TAILIEUCHUNG - Issue 97 – Regulatory and Tax Developments in November 2012

A banking entity may invest in or sponsor a covered fund if (i) the banking entity is not directly or indirectly controlled by a . banking entity; 53 (ii) the banking en- tity is a “foreign banking organization,” or, if not a foreign banking organization, meets at least two of the following tests: (a) total . assets exceed total . assets; 54 (b) total . revenues exceed total . revenues; 55 and (c) total . income exceeds total . income; (iii) no ownership interests in the covered fund are of- fered or sold to a . resident, 56 and (iv) the investment or sponsoring occurs solely outside the . . | FUND NEWS November 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 97 - Regulatory and Tax Developments in November 2012 Regulatory News European Union UCITS V Update On 9 November 2012 the European Parliament s ECON Committee published a draft report on the Commission s proposal to amend the UCITS Directive UCITS V in the areas of custody liability remuneration and sanctions. The draft report contains a number of amendments including Remuneration of management companies should be aligned with investor interests and therefore the remuneration rules should also apply to fees paid by the UCITS to the Management Company. Any variable remuneration paid by the UCITS to the Management Company should depend on the size of the fund or the value of the assets under management. The scope of personnel subject to remuneration rules should be extended to cover all decisionmaking and influencing staff of the UCITSĨ Regulatory Content European Union UCITS V Update Page 1 ESMA Opinion on UCITS portfolio investments Page 2 Ireland Central Bank consultation on implementing the AIFMD Page 2 Proposed changes to the regulatory reporting obligations of Irish funds Page 3 Dear CEO letter on Anti-Money Laundering AML Page 3 Luxembourg CSSF Press Release on UCITS portfolio investments Page 3 UK FSA commences consultation on implementing the AIFMD Page 4 International FSB consultation on Shadow Banking Page 5 Tax Content European Union Advisory services can constitute exempt VAT management - the GfBk opinion Page 6 Luxembourg Tax Treaty Update Page 7 Aberdeen E-Alerts Page 7 Fund News - November 2012 The maximum amount of variable remuneration should not exceed 50 of total remuneration in line with CRD revision . The share of variable remuneration to be deferred should be 60 up from 40 in line with CRD revision . The remuneration committee should include employee representatives. ESMA in collaboration with the national .

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