Day 1 - 20th May 2015
08.30 - Registration & refreshments
09.00 - Opening remarks from the Chair
Michelle Moran, Partner, Ropes & Gray
09.10 - The outlook for UCITS regulation in the coming year
- In light of the current regulatory agenda, where is funds regulation going?
- What are the key challenges and opportunities for UCITS providers?
- Challenges for funds regulation in the context of other regulatory changes such as CRD, EMIR and MiFID?
- At a global level, what competitive and regulatory changes will affect the European funds industry?
Jarkko Syyrilä, Head of Compliance, Nordea Asset Management
9.40 - UCITS V: implications for the fund industry in Malta
Joseph J. Agius, Deputy Director, Securities and Markets Supervision Unit, Malta Financial Services Authority
10.10 - How is MiFID II likely to change the distribution landscape for UCITS?
- Understanding the proposed ban on inducements for independent financial advisors
- How will this ban interact with existing local legislation already in existence in different European countries
- Understanding the implications of the complexity label for structured UCITS
- Clarifying the need for defined target markets and distribution strategies
Stéphane Janin, Head of Global Regulatory Development, AXA Investment Managers
10.40 - Morning refreshments
11.10 - Looking ahead to UCITS VI what are the likely developments?
- Proposed scope of UCITS VI how will it expand on or roll back on existing UCITS regulations UCITS III and UCITS IV?
- How far will it go in relation to eligible assets and the use of derivatives?
- What are the next steps and what is the planned timetable for consultation and implementation
Charles Muller, Partner, KPMG Luxembourg
11.50 - Industry Panel: Challenges and opportunities for key players in the UCITS market
- Reviewing current investor appetite for UCITS funds current and predicted areas of growth
- To what extent has AIFMD eaten into UCITS market share?
- Challenges to product development and distribution from regulations including EMIR and MiFID II
- Costs of compliance are costs inhibiting market development?
- How is regulation impacting on national and cross border distribution of UCITS?
Graham Goodhew, Executive Director, J.P. Morgan Asset Management
Anna Berdinner, Regulatory Analyst, Asset Management Regulation, The Alternative Investment Management Association (AIMA)
12.40 - Lunch
14.00 - UCITS V provisions on sanctions how will they work in practice?
- Outlining the minimum types of administrative penalties and measures applicable to infringements of the UCITS Directive
- Penalties available to national competent authorities - criminal vs. administrative
- To what extent does UCITS V require member states to ensure whistleblower protection?
- Outlining the reporting requirements for member states
- Possible implications of sanction measures for management and investment companies and depositaries
14.30 - Understanding and applying the proportionality test to remuneration regulations
- Comparing and contrasting guidelines on proportionality to those for AIFMD and CRD IV
- Practicalities of considering proportionality in relation to size, internal organization, and nature, scope and complexity of activities
- How should remuneration rules apply to third parties?
Andrea Finn, Partner, Simmons & Simmons
15.10 - Afternoon refreshments
15.40 - Reviewing the appointment and duties of depositaries under UCITS V
- Assessing the changes to depositary obligations outlined in UCITS V can they work?
- Which categories of institutions will be eligible to act as depositaries to UCITS funds?
- How does the eligibility criteria overlap with the AIFM Directive requirements?
- What will be the duties and responsibilities of the depositary under UCITS V?
- How will delegation to subcustodians work under UCITS V?
Laurent Fessmann, Partner, Baker & McKenzie
16.10 - How will the separation of depositaries and management companies under Article 25 (2) work in practice?
- Understanding the requirements of article 25 (2)
- How is separation defined structural vs. functional?
- Managing conflicts of interest between management companies and depositaries
Imogen Garner, Partner, Norton Rose Fulbright
16.40 - Panel: Achieving compliance with new UCITS V stricter liability rules for depositaries
- How do liability measures differ from those in AIFMD?
- Costs and consequences of the new liability regime?
- When is an asset considered to be lost?
- What are the liabilities of sub-custodians?
Sean M. Tuffy, Senior Vice President, Investor Services, Brown Brothers Harriman
Sean Sheridan, Corporate Banking Advisory, Conduct & Regulatory Affairs, RBS
David Morrison, Managing Director, Global Head of Trustee & Fiduciary Services, Citibank International Ltd
17.20 - Chairs closing remarks
17.30 - Close of Day One
Day 2 - 21st May 2015
08.30 - Morning refreshments
09.30 - Opening remarks from the Chair
Michelle Moran, Partner, Ropes & Gray
09.40 - Practicalities of operating under the AIFM Directive and UCITS
- UCITS or AIF which way to go for fund managers?
- Doubling up using one manager for UCITS and AIFs?
- Pros and cons of setting up a Super ManCo to manage both UCITS and alternative funds
- Is one rule book likely in the future for both AIFs and UCITS?
10.10 - Redomiciling funds under AIFMD and UCITS V
- Is there a case for redomiciling your management company under current regulations?
- Assessing the tax benefits and disadvantages
- Practicalities of redomiciling
- Where to redomicile?
Rena Morjaria, Executive Director and Senior Counsel, Legal Department (Investment Management Division), Goldman Sachs
10.40 - Morning refreshments
11.10 - Conflicting obligations - clearing UCITS OTC derivatives under the European Market Infrastructure Regulation (EMIR)?
- Current status of EMIR
- Analysing the clearing model proposed and how it will fit with existing early termination rights on UCITS OTC derivative agreements
- Proposed compromises and how they will work
- Particular issues for UCITS assessing UCITS limits on counterparty risk
Mike Booth, Consultant, Bovill
11.40 - How does UCITS fit into proposals to regulate shadow banking?
- Update from the EU Commission on how to tackle the issue of shadow banking
- What are the objectives of proposed measures to regulate the developing shadow banking industry?
- To what extent does the existing and proposed UCITS legislation already address concerns around MMFs and ETFs?
- What are the risks to the investor and the wider economy of shadow banking in the asset management sector?
Dan Waters, Managing Director, ICI Global
12.10 - Update on interaction of PRIIP and UCITS KIIDs
- Overview of the new PRIIPs KIID regime
- Exemption of UCITS from regulatory requirements how will it work in practice?
- Comparing and contrasting UCITS vs. PRIIP KIIDs
- Prospects for harmonizing both KIIDs
- What will happen after 2019?
12.40 - Chairs closing remarks and close of conference