On July 25, 2012, the AEMF issued guidelines on ETFS and other UCITS issues, which contained a consultation paper on Schedule IV recall and self-repayment operations. The consultation process culminated in the publication on December 4, 2012, of the AEMF guidelines on pension and repurchase contracts (guidelines). The stated objective of the guidelines is to better protect investors in mutual funds that use repurchase and repurchase contracts. The objective is that the use by a mutual fund of pension and reversion transactions does not affect the ability of the OPCVM to meet claims. UCITS in general and money funds in particular use global self-help agreements (i.e., funds lend liquidity and receive guarantees) and some funds borrow all of their money under the terms of these agreements. Pension agreements (i.e. cash fund credits and postal securities) should be of great interest to funds that must reserve cash guarantee contracts to clearing houses if, from next year, mandatory clearing of OVER-the-counter derivatives is in effect. On 4 December 2012, the European Securities and Markets Authority (ESMA) published final guidelines for pension transactions and reverse pensions for opcvm. This is a follow-up to the publication by the AEMF in July 2012 of guidelines for ETFs and UCITS (see ETF guidelines) in July 2012 (see ETF guidelines), which reported a consultation on the guidelines published today. For more information, please contact one of the key contacts above or your regular contact with our Asset Management and Investment Funds team. In its response of 31 January 2014, AMIC welcomes the distinction between the diversification of the assets held by the funds and the diversification of the assets held by the funds – as proposed in the AEMF approach, but considers that the proposal presented in this consultation document is not compatible with a coherent policy of protecting investors from mutual funds. These guidelines are part of the ESMA guidelines on ETFs and other UCITS issues. In December 2013, the AEMF has published its consultation paper on the revision of the safeguard diversification provisions contained in the AEMF guidelines on ETFs and other UCITS issues in response to the concern that the requirements for diversification of safeguards contained in the guidelines that came into force on February 18, 2013 will have a significant negative impact on the collateral management policy of MUTUAL cases.