Following our Front Page bulletin on UCITS V, the Presidency of the Council of the EU published an interesting addendum (dated 4 December 2013) to its note (17094/13) to its Permanent Committee of Representatives (COREPER) relating to the European Commission's legislative proposal on UCITS V. The addendum contains declarations from member states establishing concerns, such as that Article 52(1) of UCITS V could discriminate against the use of OTC derivatives that are cleared through central counterparties (CCPs) (EMIR introduces clearing obligations requiring standardised OTC derivatives to be cleared through CCPs) and in favour of exchange-traded derivatives and non-centrally cleared derivatives.