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ARTICLE · 05 DECEMBER 2011

European Commission Work Programme 2012 - Funds-related Developments

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The European Commission has published a pre-final Work Programme for 2012.

IrelandFinance and Banking
Tara Doyle
Tara Doyle
Michael Jackson
Michael Jackson
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The European Commission has published a pre-final Work Programme for 2012. The funds-related developments which the work programme addresses are:

  • UCITS V: Amendment of the UCITS IV Directive as regards rules on UCITS depositary functions, on manager remuneration policy, and on administrative sanctions. The Commission has indicated that the proposed legislation will be published in the Q2 2012.
  • Shadow Banking: A communication will be adopted in the second half of the year to complement and implement the G20 work stream. This follows the Financial Stability Board's (FSB) Report on Shadow Banking: Strengthening Oversight and Regulation issued on 27 October 2011, and may impact hedge funds and money market funds which may be viewed as "non-bank credit intermediation in the financial system" (ie shadow banking).

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