2018/2019 Edition of the Global Regulatory Update

3) Securities custody, clearing and processing 34 a) European CSD legislation (CSDR) 34 b) European Post Trade Reforms 38 4) Securities infrastructure 41 a) European Market Infrastructure Regulation (EMIR) 41 5) The investment industry 44 a) The European Markets in Financial Instruments Directive (MiFID) II 44 b) European Regulation on Money Market Funds 45 6) Funds and fiduciaries 47 a) The European Alternative Investments Fund Managers Directive (AIFMD) and 47 the European Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 7) The General Data Protection Regulation 49 U.S. 53 1) Dodd-Frank Wall Street Reform and Consumer Protection Act 52 2) Securities infrastructure 55 a) Derivatives Reforms: U.S.- E.U. Equivalence 55 3) Taxation 56 a) IRS Section 385 56