UCITS Funds

Course Description Learn how UCITS can help achieve your investment objectives, explore new products and market trends, and stay up-to-date with UCITS IV requirements. 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  Click here to see full programme.  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

What Will You Learn

Main Topics Covered During This Training

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

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

 

Veronica Buffoni

Veronica is a Principal with Carne Switzerland. She has 11 years of experience within the asset management industry. Her specialist areas are governance, product development and implementation for Luxembourg and Dublin UCITS and non-UCITS Funds, fund and asset management compliance for both traditional and alternative managers, regulatory authorisations, foreign fund registrations/UCITS passporting, and independent oversight.

Prior to joining Carne in 2006, Veronica worked as a compliance specialist at Fleming Family & Partners in London, a leading wealth management business. Prior to that she was a consultant within the Regulatory Consulting Practice at PricewaterhouseCoopers in London, focusing on fund management. Veronica holds a degree in Aeronautical Engineering from the University of Southampton and a Masters in Design Management, as well as a number of industry compliance and fund management qualifications.

 

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