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Page last published: 16 December 2008

Citicorp Trustee Company Limited
A subsidiary of Citibank N.A.
Regulated by the FSA. Registered in England No. 235914. Registered Office:
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.
Ultimately owned by Citigroup Inc, New York, USA.

Newsflash

European Fiduciary Seminars

Regulatory Updates

Insight

News & Views

Since its inception in 1987, Citicorp Trustee Company Ltd (CTCL) has grown to become the 3rd largest supplier of Trustee and Depositary services to authorised funds in the UK with more than 300 authorised unit trusts and umbrella sub funds under its fiduciary care and total assets of over £40 billion. It's 14 client management groups include some of the largest and most respected names in the UK retail funds industry. CTCL also forms an important part of Citigroup's European fund activities with Trustee, Depositary, fund accounting and other associated services offered in Dublin, Luxembourg, the Channel Islands and a number of mainland European centres.
CTCL is a member of the industry body Depositary and Trustee Association (DATA) and is an active participant in both the Technical and Executive Committees.
Through publications such as News & Views, individual client presentations, industry round tables, and DATA, CTCL seeks to add value through comment on future regulatory change, but also through the establishment of industry best practice and interpretation in areas where regulation is not prescriptive, or allows a degree of discretion.
In recent years, CTCL staff have gained a wealth of experience through a variety of fund reconstruction exercises such as Unit Trust and OEIC mergers and Unit Trust to OEIC conversions. Any one of the team will be happy to discuss any plans of your own, your views on the contents of this publication or any other technical query you may have and can arrange individual discussions through to formal staff presentations on a variety of technical matters if desired. Please also contact CTCL should there be a specific matter you feel would be a useful inclusion in future publications.

Newsflash

14 July 2008	Collective Investment Schemes (CIS) Disclosure Code
7 March 2008	Financial Services Authority – Handbook Notice 73 FSA 2008/5 – Collective Investment Schemes sourcebook (UCITS Eligible Assets Directive and other amendments) Instrument 2008
21 January 2008	CP08/01 – Quarterly Consultation (No.15) Chapter 7 – Electronic Settlement and Index-linked Funds

European Fiduciary Seminars

16 July 2008	2:30pm London - UCITS IV from the FSA, outlook on investment opportunities for fund managers, funds ﬁght against identity theft
30 January 2008	2:30pm London - New retail fund structures, Funds of Alternative Investment Funds, new risk management processes to key regulatory developments – UCITs, CESR, IOSCO and CSSF
18 July 2007	2:30pm London - Offshore and Onshore Open Ended Property Funds, Wider Investment Powers for UCITS funds, Update and discussion on Funds of Alternative Investment Funds (FAIFs)
4 December 2006	2:30pm London - Regulatory update
11 July 2006	2:30pm London - MiFID, Hedge Funds, FSA regulatory update
6 December 2005	2:30pm London - Derivatives usage in the Funds Industry; Hedge Funds – The evolving regulation of Sophisticated Alternative Investment Vehicles (SAIVs) in Europe; Tax update on UK Mutual funds

Regulatory Updates

Insight

Introduction, Anti-Money Laundering, Price Errors: A Cross-Jurisdictional Comparison, The Role of the Trustee/Depository vis-a-vis the Prime Broker, Country Profile: Poland, Companies (Auditing & Accounting) Act 2003, Financial Derivative Instruments – The Role of the Fiduciary

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Informal Compliance

If you would like to discuss any matter contained in these newsletters in greater detail, please call:

