TAILIEUCHUNG - 2009 Investment Company Fact Book 49th edition - A Review of Trends and Activity in the Investment Company Industry

ESMA’s focus in 2013 in the investment funds area will be divided between the finalisation of the key elements of the Alternative Investment Fund Managers Directive (AIFMD) framework, leading up to the transposition deadline of July 2013, and work in the area of UCITS. This area will also be supplemented by activity with respect to the Regulations on Venture Capital (VC) and Social Entrepreneurship Funds (SEFs). Regarding AIFMD, ESMA intends to finalise the draft Regulatory Technical standards (technical standards) to define the types of AIFM required by Article 4(4) of the Directive by Q1 2013. These technical standards are a key. | INVESTMENT COMPANY INSTITUTE 2009 Investment Company Fact Book 49TH edition A Review of Trends and Activity in the Investment Company Industry significant events for Funds in the Financial Crisis 2007 AUGUST 14 2007 Sentinel Management Group closes a commodity cash fund mistakenly identified in the media as a money market fund. AUGUST 2007 Investors added 157 billion in new cash to money market funds the second largest inflow since 1984. 2008 JANUARY 17 2008 A Securities and Exchange Commission sweep of money market funds for structured investment vehicle holdings is reported. JANUARY 18 2008 Credit rating agencies start to downgrade bond insurers. JANUARY 24 2008 Reports surface of failed auctions for auction-rate securities ARS . JANUARY 2008 Executive Committee of ICI Board of Governors establishes a task force of senior industry executives to monitor the credit crisis impact on money market funds. Investors added 159 billion in new cash to money market funds the largest inflow since 1984. FEBRUARY 14 2008 More than 80 percent of ARS auctions fail major banks declare the market frozen. MARCH 11 2008 Federal Reserve makes 200 billion available to banks through a newly created securities lending facility. MARCH 16 2008 The Bear Stearns Company is sold to JPMorgan Chase with 29 billion in federal assistance. JUNE 2008 Securities and Exchange Commission and Department of the Treasury grant relief on liquidity-protected preferred shares to refinance closed-end funds auction-market preferred shares. JULY 2008 Fannie Mae and Freddie Mac shares fall sharply on estimates of large capital needs. AUGUST 2008 Financial institutions begin entering into agreements to buy back ARS. SEPTEMBER 7 2008 Fannie Mae and Freddie Mac placed in federal conservatorship. SEPTEMBER 15 2008 Lehman Brothers Holdings Inc. declares bankruptcy. Bank of America agrees to acquire Merrill Lynch for 50 billion. continued inside back cover von INVESTMENT COMPANY INSTITUTE 2009 .

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