tailieunhanh - Issue 95 – Regulatory and Tax Developments in August 2012

Dodd-Frank requires that most swaps be cleared through a regulated clearinghouse if the clearinghouse accepts the swap for clearing. Under the proposed rules, all non-exempt swaps (., swaps that are not subject to the “End User” exception discussed below) are generally expected to be subject to clearing and exchange trading requirements. 23 Additionally, swaps approved for clearing must be traded on a registered exchange approved by the applicable regulator (., the CFTC or the SEC, depend- ing on the type of swap), unless no registered exchange accepts the swap for trading. 24 Dodd-Frank creates an exception from mandatory clearing and exchange trading for “End-Users.”25. | FUND NEWS August 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 95 - Regulatory and Tax Developments in August 2012 Regulatory News Ireland Irish regulator clarification on additional subscriptions and the KIID The Irish regulator the Central Bank of Ireland has issued the following guidance on the Key Investor Information Document KIID where investors make additional or new subscriptions - 1. Existing investors the most up-to-date version of the KIID must always be available on a UCITS or its management company s website. However there is no requirement to provide subsequent versions of the KIID to existing investors except as set out below. 2. Existing investors making a new subscription the investor must be provided with a KIID unless the UCITS is aware that the investor s current copy of Regulatory Content Ireland Irish regulator clarification on additional subscriptions and the KIID Page 1 Consultation Paper 59 Page 2 New draft AML legislation Page 2 Luxembourg Bill of law implementing AIFMD submitted to Parliament Page 2 Regulation on SIF Risk Management and Conflicts of Interest requirements Page 6 Malta SICAV Incorporated Cell Companies Regulations Page 6 Recognised Incorporated Cell Companies Regulations Page 6 Level playing field for Limited Partnerships and SICaVs Page 7 UK FSA proposes ban on promotion of UCIS and similar products to retail investors Page 7 Tax Content European Union VAT treatment of portfolio management services - the Deutsche Bank case Page 9 Ireland Ireland s Double Taxation Agreement Network Continues to Grow Page 10 Luxembourg Aberdeen E-Alerts Page 10 Turkey The Private Pension Savings and Investment System Law Page 10 Law 6322 to increase savings in Turkey Page 11 Fund News - August 2012 the KIID is the most up-to-date version. 3. Automatic re-investments where additional subscriptions arise under contract there is no need to provide an up-to-date KIID. 4. Regular