TAILIEUCHUNG - Issue 90 – Regulatory and Tax Developments in March 2012

Subject to a number of exceptions, fund managers that are SEC-registered investment advisers may not charge any type of performance fee or carried interest to their fund investors. 72 Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), allows registered fund managers to charge such fees to “qualifi ed clients.”73 Rule 205-3 historically defi ned “qualifi ed clients” as clients with at least $750,000 in as- sets under management or a net worth of at least $150 million. Pursuant to Dodd-Frank, the SEC has recently adjusted these thresholds to $1 million and $2 million,. | FUND NEWS March 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Regulatory Content Issue 90 - Regulatory and Tax Developments in March 2012 Regulatory News European Union Shadow Banking European Commission publishes Green Paper There has been an explosion in shadow banking activities over the past decade and the Financial Stability Board FSB estimated that shadow banking activities were worth around 46 trillion in 2010. The European Commission is keen to impose tougher requirements on shadow banking and published a Green Paper on 19 March 2012 outlining the European Union European Commission publishes Green Paper on Shadow Banking Page 1 EMIR adopted by Parliament Page 3 ESMA final report on Short Selling Technical Standards Page 4 ESMA updates Guidelines on risk measurement for certain types of structured UCITS Page 4 Ireland New Irish Corporate Structure for Funds SCIAV Page 4 UCITS Notice 14 and non-UCITS Notice 2 - Disclosure of related party transactions Page 4 Luxembourg Specialised Investment Fund law amendments voted Page 4 UK FSA consults on a new contractual legal form of Authorised Fund Page 5 International IOSCO consults on exchange traded funds regulation Page 7 Tax Content Luxembourg Aberdeen Case E-Alerts Page 7 The Netherlands CAA with Norway re closed FGR Page 7 Fund News - March 2012 broad range of issues that require action at EU level to address the threats posed by shadow banking activities and entities. This comes in advance of the G20 meeting of Finance Ministers and Central Bank Governors in Washington . on 20 April 2012. The paper focuses on the following entities and activities Securitization Special Purpose Vehicles SPV Finance companies providing credit and securities entities falling outside banking regulation Money Market Funds MMF and investment funds that are leveraged or provide credit including Exchange Traded Funds ETF Insurance and reinsurance firms that issue or .

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