Various updated draft proposals
were issued in November and December, and notably the revised
Compromise Proposal issued by the Presidency on 15th December.
So it is perhaps an opportune time to have an interim
update seminar to discuss how the original proposals have been
modified to meet concerns that the initial proposals were simply
unworkable.
The progress report from the Council
comments that the key outstanding issues concern the depositary,
valuation, remuneration and third country issues. This list
though belies the depth of the issues which arise under these
respective headings, and also the many additional areas of detail
which may not now cause a problem at the directive level but will
still remain to be resolved within underlying implementing
measures.
You are invited to an FFW seminar on
the afternoon of 24 February 2010 to discuss progress on drafting
of the Directive. We plan short presentations on the revised
Directive text, the issues for depositaries and also the offshore
jurisdiction perspective, before an open discussion of all those
attending.
We very much hope that you would like
to come to the seminar.