tailieunhanh - Issue 92 – Regulatory and Tax Developments in May 2012

Dodd-Frank includes a number of provisions requir- ing increased reporting by private fund managers. Pursu- ant to Dodd-Frank, the SEC, in its recent amendments to Form ADV, added a number of items concerning detailed disclosure of various information concerning private funds managed by the registered adviser. In addition, pursuant to a Dodd-Frank mandate that the SEC require private fund advisers to fi le reports for the assessment of systemic risk by the Financial Stability Oversight Council, the SEC has proposed, but not fi nalized, a new Form PF, 79 which will apply to most registered private fund advis- ers, with additional reporting required. | FUND NEWS May 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 92 - Regulatory and Tax Developments in May 2012 Regulatory News Regulatory Content European Union ESMA publishes updated list of measures adopted by competent authorities on short selling Page 1 Luxembourg CSSF publishes Frequently Asked Questions document on the KIID Page 2 CSSF signs new Co-operation Agreements Page 2 Tax Content EU Advocate General s Opinion that discretionary portfolio management services are not exempt services for VAT Page 2 The Netherlands Tax treaty with Germany Page 3 UK HMRC publish second round consultation document on the future taxation of UUTs Page 4 Luxembourg Luxembourg and Germany sign new tax treaty Page 5 Aberdeen E-alert Page 6 European Union ESMA publishes updated list of measures adopted by competent authorities on short selling On 29 May 2012 the European Securities and Markets Authority ESMA published an update regarding the measures taken by EU supervisory authorities regarding short selling. This update includes measures taken by Austria and is available via the following web link http page Short-selling Accounting content IFRS for Investment Funds - Issue 4 -Classification of Financial Assets under IFRS 9 Page 6 Other news KPMG European Responsible Investing Fund Survey Page 6 Fund News - May 2012 Luxembourg CSSF publishes a Frequently Asked Questions document on the KIID The Commission de Surveillance du Secteur Financier CSSF published a Frequently Asked Questions document on the Key Investor Information Document KIID for UCITS. The document is available via the following web link http fonds-dinvestissement CSSF signs new Co-operation Agreements In May 2012 the CSSF signed a cooperation agreement with the China Securities Regulatory Commission CSRC on mutual assistance and exchange of information in the areas of securities regulation and securities markets. The .

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