Cross-Border Distribution of UCITS

INDEX OF TABLES AND GRAPHS

FIGURE

TITLE

PAGE

Graph 1 Graph 2

Weight of the banking distribution channel in Europe over time (including funds of funds) 7 Key drivers contributing to the development of the open architecture business model Total European mutual fund assets under management by distribution channel, 2008-September 2010 Total cross-border mutual fund assets under management by distribution channel, 2008-September 2010 Cross-border distribution channels’ growth potential as viewed by Cerulli Associates survey respondents, January 2011

10

Graph 3

12

Graph 4

12

Graph 5

13

Graph 6 Graph 7 Graph 8 Graph 9 Table 1 Graph 10 Graph 11 Graph 12 Graph 13 Graph 14

Main financial assets of insurers and pension funds Main financial assets of other financial intermediaries Main financial assets of households in the Euro area Household direct investment fund ownership in Europe in 2009

15 16 17 17 18 21 23 23 24 25 27 28 29 30 33 34 37 41 26

European assets by distribution channel Number of true cross-border funds registered

Evolution of Luxembourg and Ireland market share for cross-border fund registration Evolution of asset classes in the Luxembourg UCITS industry 1997-2009 Evolution of total net assets of Irish domiciled funds (2000-2010)

Country of domiciliation of sophisticated UCITS

Overview of the overall openness of European fund markets to the cross-border activity as at 31/12/2010

Table 2

Graph 15 Graph 16

Top 25 target markets for cross-border fund distribution in Europe

Luxembourg domiciled funds breakdown by distribution regions (in number of funds) Top countries for registration of foreign funds by region outside Europe in 2010

Table 3

Graph 17 Graph 18 Graph 19 Graph 20

Asian markets maturity levels overview

The French CSD model

The Luxembourg TA model and the investment fund distribution process

The global TA model

Table 4

Major issues faced by asset managers distributing their funds cross-border

Table 5

Comparison of registration requirements in the top 7 target countries as at January 2011

42

Table 6

Comparison of post-registration requirements in the top 7 target countries

45

Table 7

Fiscal requirements for the top 7 target markets

48

Graph 21

FPP initial principles

50

Table 8

FPP benefits for fund managers and fund distributors

50

Graph 22

Operational challenges of third-party distribution

54

Table 9

Key drivers and benefits of automation

55

Graph 23

Actors, processes and components at stake for streamlining fund processing

55

Graph 24

Overview of commercial offerings and market initiatives

59

Graph 25

Illustration of a distribution network with 4 levels

66