UCITS Funds
6 Mar 2012 London
Learn how UCITS can help achieve your investment objectives, explore new products and market trends, and stay up-to-date with UCITS IV requirements.
Last chance to take advantage of our Early Bird promotion!
This practical one day course is designed to provide an insight into the area of UCITS, showing how funds may select eligible assets and demonstrate how these instruments may be employed to achieve different investment objectives.
You will also have a chance to learn about the changes under UCITS IV directive which will further enhance the product range, distribution and management structure.
You will learn about the key concepts of UCITS and UCITS IV including the management company passport, cross-border distribution, mergers, master-feeder structures and key investor information.
Both Irish and Luxembourg regulatory requirements are discussed.
Main topics covered:
- The key features of UCITS
- The use and structure of UCITS
- Changes under UCITS IV & V
- Structuring UCITS and authorisation process in Luxembourg and Ireland
- Eligible assets in UCITS funds
- The key features and applications of UCITS as an asset class
- Main legal requirements
- Governance, transparency, custody and depositaries
- Application of equities, bonds, fund of funds derivatives, 130/30 and other instruments
- UCITS Alternatives
- Distribution of UCITS
- Leverage and VaR
- Use of UCITS for funds and hedge funds
By the end of this course you will have a solid understanding of:
- The characteristics of UCITS, their structure and objectives
- Main regulatory aspects
- Pros and cons of UCITS for the fund management
- Applying traditional instruments in the fund structure
- Sophisticated and non-sophisticated funds
- Value at risk in the UCITS context
- Changes under the UCITS IV Directive
- What to expect from UCITS V
Description
The course will start with providing a background to UCITS III and the different types of instruments which can be used within this structure. It will then look at traditional asset classes as well as planned changes in UCITS IV directive.
Legal requirements as well as practical aspects of using UCITS in fund and hedge fund management will be discussed in detail including structuring requirements, authorisation process, governance, transparency and distribution.
Participants will have a chance to assess risk as well as examine applications of different types of derivatives in UCITS funds. Finally, delegates will explore value at risk and its relevance to sophisticated funds.
Who Should Attend
The course is relevant for Managers and Team Members from the
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
- Lawyers
Teaching Method
The programme will use practical case studies and exercises explaining different aspects of UCITS. Tutor will be focused on teaching practical strategies that can be taken back to your business and put into immediate effect.
You will also benefit from a comprehensive take away course documentation.
In order to help us establish your individual and business concerns, you will be asked to fill a pre-course questionnaire.
UCITS Funds - A One Day Programme
Session One: Introduction to UCITS
- What are UCITS?
- UCITS I, III and IV
- The European “Gold Standard”
- Who sets them up?
- The UCITS passport
Products
- Plain vanilla
- ETFs
- UCITS Alternatives
The key features of UCITS
- Asset classes/eligible assets
- Liquidity
- Diversification
- Borrowings and leverage
- Governance and transparency
Session Two: Structuring UCITS
- Legal structures
- Variable Capital Investment Company
- Unit Trust
- Common Contractual Fund
- Key differences
- Sub-Funds/Classes: assets/liabilities; distinguishing features
- Subsidiaries
Session Three: Governance, Transparency and Custody
Governance and Transparency
- Governance
- UCITS Management Company
- Self-Managed Investment Company
- Two-Man Management / 8 Key Management functions
- Liability and Responsibility
- Capitalisation
- Practical matters: reports, review, oversight
Custody & Depositaries
- Custody
- Sub-Custody
- Independence
- Trustee functions
Transparency
- Participants
- Promoter/Investment Manager
- Periodic Reports
- Annual Audit
- Semi-Annuals
- Monthly
- Money Market Funds
- ESD
- Trustee Reports
Session Four: Distribution of UCITS
- EU/EEA and beyond
- Facts and Figures
- Retail and Institutional
- Consolidation
- Current and UCITS IV notification processes
- Ex-EU/EEA
- US/EU investors and master/feeder
Session Five: Eligible Assets and UCITS Alternatives
Eligible Assets
- Principles
- High level investment restrictions
- Eligible Assets
- Transferable Securities
- Money Market Instruments
- Index Trackers/Replicators
- UCITS Funds of Funds
- Cash
- Financial Derivatives
UCITS Alternatives
- Long/Short Equity Products
- Absolute Return
- Structured Products
- Hedge Fund/Commodities Index Products
- Loan Products
Session Six
Leverage and VaR
- Borrowings v Leverage
- High level principles
- Sophisticated v Non-sophisticated
- VaR: Absolute/Relative
- Hedging/Netting
Session Seven
Authorisation Process
- Promoter Approval
- Investment Manager Approval
- Interaction with Regulator
- Documentation List
- Negotiation
- Authorisation
- Notifications and Launch
Questions and Answers
John Skelly
John is a specialist in the development of investment compliance, and is also active in the promotion and development of UCITS III management company substance solutions. He acts as a ‘designated person’ for a number of regulated fund management companies under the UCITS III regime, and sits on the board of several of Irish funds. John is an expert in fund operations, having been COO at Carlton Capital Partners in London prior to joining Carne, and a former General Manager with the Dublin branch of BNP Paribas Securities Services. He has carried out a number of operational reviews for Carne clients, including a major Irish bank. John trained as a chartered accountant with Deloitte & Touche in Dublin.
6 March 2012 London
Early Bird price until 6 of Feb £795 + VAT
Regular Price £875 + VAT
- Group discount at all times: 3 people - 10% discount when registered at the same time.
- Only up to 2 discounts can be claimed at any given time.
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IN-HOUSE TRAINING
- If you have a team of 5 or more this course can be customised and organised in-house at your convenience. Contact one of our advisors to find out more.
Call us now on +44 (0) 207 993 8597
or send an e-mail to: enquiry@eurekafinancial.com
