On 9 November 2012, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published a draft report on the Commission's proposal to amend the UCITS Directive (UCITS V) in the areas of custody, liability, remuneration and sanctions. You will find further details on page 3. In Ireland, the Central Bank has issued several consultation papers during the last couple of months, one on how to implement the AIFMD and another on proposing changes to the regulatory reporting requirements for Irish funds including a requirement to file. You will find an update on the current status of these papers on page 4. Luxembourg is reporting on a recently published press release on UCITS - more details are available via the following link: http://www.cssf.lu/. The Financial Services Authority (FSA) in UK commences consultation on implementing the AIFMD. How should the AIFMD be transposed into UK law? Mid of November 2012, the Financial Stability Board (FSB) published for public consultation a set of recommendations to strengthen oversight and regulation of shadow banks. In the Tax News part you will find a summary of the Advocate General's Opinion in the GfBk Gesellschaft für Börsenkommunikation mbH case regarding VAT exemptions. Last but not least, you will find an update on different double tax treaties in Luxembourg on page 9.