TAILIEUCHUNG - Issue 78 – Regulatory and Tax Developments in March 2011

There is some evidence of ‘alpha’ being generated by fund managers through 'skilful transaction activity and asset management. Opportunity fund managers also appear to have generated superior returns through controlling the timing of the buying and selling of assets, although, with performance fees generally charged on IRRs rather than time-weighted returns, it is open to debate as to whom this benefits more - the investor or the fund manager. Generally, core funds were found to have much higher levels of market risk than expected as the sample was found to have a higher than expected beta of . The research found that core funds have failed. | cutting through complexity FUND NEWS March 2011 Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 78 - Regulatory and Tax Developments in March 2011 Regulatory News International IOSCO launches consultation on suspension of fund redemptions On 8 March 2011 the International Organization of Securities Commissions IOSCO published a consultation report entitled Principles on Suspensions of Redemptions in Collective Investment Schemes . The report outlines principles against which both the industry and regulators can assess the quality of regulation and industry practices concerning suspensions of redemptions. The principles cover the following main areas 1 Management of liquidity risk. 2 Ex-ante disclosure to investors. 3 Criteria Reasons for the suspension. 4 Decision to suspend. 5 During the suspension. 6 Examples of alternative measures to deal with illiquidity in certain jurisdictions. The consultation is open until 30 May 2011 and the report is available via the following web link http library pubdocs p df Regulatory Content International IOSCO launches consultation on suspension of fund redemptions Page 1 Ireland Filing of First Set of Financial Statements Page 2 Subscription and Redemption Orders received by Fax or Electronically Page 2 UK Rules for imputed income from NROFs and for terminations of AUTs and OEICs Page 2 Switzerland Amendment of the Collective Investment Schemes Act in response to the Directive on AIFMD Page 3 Tax Content Luxembourg Aberdeen case newsletter Page 4 The Netherlands CAA with Denmark re closed FGR Page 4 UK Budget announcements on implementing UCiTs IV Page 5 Definition of an Investment Trust Company to be revised Page 5 Ireland UK Filing of First Set of Financial Statements The Central Bank has confirmed that it will amend the UCITS and non-UCITS application forms to require a fund to submit its first set of financial statements within nine months of launch rather than of

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