Sheila Nicoll spoke on EU fund management regulatory developments. She focused on the AIFMD and the Markets in Finanical Instruments Directive (MiFID 2) proposals. She summarised the contentious provisions surrounding depositories, leverage, and third country funds and managers, and moved on to compare MiFID 2's conduct proposals with the UK's Retail Distribution Review (RDR) requirements. She noted FSA's concern that the scope of the new "organised trading facility" may be too broad. (Source: Sheila Nicoll Speech on Fund Regulation Update)