UCITS Funds Training

Course description

This highly practical 1 day course covers the whole UCITS framework with a particular focus on the latest developments in UCITS funds. As a result of the Madoff fraud and the Lehman Brothers default, the European Commission have issued the UCITS V Directive, which has a major impact on managers and depositaries in terms of remuneration and reporting requirements. All these changes will be covered in detail.

This one day workshop is intended to provide staff with the appropriate knowledge and skills to set up and manage UCITS funds. The course assumes limited previous knowledge of funds. All aspects of UCITS fund management and operations are covered with particular emphasis on high risk areas in operations. The programme includes case studies on pricing errors, investment breaches, failures of risk controls and of fund governance. We will also examine in more detail particular concerns of the regulators when reviewing fund managers to help you become fully aware of all the compliance requirements

What will you learn

By the end of this course you will have a solid understanding of:

  • The key characteristics of UCITS, their structure and objectives
  • The main regulatory aspects and the differences in setting up funds in the UK,  Ireland and Luxembourg
  • How to structure UCITS
  • The main changes under UCITS V
  • The necessary documentation required
  • The main parties involved and their role
  • How to organise fund governance
  • Key risk and performance indicators
  • Organising compliance monitoring and fund oversight
  • The latest market developments
  • The implications of Brexit on UK UCITS Funds

Main topics covered during this training

  • The key features, use and structure of UCITS
  • Comparison with AIFMD
  • UCITS distribution
  • UCITS products: long only, ETFs and alternatives
  • UCITS structuring
  • The latest developments under UCITS V: remuneration, reporting and depositary requirements
  • Main parties involved and their role
  • Structuring UCITS and authorisation process in Luxembourg and Ireland
  • Fund governance
  • Fund documentation
  • Investment & borrowing power
  • Setting up UCITS
  • Key risk and performance indicators
  • The implications of Brexit on UK UCITS Funds

Who should attend

This event will be of value to anyone running or setting up UCITS funds including fund management, transfer agency, fund accounting, compliance, audit, operational risk and depositary staff.

From Asset and Fund Management, Investment Banking, Hedge Funds and Institutional Investors with the following background:

  • Funds Management
  • Investment Management
  • Fund Administration
  • Portfolio Management
  • Structuring
  • Risk Management

UCITS Funds - a One Day Course

Session One: Introduction to UCITS

  • Fund types in Europe
  • UCITS, NURS, QIFs, Unauthorised Collective Investments
  • What are UCITS?
  • UCITS I – IV
  • Who sets them up?
  • Alternatives – the AIFMD
  • Distribution of UCITS
  • UCITS Products: long only, ETFs & Alternatives

 


Session Two: Structuring UCITS

  • Legal structures
  • UK -v- Ireland -v- Luxembourg
  • Variable Capital Investment Company
  • Unit Trust
  • Common Contractual Fund
  • Key differences
  • Sub-Funds/Classes: assets/liabilities; distinguishing features
  • Subsidiaries
  • UCITS Management Company
  • Self-Managed Investment Company

Session Three: The Main Parties

  • Transfer Agent
  • Fund accountant
  • Custodian
  • Depositary
  • Investment manager
  • Auditor
  • Legal adviser
  • Who requires oversight?

 


Session Four: The Key Regulations

  • Regulations in the UK, Ireland and Luxembourg
  • COLL
  • SYSC
  • CASS
  • SUP
  • COBS

 

Session Five: Fund Governance

  • Oversight by the Board
  • TCF
  • Risks
  • Oversight of third parties
  • The importance of challenge
  • Fund governance and UCITS IV
  • Service Level Agreements
  • Identification of key SLAs
  • Key Risk Indicators
  • Key Performance Indicators
  • Oversight organisation – first and second lines of defence

 

Session Six: Latest Development – UCITS V

  • Background
  • Key Issues
  • Remuneration
  • Reporting
  • Summary of UCITS V changes compared with UCITS IV and the AIFMD

 

Session Seven: UCITS V – the depositary

  • Delegating custody
  • Eligibility
  • Liability
  • Oversight & monitoring
  • Reuse of assets
  • Insolvency

 

Session Eight: Fund Documentation

  • Trust deed/Instrument of incorporation
  • The prospectus
  • KIID
  • Investor documentation
  • Report & accounts
  • TER & OCF

 

Session Nine: Investment & Borrowing Powers

  • UCITS -v- NURS
  • Eligible assets
  • Investment restrictions
  • Advertent and inadvertent errors
  • Monitoring investment & borrowing powers

Session Ten: Setting up UCITS Funds

  • The Prospectus
  • Selecting third parties
  • Interaction with Regulator
  • Documentation List
  • Typical timeline

 

Session Eleven: Fund Oversight

  • Compliance monitoring plans
  • Risk based reviews
  • Key concerns of the FCA
  • Evidence of good fund governance

 


Questions and Answers

 

Trainer

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.

 

FAQ

We offer banking and finance courses as well as soft skills and business management training. You can either attend an open public course in London or Dubai or arrange customised in-house training to be delivered in any of your offices worldwide.

Most of our public courses are run over 2 full days. Some programmes are offered as a 1 or 3 day training.

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In London we use venues in the centre (near Oxford Circus station or in Mayfair) or in the City (near Liverpool Street or Moorgate stations).

