TAILIEUCHUNG - Summary of the Co-Chairs Joint Meeting of the CTF and SCF Trust Fund Committees

Dodd-Frank provides for the comprehensive regula- tion of swaps and requires “swap dealers” and “major swap participants” to register with regulators. 3 As many private funds engage in various types of swaps and derivatives transactions, private fund managers will need to determine if their funds are captured by these new cat- egories, which would then require registration and com- pliance with numerous new compliance requirements. Since many of the rules and defi nitions have only been proposed and not fi nalized, however, it is not possible to make any fi nal determinations at this time | CliMATE Investment FuncIs May 10 2012 Summary of the Co-Chairs Joint Meeting of the CTF and SCF Trust Fund Committees May 1-2 2012 Co-Chairs Zaheer Fakir South Africa CTF Co-Chair Jan Sheltinga Canada SCF Co-Chair Opening 1. The meeting was chaired by Mr. Zaheer Fakir Co-Chair of the CTF Trust Fund Committee and Ms. Jan Sheltinga Co-Chair of the SCF Trust Fund Committee. Adoption of the Agenda 2. The meeting having reviewed the Provisional Agenda circulated as document CTF-SCF 1 adopts the proposed agenda. note on the independent evaluation of the CIF 3. The joint meeting of the CTF and SCF Trust Fund Committees reviewed document CTF-SCF 3 Note on the Independent Evaluation of the CIF and welcomes the confirmation of the willingness of the evaluation departments of the CIF partner MDBs to undertake an independent evaluation of the operations of the CTF and SCF. The joint meeting requests the Evaluation Oversight Committee EOC that has been established to oversee and manage the evaluation to take into account comments made during the meeting and any written comments on the consultation draft that may be submitted by May 18 2012 in the preparation of an approach paper and proposed associated budget. The CTF and SCF Trust Fund Committees agrees to review and approve the approach paper and budget for the evaluation through a decision by mail to be undertaken in accordance with the Committees rules of procedure. 4. The joint meeting requests the EOC to present a proposal for establishing an international reference group of eminent people with a balance between experts from developing and developed countries to advise the oversight committee so as to ensure credibility and independence of the evaluation. 5. The joint meeting approves the Conditions for Guaranteeing the Independence of the Evaluation presented in document CTF-SCF 3 with respect to organizational independence behavioral independence protection from outside interference and avoidance of .

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