In its UCITS V Position Paper, the Alternative Investment Management Association (“AIMA”) has called for a depositary passport to be introduced for UCITS depositaries. 

You will find below a summary of the measures announced for inclusion in the next Finance Bill that are relevant to Irish-domiciled investment products.

The Council of the EU and the European Parliament reached political agreement on a proposed Regulation for European Venture Capital Funds (“EVCF”) on 7 December 2012.

Brussels-based interest rate index Euribor and its London counterpart Libor are currently under investigation by the European Commission to examine whether there was collusion amongst member banks in an attempt to rig interest rates. 

On 25 July 2012, ESMA published guidelines on ETFs and other UCITS issues, which included in Annex IV a consultation paper on the recallability of repurchase and reverse repurchase agreements. The consultation process has resulted in the publication, on 4 December 2012, of the ESMA Guidelines on Repurchase and Reverse Repurchase Agreements (the “Guidelines”).

On 14 November 2012, the European Commission published an initial FAQ document on the EMIR Regulation which came into force on 16 August. The FAQs recognise that there is still a lack of clarity surrounding the timing of implementation of EMIR, the scope of requirements arising under EMIR and the position of third country central counterparties (“CCPs”) and trade repositories (“TRs”).

Funds Ezine - December 2012

The FSB has published, for consultation, a report entitled “An Integrated Overview of Policy Recommendations”, which sets out the FSB’s overall approach to shadow banking issues and contains an initial integrated set of policy recommendations to strengthen the oversight and regulation of the shadow banking system. 

Please click the title above to view the December 2012 issue of our Funds E-zine.