This update summarises current regulatory developments in the European Union and supranationally, and in the UK and certain other jurisdictions focusing on the investment funds and asset management sectors, during the past month.

In This Issue:

p1 EU and Supranational Regulatory Developments; p8 UK Regulatory Developments; and, p17 Other National Regulatory Developments.

Excerpt from EU and Supranational Regulatory Developments

European Council Meetings

European Council met on 1 and 2 March 2012. During the meeting of the Member States adopted the Fiscal Compact which will now go forward for ratification. On financial services reform, the Council called for, amongst other things:

- EMIR and the CRA2 to be adopted as rapidly as possible;

- CRD4 to be agreed by June 2012;

- MiFID2 and MiFIR to be agreed by December 2012...