On 1 November 2012, the Short Selling and Credit Default Swap (CDS) Regulation enters into force in all 27 EU Member States. You can find further details on page 6 and 7. In Luxembourg the CSSF published a new Circular (12/546) on the substance requirements for UCITS self-managed SICAVs. Spain reports on a modification of Spanish Regulation on Collective Investment Institutions (CIIs) on page 12 and 13. In the US, funds using derivatives and offered/sold to US persons might become subject to additional oversight by the US Commodity Futures Trading Commission (CFTC) and National Futures Association as of recent regulatory changes. On 9 October 2012, the IOSCO published a final report on Policy Recommendations for Money Market Funds (MMF). In the Tax news part, we report on four countries which have officially joined the group of European Union countries that will support the creation of a Financial Transaction Tax. Furthermore, you will find the information and links to Aberdeen E-Alerts from Luxembourg.