In Dubai our courses are organised in one of 4-5* hotels in the Deira district. Once you register we will send you detailed information together with accommodation options if required.

Our in-house courses can be delivered anywhere in the world. We work with over 25 trainers worldwide. Contact us do discuss your requirements. Check our list of available programmes.

Our courses are run in central locations from 9 a.m until 5-5.30 p.m. There are 2 coffee breaks and a lunch break. Lunch is always provided in the venue.

Dress code is smart casual.

All our programmes are taught by senior specialists who have spent many years in their respective sectors, working as senior managers and head of departments, so they understand very well the market and the challenges you are facing.

The experience of our trainers allows us to create very practical programmes, focused on current market trends and challenges. You can be sure that you will gain the knowledge which can be instantly applied in your workplace after the course. You will be analysing real life case studies, take part in group exercises and discussions as well as role plays, whenever applicable.

We want our courses to be as practical and interactive as possible so we limit the number of participants in order to optimise your time with the trainer and allow you to ask questions which are important for you.

In order to understand your requirements and expectations, we will send you a pre-course questionnaire.

You will also receive post-course support so if you have any questions after you left the training, you are welcome to contact us.

There are 2 easy ways to register:

  1. Go to the course of your choice and click Register Now button to fill the registration page
  2. Email us to enquiry@eurekafinancial.com

After you register, we will send you registration confirmation and an invoice so you can arrange the payment. Please note that your place is not confirmed until we receive it.

If you register within Early Bird discount period, there’s limited time to arrange the payment in order to be eligible for the discount. You will find all the details on the invoice.

We don’t advise to make any travel and hotel arrangements until you receive full course confirmation from us.

We will send you venue and course details as soon as possible but most likely about 3-4 weeks prior to the course commencement.

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Just mark preferred paying option on the registration form. Whichever form of payment you choose we will always send you an invoice.

If you pay by card, a 2.2% processing fee will be added. We will send you authorisation form so you can give us your card details.

Included in the price of a public course are:

  • Course tutorial
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  • Lunch on the days of the training as well as drinks and snacks throughout the course

The price doesn’t include accommodation, flights, transfers and any additional costs outside of the training venue.

Yes, we always offer Early Bird discount, so the sooner you register the more savings you can make. We also offer group discounts and if you register for 2 or more programmes at the same time.

If you are a full time student or unemployed, we offer a 25% discount of the full price of the training. Student ID or unemployment status confirmation is required to claim this discount.

If you attend one of our courses you will be entitled to a special discount for a year after the last course you attend with us. Also, if you have attended and recommended us to a friend, both you and your friend will receive a special discount. You will receive more information about it after you attend the course.

See our Customer Loyalty Discounts page for more details.

All our courses based in the UK are subject to the VAT charge of 20%. This fee is irrespective of the country of residence of the delegates.

You can, however, claim the VAT back by contacting UK tax office - HMRC, and filling the relevant form, as long as you comply with the following rules:

For Delegates coming from the EU countries

If you represent a registered business in another EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:

  • You're not registered for VAT in the UK and don't have to, or can't be, registered here
  • You don't have a place of business or a residence in the UK
  • You don't make any supplies in the UK

You can find some more information here. In order to claim the VAT you have to fill Form 65.

For the Delegates from Non EU countries

If you represent a registered business in a non-EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:

  • You're not registered for VAT in the UK and don't have to, or can't be, registered here
  • You don't have a place of business or a residence in the EU
  • You can only use the Refund Scheme if your own country operates a similar scheme and makes it available to UK businesses. If your country has its own Refund Scheme but doesn't let UK businesses use it, you can't claim under the UK Refund Scheme.
  • You don't make any supplies in the UK

If the following rules apply to you, please fill the 65A form and send it to HMRC.

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Alternatively, for cancellations requests received more than 20 working days before the course date we will offer a refund less an administration fee of 10% of the course price.

We regret that no refunds can be given after this period. Non-attendance without any notification will be charged at full rate.

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Your place on a course is not guaranteed until we receive the payment. All payments must be made in full before the course date.

All our trainers have been working for many years in their respective sectors before they begun to teach so they bring a wealth of practical experience to the classroom.

Most of them used to work for 15 or more years in the financial sector and corporate world, and were holding positions of Directors, VP and Senior Managers. Some of them have published books and have written articles for specialised magazines and newspapers including FT, The Independent, The Times etc. You can find detailed biography of each trainer on the page of the course you want to register for.

Yes, you will receive a Certificate of Attendance at the end of the course you attend.

If you have to apply for a Visa to attend a course in the UK, we will issue a letter to support your application. The letter will be issued only after the payment for the course has been made.

It is delegate’s responsibility to obtain a Visa and failure to do so will not make the participant exempt from the cancellation policy.

Anyone suspected of applying for a training course simply to gain a Visa letter will be reported to their embassy.

We will need the following information to issue an invitation letter:

  • Full name as it appears on your passport
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18 Mar 2020, London

Register by 31 Jan to save £155

Early bird price £795

Regular price £950


10% discount for 3 people.


This topic can be arranged on in-house basis. If you have a group of 4 or more we can customise it and deliver in any location worldwide. Contact us to discuss your requirements


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