The Association of Global Custodians has publicly commented on regulatory issues that are of common interest to its members.  Some of these topics and the related comments are set forth below.

· Canada: Regulatory Issues

· China: Regulatory Issues

· CPSS-IOSCO: Committee on Payment and Settlement Systems/International Organization of Securities Commissions

· Depository Information-Gathering Project

· Eastern Europe

· European Union: Regulatory Issues

· Group of Thirty: Global Clearance and Settlement

· Hague Conference on Private International Law - Indirectly Held Securities

· Hong Kong: Mandatory Provident Fund Schemes

· India:  Settlement Pre-Payment Issues

· N.A.I.C. – National Association of Insurance Commissioners

· Russia

· SEC – Letters to the U.S. SEC regarding various rule proposals

· Singapore: Guidelines for Custody Arrangements for Insurance Fund Assets

· Tax Issues

· United Kingdom: Regulatory Issues

· United States: Regulatory Issues

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