Cross-Border Distribution of UCITS

• Act of 12 May 2005, containing rules for the provision of financial services (Financial Services Act)

• Decree of 15 December 2005, containing rules for the provision of financial services (Financial Services Decree) Chapter 7 - Provision of information - sections 38 to 49 • Decree of 12 October 2006, containing rules relating to the supervision of the conduct of financial enterprises (Decree on the Supervision of the Conduct of Financial Enterprises pursuant to the Act on Financial Supervision)

Source: www.afm.nl

Spain

• Law 35/2003 on the regulation of Collective Investment Schemes Título II - Disposiciones comunes - Capítulo II - Comercialización transfronteriza de acciones y participaciones de IIC - Artículo 15 y 16

• Real decreto 1309/2005 (enforcement decree of Law 35/2003)

• Circular 2/2006 regarding information of the foreign collective investment schemes registered at the CNMV relevant registries

• Memorandum relating to methods of fund distribution in Spain

Source: www.cnmv.es/

United Kingdom • The Financial Services and Markets Act 2000 (FSMA)

• The Collective Investment Scheme Information Guide (COLLG) , February 2009

• The Perimeter Guidance Manual (PERG)

Source: www.fsa.gov.uk

France

• General regulation of the Autorité des Marchés Financiers (AMF) Book IV - Collective investment products - Title I - Collective investment schemes

Chapter I - Common provisions for collective investment schemes Section 4 - Marketing foreign collective investment schemes in France - Sub-section 1 - Undertakings for collective investment in transferable securities (UCITS) - Article 411-57 to 411-59 - Sub-section 2 - Other foreign collective investment schemes - Article 411-60 - Sub-section 3 - Common requirements - Article 411-61 • AMF instruction n 0 2005-01 of 25 January 2005 defining the fund registration procedure in France and the centralizing agent’s role Titre IV - OPCVM étrangers désirant être commercialisés en France - Chapitre 1 - OPCVM européens coordonnés . Section 1 - Procédure d’autorisation de commercialisation en France - Article 42 to 45

Appendix 2 - Regulation at domestic levels - page 4