this would provide a clear choice of a fund that is being managed in a way fully compliant with the relevant eu standards for pass - porting fund management without any additional domestic requirements on the fund, except as directly required by existing irish law. this would be a major initiative and we want to see the matter very fully considered before we decide on it. as an alternative, or perhaps even in addition, we are also undertaking a rigorous reassessment of our nonucits qualifying investor regime. to what extent should the domestic standards for the qif regime be adjusted to reflect the aifmd? we are itemising the differences between the aifmd requirements and the qif regime for funds and reviewing each in turn. for example, our current domestic regime sets specific requirements on directed brokerage programmes. these requirements can be dis - applied in light of aifmd where rules on conflicts of interest, best execution and annual account disclosure provide adequate comfort to investors. this would seem to be a sensible area for potential adjustment. there are a number of other areas to be considered, which will each be examined in turn. the introduction of the directive also provides an opportunity to revisit the promoter regime for non - ucits. the aifmd now imposes significant requirements on fund managers, which would appear to meet many of the objectives of our current domestic promoter framework. we also believe there may be scope for us to provide additional guidance on what we expect of directors when a fund runs into financial or operational difficulties. in that context, we plan to consult on proposals to remove the current promoter regime at least for qualifying investor non - ucits. bis central bankers ’ speeches i should caution that our domestic framework for non - ucits will remain in place where we believe it is in the public interest to do so. but we ’ re serious about rigorously and systematically challenging ourselves as to which particular provisions are indeed appropriate to retain. this is a very big job. while we will have done a lot of work before going to consultation, we will not have finalised our views on all these matters. we will present what we hope will be seen to be a well - considered approach, but we are very much open to submissions. our public consultation will offer you a real opportunity to challenge any aspect of the envisaged approach. i urge you to take that opportunity. before i finish on the question of domestic regulation let me say a word about the important role that industry bodies can play in

monthly basis with two one - day meetings at the end of april and october each year. the bank releases a public statement immediately after each mpm. for the two - day monthly mpm, the statement contains ( 1 ) the policy decisions made at the mpm including the guideline for money market operations ; ( 2 ) a summary of the assessment of current economic activity and prices, as well as the outlook ( up to about six months ahead ) ; ( 3 ) an assessment of upside and downside risks ; and ( 4 ) the future monetary policy stance. for example, current qqe policy decisions are made at each mpm on whether the annual monetary base increase ( namely, about 60 – 70 trillion yen ) will be maintained until the next mpm. during the one - day mpms at the end of april and october, the policy board members prepare forecasts for real gdp growth and core cpi inflation ( cpi for all items less fresh food ) over the coming three fiscal years. for example, in the case of fiscal 2013 ( beginning in april 2013 ), projections were prepared for fiscal 2013 – 15, and were released immediately after the mpm at the end of april 2013 ( forecasts for real gdp growth rate for the previous fiscal year – that is, fiscal 2012 – were also released in april ). the median and the range of the forecasts are disclosed together with the forecast distribution charts that are based on the aggregated probability distributions compiled from the individual members ’ distributions. the semiannual outlook for economic activity and prices ( hereafter referred to as the outlook report ) contains the bank ’ s view on the outlook and risk factors for economic activity and prices over the coming three fiscal years, as well as its views on the future course of monetary policy. the bank ’ s view is approved at the mpm and published at 3 : 00 p. m. after the mpm, while the public statement is released immediately after the mpm. interim assessments of the outlook as laid out in the previous outlook report are undertaken during the respective january and july mpms, and these interim assessments are included in the public statements. the governor of the bank, as chairman of the policy board, holds a press conference usually from 3 : 30 p. m. on the last day of each mpm and explains the thinking behind the decisions made. a press conference summary ( available only in japanese ) is then released on the following business day. furthermore, a monthly report of recent