TAILIEUCHUNG - Issue 88 – Regulatory and Tax Developments in January 2012

A banking entity may acquire or retain an owner- ship interest in a covered fund for hedging purposes if the acquisition or retention of the ownership interest meets specifi ed criteria. Among other things, the hedging activity must (i) be made in accordance with the banking entity’s internal controls (which must comply with certain requirements); 58 (ii) be performed by persons whose compensation arrangements are not designed to reward proprietary risk-taking; 59 and (iii) be made in connection with liabilities of the banking entity that are (a) conducted on behalf of a non-banking entity customer to facilitate exposure by the customer to. | FUND NEWS January 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 88 - Regulatory and Tax Developments in January 2012 Regulatory News European Union ESMA Consultation Paper on Guidelines on ETFs and other UCITS issues On 30 January 2012 the European Securities and Markets Authority ESMA published a Consultation Paper CP setting out ESMA s proposal for guidelines on ETFs and other UCITS issues. This consultation follows on from a Discussion Paper issued in July 2011 on possible policy orientations on guidelines for exchanged traded UCITS and Structured UCITS. The 77 page consultation paper sets out detailed proposals in the following areas UCITS Exchange Traded Funds ETFs definition of a UCITS ETF the use of an identifier specific disclosure requirements for actively managed ETFs and rules for protecting investors on secondary Regulatory Content European Union ESMA consults on Guidelines on ETFs and other UCITS issues Page 1 ESMA consults on draft technical standards for the EU Short-Selling regulatory regime Page 2 ESMA work programme 2012 Page 2 Ireland Amendments to UCITS Notices NU Notices and Guidance Notes Page 3 Voluntary Corporate Governance Code Page 3 Spain Fund law amended Page 3 International IOSCO report on principles on suspension of fund redemptions Page 4 Tax Content European Union Public Hearing on the Financial Transaction Tax FTT Page 5 Luxembourg Aberdeen Case E-Alerts Page 5 UK HMT consults on introducing tax transparent authorised schemes for asset pooling Page 6 Spain Non-residents income tax changes Page 7 Accounting Content UK ASB issues revised proposals for future of financial reporting standards in the UK Page 8 Fund News - January 2012 markets. Two options are proposed regarding investors on secondary markets. 1 The UCITS Management Company will have to ensure that the market maker continues to offer redemption facilities to investors and to replace the market maker if it

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