This update sets out a short summary of what we consider to be among the most significant elements of certain recent and proposed French and EU regulatory initiatives occurring during the second quarter of 2013 which affect French asset managers. While some progress was made on EU-level discussions on UCITS V, MiFID II and other initiatives, the bulk of French and EU regulatory activity affecting asset managers during this second quarter of 2013 related to implementation of the AIFM Directive and EMIR. For companies managing alternative (i.e. any non-UCITS) funds, or dealing in OTC derivatives, the next months will likely be quite busy bringing systems, processes and documentation in line with a whole host of new obligations.

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