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Regulations & Operational Compliance for Funds

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5 Dec 2018 London

Early Bird offer until 31 Oct £825 + VAT. Regular price £950 + VAT. 10% discount for 3 people.

Course Description

Fund Managers together with their service providers need to ensure that their funds are operated in a compliant manner. However this is a greater challenge today than ever due to the increasing demands of regulation and the greater complexity of funds. Demands for increased efficiency and robust risk management processes only add to the complexity.

This practical one day workshop will equip you with the most up-to-date knowledge about the latest regulation requirements which apply to the operations of authorised funds.

You will have a chance to explore the impact of MiFID and the latest developments in UCITS Funds as well as the key regulations in the COLL sourcebook.

You will also learn about the transfer agency and fund accounting, concentrating on high risk areas where mistakes frequently occur, such as fund pricing and will examine case studies. Finally, you will work through the techniques and examples of “intelligent oversight” which can greatly simplify the identification and resolution of administration. Examples are provided of due diligence questionnaires and oversight reports.

What Will You Learn

By the end of this training you will: 
 
  • Have a great understanding of all the major regulations affecting fund management today
  • Learn about UCITS Funds and the latest developments under UCITS V Directive
  • Assess the impact of MiFID 2 
  • Explore the requirements of the key COLL regulations
  • Get a thorough understanding of processes required to provide effective fund oversight
  • Learn about the fund governance procedures 
  • Understand the roles and responsibilities of all parties involved
  • Explore the development of effective controls for fund accounting
  • Understand the impact of the RDR - Retail Distribution Review 
  • Learn how to manage risks and set up appropriate compliance monitoring frameworks including high risk areas in fund accounting and transfer agency
  • Explore the fund pricing errors and investment and borrowing power breaches
  • Learn about the challenges of overseeing offshore funds
  • Learn how to structure third party agreements and oversee third parties
  • Understand the aspects of particular concern from the FCA 

Main Topics Covered During This Training

  • UCITS Directives and AIFMD
  • Impact of MiFID 2 on fund management
  • Key COLL regulations
  • Main parties involved
  • Fund governance
  • Fund documentation 
  • Fund administration - the Transfer Agent and accountant
  • Developing effective control environment for fund accounting
  • Pricing errors
  • Investment & borrowing powers of UCITS vs NURS funds
  • The RDR & share classes
  • Oversight of offshore funds
  • Third party agreements and oversight
  • Risk management and compliance
  • FCA Review of Outsourcing Oversight

Who Should Attend

The course is relevant for Managers and Team Members from the Fund Management, Investment Banking and Institutional Investors and third party  with the following background:

  • Fund Management
  • Fund Oversight
  • Fund Administration and Governance
  • Internal Audit
  • Risk Management
  • Lawyers

 

You may be interested in one of those programmes:

 

Register for any 2 programmes at the same time and save £100 + VAT (in total, not per course).

Register Now

5 Dec 2018 London

Early Bird offer until 31 Oct £825 + VAT. Regular price £950 + VAT. 10% discount for 3 people.

Regulations & Operational Compliance for Fund Management Training Course

 
UCITS
 
  • UCITS directives
  • UCITS I, II, III, IV, V, VI
  • Master feeder structures
  • AIFMD 
 
The Key Regulations
 
  • The FCA handbooks
  • COLL
  • COLL extracts - prospectus, dealing, fund accounting
 
MIFID II
 
  • The impact on fund managers
  • Retrocessions
  • Dealing commission
  • Product suitability
  • Timescale
 
The main parties
 
  • Transfer Agent
  • Fund accountant
  • Custodian
  • Depositary
  • Investment manager
  • Auditor
  • Legal adviser
  • Who requires oversight?
 
Fund governance
 
  • Oversight by the Board
  • TCF
  • Risks
  • Oversight of third parties
  • The importance of challenge
  • Fund governance and UCITS IV
 
Fund documentation
 
  • The prospectus
  • KIID
  • Investor documentation
  • Report & accounts
  • TER & OCF
 
Fund administration - the Transfer Agent
 
  • Dealing
  • Settlement
  • The register
  • Box management
  • What is client money?
  • Where can things go wrong?
 
Fund administration - the Fund Accountant
 
  • NAV calculation
  • Income & expenses
  • Distributions
 
The RDR and Share Classes
 
  • RDR
  • Distribution of income
  • Monitoring for share class divergence
  • Developing effective control environment for fund accounting
 

Controls over valuation of individual securities

  • Income and expense accruals
  • Daily fund level checks
  • Periodic checks
 
Pricing errors
 
  • What is a pricing error
  • How pricing errors arise
  • Key controls for early identification
  • Process for resolution of pricing errors
  • Compensation calculations
 
Investment & Borrowing Powers
 
  • UCITS vs NURS
  • Eligible assets
  • Investment restrictions
  • Advertent and inadvertent errors
  • Monitoring investment & borrowing powers
 
Offshore funds
 
  • UK -v- Ireland & Luxembourg
  • Issues when overseeing offshore fund ranges and third parties
  • Reporting fund status
  • Taxation in the UK
 
Third party agreements
 
  • Service Level Agreements
  • Identification of key SLAs
  • Key Risk Indicators
  • Key Performance Indicators
 
Risk management
 
  • What are the key risks?
  • The Integrated Risk Assessment
  • Portfolio risk management
  • Risk mitigation
  • Heat maps
 
Compliance monitoring
 
  • Compliance monitoring plans
  • Risk based reviews
  • Key concerns of the FCA
  • Evidence of good fund governance
  • Expectations of fund oversight teams

 

Oversight of Third Parties

  • Key Issues
  • Three lines of defence
  • Fund oversight teams
  • Visits to the administrator
  • Risk based reviews

 

FCA Review of Outsourcing Oversight

  • TR 13/10
  • Key concerns of the FCA
  • The Outsourcing Working Group response

Vivien is a management consultant with 26 years experience of transfer agency, fund administration and wealth management. She received her formal education in South Africa and immigrated to the UK in 1999 where she collectively held various senior roles in investment/fund administration firms, until she undertook her own consultancy practice 10 years ago.

Prior to setting up her own specialist fund administration consultancy, Vivien spent many years as a project manager for system selections and integrations, platform migrations, fund launches and wind-ups and custody migrations. She joined Smith & Williamson Fund Administration in 2000 where she vastly improved process and automation to manually intensive OEIC/Unit Trust operations over a period of 7 years.

Vivien held the role of Head of Operations in multiple firms both in South Africa, notably RMB Asset Management, and then in the UK at Smith & Williamson, and was instrumental in expanding the SA enterprise vastly over a period of 12 years, including a full firm rebranding. 

For the last 10 years Vivien has worked as a business and management consultant with many of the leading managers to implement fund administration services in the UK. She has worked with well known clients across the asset management industry on a range of diverse projects listed above, and also including regulation implementation in the form of EMIR, AIFMD, Form PF, FATCA/CRS, SFTR, MIFID I and II and UCITS I-V.

She is a Chartered Fellow of the Chartered Institute for Securities and Investments and holds status of MSCI. Attaining full Member status indicates a high level of knowledge in financial services as well as a commitment to the principles of professionalism, integrity and excellence. It is both a sign of achieving a higher level financial qualification, and of a desire for professional development.

Regulations & Operational Compliance for Funds <p>Fund Managers together with their service providers need to ensure that their funds are operated in a compliant manner. However this is a greater challenge today than ever due to the increasing demands of regulation and the greater complexity of funds. Demands for increased efficiency and robust risk management processes only add to the complexity.</p> <p>This practical one day workshop will eq ... 1543968000 London