Regulatory Developments - This update summarises current regulatory developments in the European Union and the UK focusing on the investment funds and asset management sectors, during the past four weeks.

EU Regulatory Developments:

p1 ESMA 2012 Work Programme

p1 The Danish Presidency’s Work Programme to 30 June 2012

p2 Guidelines on Systems and Controls for Highly Automated Trading

p2 ESMA Consultation on MiFID Compliance Function Requirements

p2 ESMA Consultation on MiFID Suitability Requirements

p3 EMIR Negotiations Likely to Continue into 2012

UK Regulatory Developments:

p3 Discussion Paper on Instruments of Macroprudential Policy

p3 Court of Appeal Decision in Lehman Brothers Application Published

p4 Draft Financial Services Bill

p5 Protected Cell Company Regime – FSA Rule Changes

p5 ISAs: HMRC’s ISA Bulletin No. 41

p5 Provision of the KIID – FSA Letter to IMA

EU Member State National Developments:

p5 France: Finalisation of the Implementation Process of UCITS IV Under French Law

p5 France: Tax Reforms – Some Recent Changes

p7 Italy: New Tax Reporting Requirements for Funds Investing in Eligible Italian Bonds

p7 USA: Draft FATCA Regulations to be Published in January 2012

p7 USA: The Dodd-Frank Act – The Volker Rule