Treasury speaks on Europe: Mark Hoban spoke on the European and international agenda. He spoke on the achievements of the UK in getting the agreed text of the Alternative Investment Fund Managers Directive agreed. On the other side of the investment funds arena, he said the UK is playing "catch-up" on UCITS IV as it cannot currently support tax-transparent master-feeder vehicles. He said the UK will launch a new authorised fund scheme for tax transparent vehicles to take advantage of the opportunities UCITS IV presents.