Dave Morrison

Iain Lyall

Francine Bailey

020 7500 8021

020 7500 8356

020 7500 8580

Steve Clark

Shane Baily

Andrew Newson

020 7500 6351

00 353 1 622 6297

020 7500 8410

December 2008	UCITS IV: where does the fund industry stand? Physical short selling under UCITS: the end of the story? CESR consults on risk management principles for UCITS VAT issues for the funds industry Guidance Note 1/08: valuation of assets of money market funds 130/30 funds: market sentiment and the use of derivatives CSSF Circular 08/356: taking advantage of new opportunities The CSSF defines rules for prime broker selection
July 2008	Who makes EU legislation? Is asset eligibility still an issue under UCITS? EC’s Expert Group Report on open-ended real-estate funds Filling the gap for retail investors: is the KID moving forward? Irish tax update: the 8-year deemed disposal requirements for Irish resident investors in Irish funds Amendments to the SICAR legislation The challenges of market efficiency Disclosure of soft commissions and bundled brokerage arrangements for CISs FSA consults on electronic settlement of transaction in units
March 2008	Italy allows domestic pension funds to appoint an EU bank as a depositary bank; Sophisticated UCITS and leverage assessment: are regulatory approaches converging?; Amendments to the German Investment Act; Physical short selling under UCITS: time to reconsider?; Recent developments in Jersey funds; Fair valuation in the UCITS risk-management world; Protected cell investment companies: UK developments; Stock lending: developments following FSA CP 06/18
October 2007	IOSCO investigates the role of Independent Oversight Entities; Possible EC adjustments to the UCITS Directive: getting ready for UCITS IV; IOSCO sets out the principles for the valuation of hedge fund portfolios; CESR publishes final guidelines on hedge fund indices; Modernisation of Germany outsourcing rules; CSSF publishes risk-spreading guidelines for SIFs; Effective yield accounting — tax issues; Claiming back withholding taxes on EU dividends
March 2007	CESR consultation on derivatives on hedge fund indices, REITs in Germany, MiFID in Ireland, Luxembourg Specialised Investment Funds
September 2006	EC's Expert Group Reports, Single and Dual Pricing, SICAR in Luxembourg, MiFID in Ireland
May 2006	Weaving through the MiFID Maze, Microfinance funds in Luxembourg
December 2005	Hedge Fund Opportunities: Luxembourg Vs Germany, EC Green Paper on the Enhancement of the EU Framework for Investment Funds, Developments and Current Trends in Box Management, Carbon Funds: Which Instruments, which Strategies?, EU Savings Directive from an Irish Authorised Fund Perspective
September 2005	The changing face of ARROW and how you can prepare for an ARROW assessment
August 2005	FSA update on CIS Issues; Passporting of Management Services –Where Now?; Registration and Distribution of UCITS within Member States; Dual Pricing – Beyond 2007; New Landscape – Corporate Governance in the Funds Industry; Other Matters; Next edition of News & Views
15 June 2005	Seminar: Wednesday 15 June 2005
March 2005	The Tax Treatment of the use of Derivatives; Bundling and Soft Commission: An Update; The Simplified Prospectus; MiFID - The Directive on Markets in Financial Instruments; UCITS Synthetic Funds of Hedge Funds; Taxation of Qualified Investor Schemes; ICVCs – Removal of the requirement to hold an AGM
June 2004	An Overview of COLL, Property Funds, Unbundling and Soft Commissions, Best Execution, Standardisation of the Depositary Role, Eligible Markets and the new EU Member States, An Update on the Savings Directive
March 2004	New CIS Source book; CIS 5 Funds –uncertainties over their eligibility; Eligible Markets and the New EU Member States; The Simplified Prospectus; Practical Issues in Establishing a Multi-Manager Scheme; Model Documentation for OTC Derivative; Anti-Money Laundering Responsibilities; No room for Complacency in the Mutual Funds Arena; Savings Directive - an Update; CTCL Seminar -17th June 2004
December 2003	Time Zone Arbitrage, Late Day Trading, Multi Manager Funds, Impact of the UCITS III management directive on the UK fund management industry
September 2003	CP 185 – The CIS Sourcebook – A new approach; The EU Savings Directive; UCITS III Derivative Risk Management Process; OEICs – Corporate Housekeeping; The new SORP for Authorised Funds; IAS – General Corporate Accounting Issues – Potential Relevance to Schemes; CP 176 – Unbundling: a better deal for the investor?; SDRT and OEIC Mergers; Problems for Managers of Funds of Funds-HN24
August 2002	UCITS III; Limited Issue Funds; Guaranteed and Capital Protected Funds; Single Pricing; Highlights of the Sandler Report
April 2002	Bond Pricing; Methods of Single Pricing; Handbook Amendments
February 2002	Trustee/Depositary Reports; Rollover CGT Relief on Reconstructions; OEIC Conversions – Update; Argentina; Japanese Government Bond Interest; Electronic News & Views; Bond Pricing
November 2001	Special N2 edition
August 2001	CIS Sourcebook - Transitionals; Industry OEIC Conversions; SDRT on Unit Trust and OEIC Mergers; Gross Interest Payments to Corporates; Financial Services Compensation Scheme; SDRT (schedule 19) Regime for Redemptions; Japanese Government Bond Interest; Update on Malaysian Regulations
March 2001	SDRT on Unit Trust/OEIC Mergers; Interest Reporting Requirements; UCITS II Proposals; Swiss Withholding Tax; Malaysian Regulations; the OEIC SORP
August 2000	Tax Information Exchange; Internet/e-Commerce update; Extramark™/iShares™; Capped Indices; Bond Fund Yields; Stakeholder Pensions/IPAs Update; Financial Services & Markets Act 2000; EIC SORP
May 2000	Recent UK Tax Matters; FRS16; US tax/NRA regulation changes; e-commerce/internet
16 February 2000	Special Index Tracker Edition
1 February 2000	Special SDRT Edition

The material in this communication is for information purposes only. At the time of publication, this information was believed to be accurate, but neither Citibank nor Citicorp Trustee Company Limited makes any representation or warranty to any person as to the accuracy or completeness of the material contained herein. The material contained herein does not constitute in any way investment or legal advice or a recommendation reference or endorsement by Citibank or Citicorp Trustee Company Limited or any person or entity named herein.

Contents

Citicorp Trustee Company Limited A subsidiary of Citibank N.A.Regulated by the FSA. Registered in England No. 235914. Registered Office: Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.Ultimately owned by Citigroup Inc, New York, USA.

Citicorp Trustee Company Limited
A subsidiary of Citibank N.A.
Regulated by the FSA. Registered in England No. 235914. Registered Office:
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.
Ultimately owned by Citigroup Inc, New York, USA.