The Finance Act 2012 gave the Revenue Commissioners the power to make regulations requiring each fund to file a return of information relating to the value of units held in each fund. Draft regulations have been published which are due to be approved shortly. These regulations will require the value of an Irish tax resident investor’s holding in an Irish fund to be reported to the Revenue Commissioners annually. As things stand it is understood that the first return will need to be filed by 30 September 2013 in respect of the value of units held by a unit holder in a fund as at 31 December 2012 and thereafter by 31 March in respect of the previous calendar year. Revised draft guidance notes were published by the Revenue Commissioners last month. The IFIA met with the Revenue Commissioners in April and in advance of that meeting made a number of submissions seeking clarification on a range of issues with respect to filing the new annual report. The IFIA has written to industry on 20 May 2013 informing firms of the outcome of discussions with the Revenue Commissioners and requesting firms to review the draft guidance notes and file specifications with a view to providing feed back to the IFIA Transfer Agency or Tax Committees by the end of May.