Euromoney Legal Forums is proud to bring you the original and best AIFM Directive event on the European calendar. Do not accept any poor imitations!
Pricing options:
Conference & AIFM Directive Masterclass: £1,695
Conference only: £1,295
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Now includes an AIFM Directive Masterclass on 22nd September
The detail of the Alternative Investment Fund Managers Directive is being finalised and is keenly anticipated by the funds industry. It has been one of the most hotly debated pieces of legislations ever to emerge from the EU Commission and it will have far reaching implications not only in member states but across the world market of alternative fund management.
Key questions still remain about the scope of the regulation and who and what it covers. This event will provide you with the answers. Presented by Euromoney Legal Forums, the 2nd AIFM Directive Conference will analyse how the draft has evolved from the Commission's initial proposals to its current state and explore and evaluate the opportunities and challenges it brings to the market. Highlights from the agenda include:
- Didier Millerot of the EU Commission on the negotiation of the AIFM Directive and the timetable for implementation
- John G. Gaine of the Managed Funds Association on how third countries are responding to the limitations the Directive imposes on the marketing of non-EU domiciled funds – make sure you join the debate
- Leading investor perspectives on the implications of the Directive, featuring The Wellcome Trust, BT Pension Scheme Management Ltd and Pinebridge Investments
- Analysis of what the implications of the Directive for Prime Brokers and Depositories
- Insight into how the AIFM Directive will interact with existing UCITS and MiFID legislation.
This event is your one stop shop for the most up to date insights on the finalised legislation and the timetable for implementation. Ensure your business can gear up for full compliance and maximise business volumes under the new regime. Don't miss it!
The world-class speaker line up includes:
- Didier Millerot, Member of cabinet of Mr Barnier, Commissioner for the Internal Market, EU Commission
- Dan Waters, Director Conduct Risk and Asset Management Sector Leader, Financial Services Authority
- Danny Truell, Chief Investment Officer, The Wellcome Trust
- John G. Gaine, President Emeritus and Special Counsel, International Affairs, Managed Funds Association
- Kathryn Graham, Director, BT Pension Scheme Management Ltd
And many more!
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AIFM Directive Masterclass
Takes place immediately after the conference on 22nd September
This practical and interactive session, with ample opportunity for questions and discussion, will provide you with the opportunity to supplement your attendance at the Conference with a more intensive review and analysis of the detail of the Alternative Investment Fund Managers Directive.
By attending the workshop, you will review key aspects in detail, and, most importantly, the session will offer practical advice in relation to the key organisational aspects of the Directive, which will ensure you are properly geared up to comply.
The session will provide you with the following benefits:
- A detailed review of the key provisions of the AIFM Directive
- A detailed review of the most important organisational and structural impacts of the Directive
- Summary guidance on specific sections
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Gold Sponsor
Houlihan Lokey is an international investment bank with expertise in valuation, mergers and acquisitions, capital markets, and financial restructuring. The firm is ranked globally as the No. 1 M&A fairness opinion advisor over the past 10 years and the No. 1 restructuring advisor, as well as the No. 1 M&A advisor for U.S. transactions under $3 billion, according to Thomson Reuters. Houlihan Lokey has 14 offices and more than 800 employees in Europe, the United States and Asia. The firm’s Financial Advisory Services practice provides portfolio valuation, tax and financial reporting valuation and financial opinion services to a variety of clients. These include hedge funds, private equity firms, and other financial institutions, as well as public and private companies across a range of industries. For more information, visit www.HL.com
Exhibition Sponsor
Mourant Ozannes - On 1 June 2010 Mourant du Feu & Jeune and Ozannes, two of the leading law firms offshore, merged to create Mourant Ozannes.
Mourant Ozannes draws on the established heritage of two market leaders and has approximately 200 fee-earners and 50 partners practising from offices in the Cayman Islands, Guernsey, Jersey and London. The combined law firm is the largest in the Channel Islands by partner numbers, with unrivalled strength-in-depth and industry knowledge. Mourant Ozannes has an award-winning Cayman Islands team and an established presence in London.
Association Partners
Media Partners
Day One 21st September 2010
08.30 Registration and refreshments
09.00 Opening remarks from the Chairman
Richard Frase, Partner, Dechert LLP
09.10 The EU funds industry under the AIFM Directive
· Competing in a global market – does the AIFM Directive help or hinder the EU funds industry?
· Reviewing the evolution of the Directive and the final outcome – are the amendments enough?
· Assessing the likely implications for the different fund sectors
· The future for the EU funds industry
09.40 EU Commission Update: Outcome of the negotiation of the AIFM Directive
· General state of play
· Key changes compared to the Commission's initial proposals
· Next steps including future implementation measures
Didier Millerot, Deputy Head of Unit – Asset Management, EU Commission
10.10 UK Regulatory Perspective: Achieving EU alternative investment fund regulation which is compatible with the global regulatory approach
· The need for a proportionate approach to alternative investment fund regulation in the current economic environment
· Protection for investors vs. protectionism: rewards vs. risks in a globally competitive market
· Assessing the likely impact of the AIFM Directive on the UK funds industry
Dan Waters, Director Conduct Risk and Asset Management Sector Leader, Financial Services Authority
10.40 Morning refreshments
11.10 From the outside: How the US views the AIFM Directive
· To what extent has the AIFM market contributed to the financial crisis?
· Assessing the AIFM Directive in the context of existing global regulatory requirements
· The implications of potentially protectionist approaches to regulating the market
· Achieving international cooperation on proportionate regulation
John G. Gaine, President Emeritus and Special Counsel, International Affairs, Managed Funds Association
11.40 Industry Panel: Responding to the Directive
· Analysing the likely impact of the AIFMD on the EU and global AIF markets
· Does the Directive represent a proportionate response to regulating the European AIF industry?
