Funds Bulletin (a monthly round-up of topical legal, regulatory and tax issues affecting the fund industry). Features our summary of the FSCP's position paper on the impact of Brexit on financial services consumers, as well as global and EU developments in the funds industry, including the latest on the enforcement of the EMIR variation margin rules, IOSCO's findings on loan funds and ESMA's opinion on different UCITS share classes. We also discuss updates in the UK funds industry, such as the FCA's discussion paper on illiquid assets and open-ended investment funds, the FCA's review of the UK's primary markets, and tax developments within the UK, the EU and the US, including President Trump's "two for one" order postponing US tax guidance.