The European Council adopts a Directive and Regulation with regard to the excessive reliance on credit ratings; you will find further details on page 3 and 4.
On the following pages you will find some news from the European Securities and Markets Authority (ESMA) which published updates in regard to the AIFMD.
Germany reports of credit limit rules for real-estate funds which were issued by the BaFin on 22 April 2013.
On page 10 you will find the latest news from Switzerland regarding the revision of the Federal Act on Collective Investment Schemes (CISA) and the Ordinance on Collective Investment Schemes (CISO). Following the CISA and CISO revision, the Swiss Fund Association (SFA) Guidelines on transparency with regard to management fees has become obsolete and is not recognized by the FINMA anymore. On 3 May 2013 IOSCO published its final report on “Principles for the Valuation of Collective Investment Schemes”; you will find further details and the corresponding web link on page 11.
In the Tax News part, Luxembourg informs about latest negotiations with the US in the context of FATCA. The country will sign the Model I agreement (IGA).
Beside this, you will find the latest issues of the Aberdeen E-Alerts in this issue of Fund News.
Finally, please find some tax updates from UK on page 14 and 15.