In This Issue:

- Commodity Pool Operators and Commodity Trading Advisers: Practical Advice for Fund Managers Outside the United States p. 1

- Recent Developments in the Regulatory Framework of the PRC Investment Funds Industry p. 6

- Upcoming and Recent Events p. 9

- Implementation of the AIFM Directive: The German Approach p. 9

- Luxembourg Developments p. 13

- ESMA’s Draft Guidance on the Remuneration Principles of the AIFMD p.18

- Russian Developments p. 22

- French Tax Developments p. 24

- The U.S. Consumer Financial Protection Bureau at Its First Anniversary p. 29

- Excerpt from French Tax Developments: French Source Dividend Payments to Non-French Resident Investment Vehicles: The Santander Case and the Legislative Response -

Domestic withholding tax imposed by EU Member States on dividend payments made to non-resident investment vehicles has been an on-going issue for some time now, due to the argument that such taxes may restrict the free movement of capital within the EU. The European Court of Justice (ECJ) recently handed down a major decision in the Santander case regarding this matter, finding that the French withholding tax (WHT) — levied on dividend payments by French-resident companies to non-resident investment vehicles — is not compatible with EU law...