TAILIEUCHUNG - Issue 91 – Regulatory and Tax Developments in April 2012

Rule 506 is a “safe harbor” for the private offering exemption of Section 4(2) of the Securities Act. 76 Pursuant to a specifi c Dodd-Frank mandate, the SEC has proposed a rule to disqualify issuers (which would include private funds) from using Rule 506 for any securities offerings involving “felons and other bad actors.”77 The “bad boy” disqualifi cation would prohibit private funds from relying on Rule 506 if the fund, any general partner or managing member of the fund, the fund’s placement agent, any 10% owner of the fund, or certain other par- ties, have engaged in any “bad. | FUND NEWS April 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 91 - Regulatory and Tax Developments in April 2012 Regulatory News European Union ESMA begins AIFMD co-operation discussions with non-EU supervisors On 26 April 2012 the European Securities and Markets Authority ESMA announced that it will begin discussions with non-EU supervisors of entities subject to requirements of the Alternative Investment Fund Managers Directive AIFMD about supervisory cooperation issues. ESMA will lead on the negotiation of co-operation arrangements with non-EU authorities on behalf of EU supervisors. This will be done through a common Memorandum of Understanding MoU which will Regulatory Content European Union ESMA begins AIFMD co-operation discussions with non-EU authorities Page 1 ESMA final advice on possible delegated acts concerning the Short-Selling Regulation Page 2 Reports on Implementation of the third Anti-Money Laundering Directive Page 2 Ireland Industry Guidance on Global Exposure Disclosure in Annual Report Page 3 Central Bank consults on Market Abuse Page 3 Luxembourg SIF requirements for Risk and Conflicts of Interest Management Page 3 UK FSA augments its rules regarding the circumstances when an OEIC is wound up or a sub-fund terminated Page 3 International IOSCO consults on MMF Systemic Risk Analysis and Reform Options Page 4 IOSCO consults on Principles for Liquidity Risk Management for CIS Page 5 Tax Content UK 2012 Budget Page 6 HMRC issues draft guidance on the new UK ITC tax regime Page 6 Venture Capital Trusts - Finance Bill 2012 changes Page 6 Fund News - April 2012 facilitate the cross-border supervision of those entities subject to AIFMD such as managers of alternative investment funds depositaries and entities performing tasks under delegation by the manager. The MoU will be based on IOSCO s Principles Regarding Cross-Border Supervisory Co-operation. AIFMD ESMA .

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