UCITS Funds

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12 Oct 2015 London

Special Summer Promotion until 20 Jul - £700 + VAT. Regular price £950 + VAT. Group discounts available at all times: 10% for 3 people.

Course Description

This course covers the UCITS framework and in particular 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 rules which have a major impact on managers and depositaries. These changes will be covered in detail.

This practical one day workshop is intended to provide staff with the appropriate knowledge and skills to run or set up 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. Case studies are provided of pricing errors, investment breaches, failures of risk controls and failures of fund governance. The particular concerns of the regulators when reviewing fund managers will be examined.

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

 

Main Topics Covered During This Training

Main topics covered: 

  • 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
  • UCITS V timelines
  • 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

 

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. 

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
Register Now

12 Oct 2015 London

Special Summer Promotion until 20 Jul - £700 + VAT. Regular price £950 + VAT. Group discounts available at all times: 10% for 3 people.

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
  • Timescale

 

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

 

Mark is a management consultant with thirty years experience of transfer agency, fund administration and wealth management. He graduated from the University of Cambridge with an MA in Natural Sciences.

Prior to setting up his own specialist fund administration consultancy, Mark spent three years as a computer programmer and project manager. He then joined Schroders where he automated the manual unit trust operations. He subsequently became Head of Administration and helped set up a third party administration company which specialised in launching new fund administration clients.

For the last 18 years, Mark has worked as a consultant with many of the leading managers to select and implement transfer agency and fund administration services in Europe.  He has worked with over 50 well known clients across the asset management sectors on projects as diverse as fund launches, operations and systems reviews, TA service centre implementation, UCITS compliance reviews, fund administration outsourcing and training.

He is a Chartered Fellow of the Chartered Institute for Securities and Investments as well as co-founder and Deputy Chairman of the IT Forum. 

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UCITS Funds <p>This course covers the UCITS framework and in particular 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 rules which have a major impact on managers and depositaries. These changes will be covered in detail.</p> <p>This practical one day workshop is intended to provide staff with the appropr ... 1444608000 London