In the news this month:

On the domestic front, we are expecting the New Fitness and Probity Regime to issue on 1 September 2011, we also expect that the voluntary Corporate Governance Code for Investment Funds and Management Companies will issue soon and will not become effective until January 2012 (with a transition period of 12 months), and we note that the Central Bank intends to amend Guidance Note 4/07 to clarify its requirement that a UCITS management company must appoint a compliance officer.

On the international front, ESMA published its AIFMD Consultation Paper on Third Countries, ESMA also issued a Q&A on issues for European Money Market Funds and the OECD issued a consultation with draft High-level Principles on Financial Consumer Protection for G20.