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INTERNATIONAL IOSCO Consultation Report on risk mitigation standards for Non-centrally Cleared OTC Derivatives Background In April 2014, according to the reform program announced by the G20 Leaders in 2009, the IOS- CO Board approved the mandate of the working group on risk mitigation standards for non-cen- trally cleared OTC derivatives (the "IOSCO Working Group") to develop, with the Basel Committee on Banking Supervision and the Committee on Pay- ments and Market Infrastructure, a set of regula- tory standards on risk mitigation techniques for non-centrally cleared OTC derivatives. What’s in there? Published in September 2014, the Consultation Report CR06/2014 (the "Consultation Report") de- scribes standards that have been proposed by the IOSCO Working Group and which are directed at non-centrally cleared OTC derivatives. Such standards seek to promote legal certainty and facilitate timely dispute resolution, facilitate the management of counterparty credit and other risks and increase overall financial stability. Many of the standards are included in the recent reg- ulatory developments (e.g. EMIR, Dodd-Frank). In total, there are 9 risk mitigation standards in the Consultation Report which articulate around the below topics:

What’s in there? Information to be communicated to investors, rules to apply when these UCITS use derivative financial instruments or efficient portfolio management techniques and the criteria for financial indices in which UCITS invest are detailed in the Position. These modifications take into account the new provisions provided by ESMA on the 1 st of August 2014, especially those regarding: « Diversification and flexibility of financial guaran- tees; « Information to provide in the Prospectus; « The balance-sheet regarding over-the-counter derivatives and efficient portfolio management techniques. This update is applicable the day of its publication.

THE NETHERLANDS Proposed punitive law on manipulation benchmarks Background This communication follows the amendment of the Dutch act amending the law on financial markets 2015 (Wijzigingswet financiële markten 2015). What’s in there? This amendment will have the consequence that manipulation of benchmarks can be qualified as a criminal act. The consequence of this qualifi- cation is that these cases can be dealt with un- der criminal law and not only administrative law. What’s next? The amendment will be effective in the Nether- lands as per 1 January 2015 and therefore be effective well before the European law on the same subject becomes effective mid-2016. FRANCE AMF updates its 2013-06 Position on ETFs and other UCITS issues Background On 10 September 2014, AMF updated its 2013-06 Position on ETFs and other UCITS issues.

THE AMF POSITION IS AVAILABLE HERE

AIFM reporting to competent authorities Background AMF published on Extranet GECO:

A Q&A,

«

« A guide on the practical format of reports to be delivered to the AMF. What’s in there? The Q&A includes nine questions, for instance: how to declare my AIFM reporting? The Guide aims to support Asset Management companies in order to comply with their AIFM re- porting obligations. What’s next? Some French representative associations for the post- market (AFTI) and the asset management industry (AFG) asked the AMF technical questions: AMF answered and a response from ESMA is still expected (a workgroup already exists within the ALFI in association with the CSSF).

« Scope of Coverage;

« Trading relationship Documentation;

« Trade Confirmation;

« Valuation with Counterparties;

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