UCITS IV Directive

15.10.2012

At the 27 May 2011 the federal council of Germany has approved the act to transform the directive on the implementation of guideline 2009/65/EC on the coordination of legal and administrative regulations concerning specific organisations for joint investments in securities (UCITS IV Undertakings for Collective Investment in Transferable Securities Directive). Accordingly from the 1 January 2012 extensive changes to the tax deduction process will come into force.

The attached Functional Concept describes the processes of Clearstream Banking AG, Frankfurt (CBF), the data provided by the “Wertpapiermitteilungen” and the individual CBF reporting channels for relevant events under UCITS IV.