This update summarises current regulatory developments in the European Union and the UK in the investment funds and asset management sectors in the past four weeks.

In This Issue:

EU Regulatory Developments

- p1 EVCA Consults on New Professional Standards Handbook

- p1 The ECB President’s Proposal for a European Ministry of finance

- p2 EU Contract Law: Optional Instrument

- p2 EMIR: Hungarian Presidency Produces Further Compromise Text

- p3 Polish EU Presidency’s Priorities Published

- p3 ESMA and Japan FSA Sign Exchange of Letters on CRA Supervision and Information-Sharing

- p3 New Indicative Dates for European Commission Legislative Proposals on MAD and MiFID Revisions

- p3 BCBS Documentation on Basel III Implementation Monitoring

- p4 Venture Capital Funds: EU Commission Consultation

- p4 Prospectus Directive: ESMA Consultation on Technical Advice to European Commission

- p5 Taxation: Commission Requests Poland to Amend Discriminatory Tax Legislation for Foreign Investment and Pension Funds

UK Regulatory Developments

- p5 AIMA’s Guide to Institutional Investors’ Views and Preferences on Hedge Fund Operational Infrastructures

- p5 FSA Clarification on RDR Passporting Issues

- p5 Private Equity: Good Practice Reporting by Portfolio Companies

- p6 Tax Transparent Funds

- p6 FSA Secures High Court Orders Against Unauthorised Land Banks

- p6 Home Office Plan for National Crime Agency: Financial Services Implications

- p7 Draft Regulations Implementing UCITS IV

- p7 Government Consults on Amending Money Laundering Regulations 2007

- p7 FSA “Dear CEO” Letter Following Wealth Management Review

- p8 FSA Updates Guide to the EU and Its Legislative Processes V

- p8 HM Treasury White Paper and Draft Parliamentary Bill of the New UK Regulatory Structure

- p9 Near-Final Draft FSA Handbook Rules and Guidance Implementing UCITS IV

- p9 Chancellor of the Exchequer Endorses ICB Retail Banking Proposals in Mansion House Speech

- p9 FSA Announces £54m Payment Scheme of CF Arch Cru Investors