The Financial Regulator recently confirmed that the consideration and granting of derogations from the minimum activity rules will continue. This is particularly important for Irish funds (and their service providers) trading in Asia who need to produce a net asset value and dealing price in the Asian time zone. The Financial Regulator has stipulated that derogations granted will be specific to named funds and will be subject to conditions imposed by the Financial Regulator (which include a subsequent check of the net asset value in Ireland). On a more general note, the Financial Regulator has agreed to consider the implications and merits of moving from a minimum activities regime to that of a control based environment.