In this issue:

- EU Developments

- Italian Developments

- UK Developments

- US Developments

- Asian Developments

- International Financial Markets Regulation Developments

- Financial Institutions

- Excerpt from Italian Developments:

Amendments to the Duty of Disclosure for UCITS:

On 8 October 2013, CONSOB, the Italian securities regulator, adopted Resolution No. 18671 (the “Resolution”) introducing certain changes to Regulation No. 11971 of May 14, 1999, as subsequently amended (the “Regulation on Issuers”).

The Resolution is aimed at aligning the Regulation on Issuers to the “Guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues” and the ESMA/2012/592 Q&A published in 2012 by the European Securities and Markets Authority (“ESMA”), to harmonise the different practices developed in the EU Member States in connection with the duty for the Undertakings for Collective Investment in Transferable Securities (“UCITS”) to prepare a key information investors document (“KIID”) for professional investors.

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