measures introduced around the world at some pace; these continue to impact traditional fund structures and potentially affect returns. The OECD is now moving onto the second stage of its BEPS project and considering imposing minimum taxes. Ivor Morris, Partner at KMPG gave an update on the impact on fund structures and returns on 25 March throuhg ANREV webinar. Additionally, he shared practical insights into how fund managers and investors are seeking to address these changes.
To view the recording of the webinar, please download the attached pdf and access the link stored with any browser.
The slides used in presentation can also be downloaded below.
ANREV would like to thank the speakers for their contribution.
The INREV Standard Data Delivery Sheet aims to standardise the information exchanged between a fund manager and an investor. Based on a principle similar to the Due Diligence Questionnaire, fund managers are able to enter their fund details in the standardised template which can be downloaded below and sent to investors upon completion.
An updated version of the SDDS 3.1 including dashboards was released end of January 2017 and is available for members together with a full implementation kit. An unprotected version of the SDDS is available upon request.
In collaboration with NCREIF, PREA and INREV, ANREV is delighted to present the Total Global Expense Ratio (TGER).
This new standard sets out to harmonise the approach for measuring the total fees and costs of real estate investment vehicles.
Investors and managers will now be able to compare vehicles across different regions with ease, using just one approach, adding a further layer of transparency and consistency.
The TGER builds on the INREV Total Expense Ratio (TER) and the Reporting Standards Real Estate Fees and Expense Ratio (REFER).
TGER has been incorporated into the NCREIF PREA Reporting Standards. In the coming month, we will incorporate TGER into the fee and expense metrics module of the INREV Guidelines and update all fee related references.
After a transition period, which will run until January 2021- TGER will become a required element of the INREV Guidelines.
For more information, please contact [email protected]v.org
Download the full paper for more information
The industry looks for common metrics to report and compare performance of real estate investment vehicles that operate across different regions of the globe.
However, in practice we use different NAV calculations in different regions. To better understand the differences between IFRS, INREV NAV and US GAAP Fair Value NAV a comparison and first gap analysis was developed by INREV, ANREV, the NCREIF and PREA Reporting Standards.
The resulting short paper explains the main differences when calculating NAVs across regions and the potential impact of these differences.
This is an initiative from the Global Standards Steering Committee.
When investors perform due diligence over prospective and current investments, related party transactions and fees are often key focus areas, particularly over “hidden fees” or debatable fees which may not be apparent pre-investment.
From a documentation perspective, governing documents are often vague or silent on how non-standard costs should be treated. As such, it is often left to the manager’s discretion to decide whether certain costs could or should be borne by the manager or by one or a combination of funds, managed accounts or other vehicles. This in turns may lead to conflicts of interest over fee allocation amongst different relevant mandates, especially if some are in promote/carry positions and some are under-water.
On 15th and 16th August 2019, ANREV hosted two round tables in Singapore and Hong Kong respectively, where a number of managers, fund administrators and advisors sat together and shared their experiences to identify current industry practices and learn from their peers in how they are meet investor demand for fairer and more transparent expense policies.
This document is for members only. Please login if you do not see the downloads below
ANREV Professional Standards Committee would like to thank the participants who have engaged in the discussion as well as Paul Walters from PwC who kindly helped to facilitate the discussion and wrote this paper.