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The staff of the U.S. Securities and Exchange Commission reviewed the original Hub & Spoke structure and concluded that \u201cthe organization of mutual funds in hub-and-spoke arrangements is an important evolution in the mutual fund industry.\u201d With respect to the Global Hub & Spoke System the underlying general legal, fiscal and regulatory issues were presented to the relevant authorities in the U.S., UK, Luxembourg and Ireland. The authorities in the UK, Luxembourg and Ireland confirmed that funds organized in those jurisdictions and operating as UCITS could participate in the structure. In addition, in the context of the adoption of UCITS IV the EU\u2019s directorate-general for the internal market and services noted that \u201cvirtual pooling structures are not prohibited by the UCITS Directive.\u201d GFX believes that the issues raised in the U.S. have also been adequately addressed. However, as with other fund systems or structures \u2013 including conventional ones \u2013 no assurance can be given that, in the context of any specific application or filing, additional issues may not arise which would lead the applicable regulatory or fiscal authority to deny, reject or significantly modify that application or filing.<\/p>\n
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