tailieunhanh - Issue 93 – Regulatory and Tax Developments in June 2012

Opportunity funds have delivered higher returns than core funds over the period 2003-2009. While core fund returns have been especially disappointing, deeper analysis suggests that the additional returns delivered by the opportunity funds may not be adequate to compensate investors for the significantly higher levels of risk taken by fund managers to achieve these returns. With highly significant levels of 'beta' calculated in the opportunity fund samples and the closeness of the observed returns to hypothetical geared returns, the research found that opportunity fund returns over this period have been driven primarily through pure leverage and at a cost of huge risk to the investor | FUND NEWS June 2012 cutting through complexity Investment Fund Regulatory and Tax developments in selected jurisdictions Issue 93 - Regulatory and Tax Developments in June 2012 Regulatory News European Union European Commission presents legislative package to improve investor protection On 3 July 2012 the European Commission EC proposed a package of measures to rebuild consumer trust in financial markets and align rules across competing products. The package is composed of three legislative proposals a proposal aiming at updating the UCITS framework UCITS V a proposal for a regulation on the key information document for packaged retail investment products PRIPS and a revision of the Insurance Mediation Directive IMD . UCITS V One year after the entry into force of the UCITS IV Directive the EC published a UCITS revision - called UCITS V -which focuses on harmonizing the role and liability of UCITS depositaries the remuneration of UCITS managers and Regulatory Content European Union UCITS V PRIPS and IMD proposals Page 1 ESMA Guidelines on sound remuneration policies for AIFM Page 4 ESMA proposes detailed rules on derivatives central counterparties and trade repositories Page 5 Commission technical standards regarding Short Selling Page 5 Agreement on EU Venture Capital and Social entrepreneurship funds Page 5 Cyprus UCITS IV transposed Page 6 France AMF consults on AIFMD Page 6 AMF consults on Inducements Page 7 The Netherlands AIFMD Implementation Page 8 UK The FSA has proposed to delay for a year the implementation of COBS Page 9 Tax Content The Netherlands CAA with USA re closed FGR Page 10 UK Reclaims of excess Withholding Tax deducted from dividend and interest income in Taiwan - a ruling for OEICs Page 10 Luxembourg Aberdeen E-alert Page 11 Fund News - June 2012 sanctions. The aim of the proposal is to enhance investor protection in the wake of the financial crisis the Lehman bankruptcy and the Madoff fraud. The proposal takes the form of a Directive. .

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