Furthermore, consultation on implementation of CRA Regulation was launched. Middle of July, ESMA published a press release regarding the co-operation agreements for alternative investment funds. In France the AMF published a guide in which it outlines the new measures applicable to French collective investment schemes. You will find detailed information on page 7. In Germany the law to transpose the AIFMD into German law (AIFM-Umsetzungsgesetz) was finally published and entered into force on 22. July 2013. The main part of the law forms the new “Capital Investment Act” (Kapitalanlagegesetzbuch - KAGB). The pages 8 and 9 give you an overview of the main aspects of the KAGB, what is the scope, who are the so-called “investors”, what are the exemptions from authorization and what are the distribution requirements. The AIFMD and its implementation is also a hot topic in Luxembourg, UK and Ireland which form another part of the Regulatory News. In Switzerland, the FINMA Circular “Market conduct rules” was fully revised - there are quite significant amendments for the market participants, you will find more details on page 14 and 15. In the Accounting News part you will find an update from UK: the Investment Management Association issued the Exposure Draft for the revision of the Statement of Recommended Practice for the Financial Statements of UK Authorized Funds. In the last part of Fund News, the Tax update, there is mainly UK and Malta publishing information what the developments in July were. Malta reports on the negotiations with the US regarding FATCA.