327 can be no assurance that any claims brought against Aegon by its customers will not have a materially adverse effect on Aegon’s  businesses, results of operations and financial position. Aegon is exposed to currency fluctuations, changes in the fair value of Aegon’s investments, the impact of interest rate, equity markets  and credit spread changes and changes in mortality and longevity. Aegon uses common financial derivative instruments, such as swaps,  options, futures and forward contracts to hedge some of the exposures related to both investments backing insurance products and  company borrowings. This is a more pronounced risk to Aegon in view of the stresses suffered by financial institutions and the volatility  of credit and equity markets. Aegon may not be able to manage the risks associated with these activities successfully through the use  of derivatives. In addition, a counterparty may fail to honor the terms of its derivatives contracts with Aegon. Aegon’s inability to  manage risks successfully through derivatives, a counterparty´s failure to honor Aegon’s obligations or the systemic risk that failure is  transmitted from counterparty to counterparty may each have a material adverse effect on Aegon’s businesses, results of operations  and financial condition. Aegon’s ability to manage risks through derivatives may be negatively affected by the Dodd-Frank Act and legislative initiatives of the  European Commission, which provide for a new framework of regulation of OTC derivatives markets. These new regulations, including  the regulation of OTC transactions, central counterparties and trade repositories (EMIR) that was published by the Official Journal of  the European Union on July 27, 2012, as well as the new regulation on markets in financial instruments (MIFIR) proposed by the  European Commission on October 20, 2011, expected to be adopted in 2014, may require Aegon to mandatorily trade certain types of  OTC derivative transactions on regulated trading venues and clear certain types of transactions currently traded in the OTC derivative  markets through a central clearing organization. This may limit Aegon’s ability to customize derivative transactions for its needs. As a  result, Aegon may experience additional collateral requirements and costs associated with derivative transactions. Aegon’s ability to make payments on debt obligations and pay some operating expenses is dependent upon the receipt of dividends  from subsidiaries. Some of these subsidiaries have regulatory restrictions that can limit the payment of dividends. In addition, local  regulators, acting to represent the interests of local policyholders, are taking an increasingly restrictive stance with respect to  permitting dividend payments, which may affect Aegon’s ability to satisfy its debt obligations or pay its operating expenses. Since 2005, Aegon’s financial statements have been prepared and presented in accordance with IFRS. Any future changes in these  accounting principles may have a significant impact on Aegon’s reported results, financial condition and shareholders´ equity. This  includes the level and volatility of reported results and shareholders´ equity. One of the standards that will be revised in the near future  is IFRS 4 – Insurance Contracts. The IASB is currently deliberating on the comment letters received by its constituents with regard to  the Exposure Draft that was published by the IASB in June 2013. The proposed changes in the accounting for insurance contracts will  have a significant impact on Aegon’s financial position, however, it is not yet clear when the final standard will be issued. Another standard that will be revised in the near future is IFRS 9 – Financial Instruments. The changes proposed by the IASB will have a  significant impact on Aegon’s financial position. Recently the IASB has tentatively decided to require an entity to apply IFRS 9 for  annual periods beginning on or after January 1, 2018. Details on IFRS 9 are provided in note 2.1.3 of the financial statements. Aegon is subject to the substance and interpretation of tax laws in all countries in which Aegon operates or invests. Tax risk is the risk  associated with changes in tax laws, or the interpretation of tax laws, later jurisprudence or case law, or the introduction of new taxes  or tax laws. This tax risk also includes the risk of changes in tax rates and the risk of consequences arising from failure to comply with  procedures required by tax authorities. Failure to manage tax risks may lead to increased tax charges, including financial or operating  penalties. This tax risk may have a direct materially adverse effect on Aegon’s profits and financial condition. Further, insurance products enjoy certain tax advantages, particularly in the United States and the Netherlands, which permit the tax  deferred accumulation of earnings on the premiums paid by the holders of annuities and life insurance products under certain  State statutes and regulators may limit or prohibit the aggregate amount of dividends payable by Aegon’s subsidiaries and  Aegon N.V., thereby limiting Aegon’s ability to make payments on debt obligations. Tax law changes may adversely affect Aegon’s profitability, as well as the sale and ownership of Aegon’s products. Changes in accounting policies may affect Aegon’s reported results and shareholders´ equity. Aegon may be unable to manage Aegon’s risks successfully through derivatives.