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The Fund Administration Group completed its Charter of Best Practice in 2009 and presented it to the industry at the institutional investment forum in March.

The charter was also presented to the AFG. In addition, the group contributed to industry thinking on consultations by local and European bodies.

As part of this, the group worked on the question of asset segregation. It gave special consideration to tax impacts, making sure that shareholders and unit folders were not placed at a disadvantage.

The group provided thoughts and proposals after being consulted on the regulation of money market investment funds. The impact of the UCITS IV Directive was another key focus for the group in 2009, especially questions pertaining to delegation rules and the KIT.

This work programme, which began in 2009, will be continued in 2010, notably as part of AMF-led efforts to transpose the UCITS IV Directive into national law. Moreover, following the success of the last two participating classes from the professional degree programme, we took on students from the third participating class and are continuing to play a part in their training.

Our goals over the course of the year were to promote the value of work done by fund administration providers for customers and make an effective contribution to discussions in the area of asset management. We intend to pursue the same objectives in 2010.