The current proposed ‘possible improvements’ to the EUSD are scheduled to be submitted for approval by EU Ministers in December 2009. Any changes to the current EUSD regime will require unanimous approval of all EU Member States. If approved without substantial consultation with Fund Administrators and other stakeholders in the investment funds industry, any enhancement to the EUSD could result in significant administrative burdens on ‘paying agents’ as currently defined in the Directive. AFA will continue to monitor press releases from the EU Commission and provide updates as matters progress.