Financial Services Quarterly Report - Second Quarter 2013

In This Issue:

- UK: New Regulators; New Powers

- So You Want to be a U.S. Mutual Fund Manager

- The New German Rules on High Frequency Trading

- Marketing and Distributing Your Fund in the Middle East: Recent Developments

- The U.S. Federal Reserve Board Charts an Independent Course in the Supervision of Foreign Banking Organizations

- Developments in the Luxembourg Financial Sector

- AIFMD Resources: Cutting Through the Noise

Excerpt from UK: New Regulators; New Powers:

The UK Financial Services Authority (“FSA”) was abolished on 1 April 2013 and replaced by three new regulators. The Financial Services Act 2012 introduced the Financial Conduct Authority (“FCA”), the Prudential Regulatory Authority (“PRA”) and the Financial Policy Committee (“FPC”). This new regime not only provides a clearer division of responsibilities between regulators, but new enhanced investigation and enforcement powers show a clear commitment by regulators to investigate and take enforcement action....

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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