In the fund news edition of July we inform you in the Regulatory News part about UCITS V and VI. There are many areas in which the European Commission (EC) proposed updates on 3 July 2012, have a look into page 3 et seq. for further details. On 26 July 2012 EC launched a UCITS VI consultation paper which follows the UCITS V Directive. You will find a summary on page 8 which topics are covered in the new proposed paper. Furthermore, you will some updates from European Securities and Markets Authority (ESMA) regarding different guidelines. In Germany, the German Ministry of Finance (BMF) presented the discussion draft for the implementation of the AIFMD.
In the Tax News part you will find information what the Court of First Instance of Brussels recently held referring the imposition of Belgian annual tax on collective investment vehicles on Luxembourg SICAV and the income tax treaty between Belgium and Luxembourg. Please find the main points of the German Annual Tax Act 2013 on page 16. Finally in UK HM Treasury republished the draft regulations for Tax Transparent Funds.