tailieunhanh - Issue 84 – Regulatory and Tax Developments in September 2011

A banking entity may generally organize or offer a covered fund if, among other things, it (i) owns not more than 3% of the total ownership interests in any single fund within one year after establishment; 46 and (ii) invests an aggregate amount not exceeding 3% of the banking entity’s Tier 1 capital (., the bank’s regulatory capital) in covered funds as a whole. 47 There is an exception to the 3% rule to allow the banking entity to make a seed investment in a fund (in which case it can own 100% of the fund), 48 provided that within one year of. | cutting through complexity FUND NEWS September 2011 Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 84 - Regulatory and Tax Developments in September 2011 Regulatory News European Union ESMA publishes updated measures regarding Short Selling On 29 September 2011 ESMA published an updated list of measures adopted by competent authorities on short selling. This update includes measures taken by France Greece Italy and Spain. The full list of measures is available via the following web link http p id 7696 ESMA launches a Call for Evidence on empty voting On 14 September ESMA launched a Call for Evidence on empty voting. Currently there are no specific rules relating to empty voting at the European level. ESMA s objective is to collect Regulatory Content European Union ESMA publishes updated measures regarding short selling Page 1 ESMA launches a call for evidence on empty voting Page 1 Ireland Fitness Probity for directors and staff Page 2 UK FSA issues PS 11 10 on its Transposition of the revised UCITS Directive Page 2 FSA quarterly consultation includes minor amendments for the operation of Authorised Funds Page 2 Tax Content European Union European Commission proposes a Financial Transaction Tax Page 3 Netherlands New bill on reclaims of Dutch dividend withholding tax Page 4 Poland Proposed amendments to the tax exemption regime applicable to EU and EEA funds Page 4 Spain Royal Decree 1145 2011 amending the General Regulations on tax management and inspection actions and procedures Page 5 Switzerland Switzerland and the UK initial tax agreement Page 8 UK Authorised Investment Funds amending tax regulations published Page 8 HM Treasury confirms it will introduce a protected cell regime for OEICs by November 2011 Page 8 Fund News - September 2011 UK information and evidence on the extent to which empty voting practices exist in practice within the EU and the effects of such practices. The Call for Evidence