Regulations & Operational Compliance for Funds
This programme is available on in-company basis at the moment. Contact us to discuss your requirements.
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
- Understand implications of Brexit on fund management operations and regulation
- 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
- Recognise the FCA regulation and approach to the operation of investment funds
- 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
- Learn how to manage risks and set up appropriate compliance monitoring frameworks including high risk areas in fund accounting and transfer agency
- 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
- Learn about the FCA’s approach towards operational resilience and fund management
- Explore the rise in the FCA’s expectations in relation to Environmental, Social and Governance ’ESG’
You may be also interested in one of the following programmes:
Register for any 2 public courses at the same time and save £100 + VAT (in total, not per course)
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
- FCA Conduct Risk, Operational resilience and ESG – Environmental, Social and Governance
- 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
Regulations & Operational Compliance for Fund Management Training Course
A One Day Course
- Key Fund terminology
- Impact of Brexit
The Key Regulations
- The FCA handbooks
- COLL extracts – prospectus, dealing, fund accounting
- The impact on fund managers
- Dealing commission
- Product suitability
The main parties
- Transfer Agent
- Fund accountant
- Investment manager
- Legal adviser
- Who requires oversight?
- Oversight by the Board
- Oversight of third parties
- The importance of challenge
- Fund governance and UCITS IV
- The prospectus
- Investor documentation
- Report & accounts
- TER & OCF
Fund administration – the Transfer Agent
- The register
- Box management
- What is client money?
- Where can things go wrong?
Fund administration – the Fund Accountant
- NAV calculation
- Income & expenses
- Distribution of income
- Monitoring for share class divergence
Developing effective controls for fund accounting
- Controls over valuation of individual securities
- Income and expense accruals
- Daily fund level checks
- Periodic checks
Investment & Borrowing Powers
- UCITS vs. NURS
- Eligible assets
- Investment restrictions
- Advertent and inadvertent errors
- Derivatives heat map
- Monitoring investment & borrowing powers
- UK vs 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
- What are the key risks?
- The Integrated Risk Assessment
- Portfolio risk management
- Risk mitigation
- Heat maps
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
The Course Director has over 40 years’ international experience of financial markets. He specialises in the securities and derivatives industry, with particular expertise in the establishment of new markets, trading, operations, regulation, risk management, corporate governance, clearing and settlement. He has substantial executive experience with clearing houses, exchanges, international markets and in the management of IT. He works extensively with international clients including banks, central banks, asset managers, brokers, custodians, service providers and exchanges.
He has deep derivatives and securities experience and is recognised as a leading authority in the field of operations, investment and risk management. He has taught students leading to the CISI Diploma in Global Operations Management for fifteen years.
The Course Director is an expert on derivatives, commodities, foreign exchange, fixed income and equities and has contributed to and led many projects to introduce new exchanges. He has also presented product training courses around the world covering the utilisation of these various asset classes in investment portfolios and the market disciplines associated including risk management approaches’. Alan regularly provides education on all aspects of investment operations including trading, settlement, custody and asset servicing for examination and general educational purposes.
Following 20 successful years with ICCH (now LCH.Clearnet) until 1992 during which he was Chief Executive in Hong Kong and Executive Director in London, he joined MEFF, the Spanish Financial Futures Exchange, as its International Director. Today he is an independent advisor offering a broad range of professional services, which include consulting, management, training and expert witness work.
Alan is a Chartered Fellow of the Chartered Institute for Securities & Investment (Chartered FCSI). He is a CISI accredited trainer and examiner.
He is Chairman of the CISI Risk Forum and Deputy Chairman of the CISI Operations Forum.
Most of our public courses are run over 2 full days. Some programmes are offered as a 1 or 3 day training.
In-house training is tailored to client’s requirements and can be organised over 1 day, 2-3 weeks or longer.
Public courses are organised mainly in London and Dubai. Occasionally we organise courses in other centres like Paris or New York. Check our public course calendar for the current list of programmes. We use a range of training venues, all in the centre of the cities and with excellent transport links to the airports and train stations.
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:
- Go to the course of your choice and click Register Now button to fill the registration page
- Email us to firstname.lastname@example.org
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.
You can pay by:
- Making a bank transfer
- Debit/credit card
- Cheque payable to Eureka Financial Ltd. - only within UK
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
- Take away course materials
- Course Certificate
- 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.
You can cancel your participation up to a month before the course and receive a refund minus 10% of the full course value. Between 2-4 weeks before the course you will be charged 50% cancellation fee and if you cancel less than 2 weeks before the course you can only offer your place to a colleague. Up to 2 weeks before the course you can reregister for another edition for 10% reregistration fee if there is another webinar offered or you can rebook for a course in London by paying the difference in price plus 10% reregistration fee.
If there is any official travel restriction or difficulty related to the COVID pandemic around the time of the course we will convert the training into a webinar or offer to attend the next classroom edition at no extra cost.
If you are unable to attend the course, you can either send a replacement at no extra charge or, up to 10 days before the training, you can transfer your booking to another edition within the next 6 months paying administrative fee of 20% of the full course price. For any cancellation requests received between 11 days and 4 weeks from the course we offer 50% refund or reregistration to another edition for 25% of the value of the booking. For any cancellation requests received more than 4 weeks before the course date we will offer a refund less an administration fee of 10% of the full course price.
Cancellations must be made in writing (letter or email) and reach our office four weeks prior to the course date. We regret that only limited refunds can be given after this period as per points above. Non-attendance without any notification will be charged at full rate. 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
- Date of birth
- Passport number
- Passport issue date
- Passport expiry date