IRELAND: FSRA publish Regulatory Connection Issue 12

Thursday October 4 2007

The Irish Regulator has published Issue 12 of its Regulatory Connection publication. This publication can be found at the above link.

From a fund’s perspective, in addition to MiFID, key topics covered in this edition include reviews of the following:

*Amendment to UCITS rules in relation to the valuation of Over-the-Counter (OTC) derivative contracts ;

*The new Guidance in relation to financial indices and the circumstances under which UCITS must seek approval from the Financial Regulator ;

*The new Guidance on Structured Products and Complex Trading Strategies

*Regulation on Irish Covered Bonds (noting that wider UCITS spread rules exist for investments into Covered Bonds).

Funds-Axis continue to support our clients with respect to each of the above issues.

There is also comment on the work of the European Commission and its exposure draft on proposals to modify the UCITS Directive with regard to notification procedures, fund mergers, pooling, management company passport, simplified prospectus / investor disclosures, supervisory powers and co-operation with a view to formal proposals being made by end 2007.