Scanning Special June 2014

ITALY

ALFI response to IOSCO/FSB

Transposition of the AIFMD in Italy The legislative decree n°44/2014 transposing into Italian law the provisions of the EU AIFM Directive on Alternative Investment Fund Managers has been published in the Official Gazette of the Italian Republic on March 25th, 2014 and has entered into force on April 9th, 2014. This legislation is the legal framework that defines the basic obligations imposed by the AIFMD in the Italian system, while the issuance of secondary rank rules is delegated to Bank of Italy and Con- sob, according to their respective competences and in compliance with the provisions of the Eu- ropean Union. It will therefore be necessary to wait for the adop- tion of the Delegated Regulations to assess how the financial operators will take advantage from the new European regulatory framework with spe- cific reference to the Italian market. IRELAND ICAV - Irish Collective Asset-Management Vehicle Bill The IFSC Strategy Statement 2011-2016 commit- ted the Irish Government to the development of proposals for a new type of corporate vehicle for the funds industry. The general scheme of the Irish Collective Asset-Management Vehicle ("ICAV") Bill was published on 20 December 2013 - it is ex- pected to come into effect in November 2014. The ICAV is a new type of Irish corporate vehicle which has been specifically designed for invest- ment funds and will be an alternative to Irish public limited company (“plc”) structures. This initiative aims to increase the attractiveness of Ireland as a location for establishing investment funds. A key feature of the ICAV is that it will not be con- sidered a “plc” for Irish corporate law purposes. This is important as it will provide much needed flexibility to Irish funds wishing to structure in cor- THE DECREE IS AVAILABLE HERE

consultation “Assessment methodologies for identifying non- bank non-insurer global systemically important financial institutions” Background The FSB and the IOSCO published on 8 January 2014 a consultation paper on the assessment methodologies for identifying non-bank non-insur- er ("NBNI") global systemically important financial institutions ("SIFIs"). The new SIFI framework that to date only covers banks and insurers would be extended to all other financial institutions. The consultation closed on 7 April 2014. What’s in there? On 7 April 2014, ALFI responded to the consulta- tion as follows: 1) Highly regulated funds such as UCITS in Eu- rope or regulated AIFs that already comply with detailed diversification rules and rules on leverage are not systemically important and do not cause systemic risk; and 2) Asset managers are also not a source of sys- temic risk, because (i) they are not counterparties to the trades they perform on their clients' behalf, and (ii) they are not responsible for the allocation by clients of their assets. What’s next? The FSB and the IOSCO will develop within the SIFI framework the incremental policy measures need- ed to address the systemic risks posed by NBNI SIFIs, once the identification methodologies have been finalised and published.

FRANCE Applicable rules to French UCITS and foreign UCITS distributed in France AMF has published on February 21st, 2014 its n°2011-19 instruction regarding the rules that ap- ply to French UCITS and foreign UCITS distributed in France as regards the approval procedure, the drafting of a key investor information document (KIID) and a prospectus, and periodic reporting. Clarifications are provided about the creation of a French UCITS, changes during the life of UCITS, and the requirements regarding reporting to inves- tors and to the AMF. Update of the 2013- 22 AMF position on the application of AIFMD On March 19th 2014, the Autorité des Marchés Fi- nanciers (AMF - French regulator) updated its 2013- 22 position on the application of AIFMD. AMF Posi- tion 2013-22 aims to answer questions raised by professionals in connection with the transposition of the AIFM Directive. It provides further information for market participants involved in managing AIF on au- thorization and registration requirements, as well as reporting requirements and obligations as regards the notification of major shareholdings. The amendments relate to (1) advice given by fi- nancial investment advisers; (2) transitional provi- sions; (3) AMF website to find authorized entities under the AIFMD and (4) legal entity managing “Other AIFs”. THE AMF INSTRUCTION IS AVAILABLE HERE

THE AMF POSITION IS AVAILABLE HERE

page 8 - Scanning - June 2014