In its position paper on UCITS V (the European Union directive on Undertakings for Collective Investments in Transferable Securities), the Alternative Investment Management Association, the global hedge fund organization, has called for institutions authorized to act as a UCITS depositary by one European Union country to be granted a "passport" to provide the same services in other member states of the European Union. The paper also makes a number of other recommendations, including: Alignment of the UCITS depositary regimes and remuneration requirements with those proposed in the Alternative

The CFTC issued an interpretative statement as to the conditions under which information held by a Swap Data Repository could be accessed by a non-U.S. government. The statement exempts foreign regulators from either entering into a confidentiality agreement relating to such data or from agreeing to any indemnity in connection with any litigation relating to the data. Under the guidance, non-U.S. regulators can "access[] data in which they have an independent and sufficient regulatory interest, even if that data also has been reported pursuant to the CEA and Commission regulations." In order

The Treasury Committee has published its report on the failure of the FSA's oversight of RBS. The report describes the relevant events as being a "serious indictment" of the regulator. In addition to this critique of the FSA, the Treasury Committee has commented in its report that: New Prudential Regulation Authority should be empowered to approve major bank mergers and acquisitions; and Legislation currently being considered on banking reform deserves greater scrutiny. Lofchie Comment: Many of the issues raised in the report have parallels in U.S. regulation. I also note that, in yesterday's

SIFMA submitted the attached comments to the Federal Reserve Board, the FDIC, and the OCC on the proposed treatment of exposures to public sector entities (PSEs) under Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and Disclosure Requirements. View comment letter here (links externally to SIFMA website).

SIFMA submitted the attached comments to the Federal Reserve Board, the FDIC, and the OCC on the proposed CVA capital requirements, including the simple CVA approach and the advanced CVA approach under Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and Disclosure Requirements. View comment letter here (links externally to SIFMA website).