· Key drivers: politics vs. the need for regulatory reform
· Have systemic risk issues been resolved?
· Are investors more secure under the legislation?
· Calculating the costs of implementation and the relevance of the provisions
· The challenge of implementation nationally and internationally
Andrew Baker, Chief Executive, The Alternative Investment Management Association
Stéphane Janin, Head of International Affairs Division, AFG – Association Française de la Gestion Financière
Professor Robert Kosowski, Director of Risk Lab & Centre for Hedge Fund Research, Imperial College London & Former Specialist Advisor to House of Lords Subcommittee A
12.30 Lunch
Third Countries under the AIFMD
13.50 Marketing offshore, US and other third country funds under the AIFMD
· Reviewing the passporting provisions of the Directive
· Clarifying the equivalency provisions and how they might work
· Comparing equivalency vs. private placement schemes
· The practicalities and costs of marketing to member states of funds domiciled outside the EU
Tamasin Little, Partner, SJ Berwin
14.20 Panel: How non-EU funds are responding to the AIFMD
· Perspectives on the EU AIF market under this new regime
· Does the AIFMD represent protectionism in practice?
· Will the equivalency provisions work?
· Balancing the costs of compliance with the market benefits of competing in the EU funds market under the AIFMD
· Looking beyond the EU
Moderator: Leonard Ng, Partner, Sidley Austin
Peter Coates, Head of European Office, Lighthouse Partners
Ludo Bammens, Director of European Corporate Affairs, Kohlberg Kravis Roberts & Co
Amanda McCrystal, Vice President, HarbourVest Partners
15.00 Afternoon refreshments
15.30 Country case studies The impact of AIFM on Switzerland, Luxembourg, Ireland and offshore fund centres
· Adapting the business model to reflect the requirements of the AIFM Directive
· Is relocation an option?
· What are the implications for fund administrators and other service providers
· Marketing and distribution – how will they work?
· Managing the costs of implementation
Charles Muller, Deputy Director General, Association of the Luxembourg Fund Industry
Brian Kelliher, Chairman Legal & Regulatory Committee, Irish Funds Industry Association & Partner, Dillon Eustace
Martin Thommen, Managing Director, UBS Global Asset Management; President, Swiss Funds Association
Ben Robins, Partner & Head of Funds, Mourant Ozannes
16.30 Investor Perspectives on the AIFM Directive
Danny Truell, Chief Investment Officer, The Wellcome Trust
Kathryn Graham, Director, BT Pension Scheme Management Ltd
Rhonda Ryan, Head of Private Funds Group Europe, Pinebridge Investments
17.30 Chairman’s closing remarks
Day Two 22nd September 2010
08.30 Morning refreshments
09.00 Opening remarks from the Chairman
Tamasin Little, Partner, SJ Berwin
09.10 Opportunities and challenges for the UK venture capital and private equity sectors under the AIFMD
· Implications of current leverage restraints on private equity fund raising
· How will the disclosure requirements impact on fund competitiveness?
· Weighing up the costs of implementation on the industry – will some funds choose to relocate outside the EU?
Simon Walker, Chief Executive Officer, British Venture Capital Association
09.40 EU Fund Managers Panel: Managing the realities of operating under the AIFM Directive
· How have the negotiations on the Directive impacted on investor perceptions of the EU AIF industry?
· Assessing the costs of achieving compliance with the Directive’s requirements focusing on:
- Organisational changes
- Minimum capital requirements
- Reporting and delegation requirements
- Managing potential conflicts of interest
· Cross border fund marketing in practice under the AIFM Directive
· How real is the option of relocating outside of Europe?
Jarkko Syyrilä, Director, International Relations, Investment Management Association
Paul Compton, Head of Product Management, SunGard Alternative Investments
10.20 Morning refreshments
10.50 Valuing underlying assets under the AIFM Directive
· Establishing appropriate and consistent procedures for valuation
· Reviewing current valuation models, responsibilities and liabilities
· How to ensure the independence of the valuer
· Which funds are exempt from valuation?
Speaker to be confirmed
11.20 Examining the responsibilities and liabilities of depositaries under the AIFMD
· Analysing depository liabilities under the AIFM Directive
· Who should act as a funds depository – what kind of institution? What is the role of sub custodians?
· Eligibility of credit institutions, authorised investment companies and central securities depositaries
· Addressing the systemic risk issues of having limitations on the number and location of credit institutions to act as depositaries
Paul Bodart, Executive Vice President, Head of EMEA Servicing Operations, The Bank of New York Mellon
11.50 Complementary or conflicting: UCITS and the AIFM Directive
· Comparing the requirements of UCITS regulation and the AIFMD
· How do the regulations interact with MiFID?
· Are there risks to investors?
· Assessing Depository liabilities and the likely impact on the operation on UCITS funds
· How will the UCITS market in different countries be affected by the AIFM Directive?
Speaker to be confirmed
12.20 Lunch for speakers and delegates
AIFM Directive Masterclass
This practical and interactive session, with ample opportunity for questions and discussion, will provide delegates with the opportunity to supplement their attendance at the Conference with a more intensive review and analysis of the detail of the Alternative Investment Fund Managers Directive.
By attending the workshop, delegates will review key aspects in detail, and, most importantly, the session will offer practical advice in relation to the key organisational aspects of the Directive, which will ensure they are properly geared up to comply.
The session will provide delegates with the following benefits:
• A detailed review of the key provisions of the AIFM Directive
• A detailed review of the most important organisational and structural impacts of the Directive
• Summary guidance on specific sections