Day 1
Wednesday 23rd May 2012
08.30 Registration & Refreshments
09.00 Opening remarks from the Chairman
Michelle Moran, Partner, Dechert LLP
09.10 Reviewing the development of UCITS regulation and its impact on market dynamics
- What impact is the ongoing Eurozone uncertainty having on investor appetite for UCITS funds?
- What is the industry response to UCITS and funds regulation – is it helping or hindering the market?
- What are the key risks for UCITS in the coming years?
Dr. Christian Szylar, Global Head of Risk and Performance, Marshall Wace LLP
09.50 Regulator Perspective: Update on UCITS regulation
- The challenge for national regulators in making sense of the regulation of UCITS and the funds sector
- Is fund regulation achieving its goal of increased investor protection?
- How is the industry responding to increasing regulation of the UCITS?
Christopher Buttigieg, Deputy Director, Securities & Markets Supervision Unit, Malta Financial
Services Authority
10.30 Morning refreshments
11.00 Looking ahead to UCITS V – what should the next level address?
- What should the scope of UCITS V include?
- How should the depository’s role and managers’ remuneration be handled?
- Can UCITS V bring all the regulatory pieces together?
Gary Palmer, Chief Executive, Irish Funds Industry Association (IFIA)
11.40 Industry Panel: What are the best strategies for achieving compliance with the regulations directly and indirectly affecting UCITS?
- Making sense of the raft of legislative initiatives facing the UCITS industry
- Will legislation achieve the goal of balancing investor protection with the commercial viability of the fund industry?
- What are the best approaches to achieving compliance?
- What opportunities do the new regulations offer to the UCITS industry?
Carine Delfrayssi, Deputy Head of International Affairs Division, Association Française de la Gestion
financière
Nora O’Mahony, Head of Product Development and Client Solutions, GAM London Limited
Gary Palmer, Chief Executive, Irish Funds Industry Association (IFIA)
Karen Hamilton, Senior Vice President, Senior Product Manager, Northern Trust
12.30 Lunch
13.40 What is the interplay between UCITS and the AIFM Directive – are we on the way to a fully regulated funds’ market?
- Are we heading towards the envisaged fully integrated / fully regulated EU-fund market?
- What is the interaction between AIFM-D and UCITS? The regulators' perspective.
- Will fund managers escape from AIFM-D by using UCITS structures? The AIFM's perspective.
- What does AIFM-D mean for current and future UCITS structures? The UCITS perspective.
- How can the fund industry get the best of both worlds?
Dr. Ulf Klebeck, Senior Fund Lawyer, Fund Desk, Vontobel Asset Management
14.10 PRIPS and UCITS
- What is the scope of the PRIPS initiative?
- What impact will it have on the KIID?
- What is the timetable for implementation?
- What next?
Richard Pettifer, Director, Risk Consulting, KPMG
14.40 What impact will the Retail Distribution Review (RDR) have on UCITS fund distribution?
- How will the RDR work in practice? What impact will it have on the traditional distribution model?
- What are the issues: charging, rebates, share classes, disclosure
- Will the RDR meet the needs of retail clients in the UK?
- Will RDR set a benchmark for fund distribution for other European regulators?
Paul Eccleson, Head of Operational Risk, Royal London Group
15.10 Afternoon tea
15.40 Hot Topics in UCITS Distribution
- Role of side letters in UCITS institutional share classes
- Interaction between the Key Investor Information Document (KIID) and the Supplementary Information Document (SID).
- Legal challenges in UCITS distribution registration versus private placement.
Richard Heffner, Counsel, Financial Services, Dechert
Rachel Fenwick, Associate, Financial Services, Dechert
16.30 Panel: UCITS IV one year on - Is it meeting its objectives?
- To what extent are management companies and investors benefiting from the new tools included?
- What are the key challenges facing funding in complying with UCITS IV?
- Achieving the goal of plain language in the KIID?
- Exploring trends in fund migration
Nicolas Gonzalez, Head of Product Development, Société Générale Securities Services
Paul North, Head of Product Development, BNY Mellon
Martin Bock, Senior Manager, Fund Markets, Products & Client Segments, RBC Dexia Investor Services
Trust
Paul Freeman, Managing Director, Regional Executive EMEA, Blackrock
Palvi Shah, Assistant General Counsel, JP Morgan Asset Management
17.10 Closing remarks from Day One
17.20 Drinks Reception: Sponsored by Dechert LLP
Day 2
Thursday 24th May 2012
08.45 Registration & Refreshments
09.20 Opening remarks from the Chairman
Michelle Moran, Partner, Dechert LLP
09.30 MiFID review and its implications for the distribution of UCITS
- How is the definition of non-complex products to be altered under MiFID II?
- How will synthetic ETFs be treated under MiFID II?
- Expanding the scope of transparency obligations
Jarkko Syyrilä, Deputy Director General, European Fund and Asset Management Association
10.10 Panel: Should UCITS and Newcits be separated by regulation?
- Exploring the EU Commissions proposals to reclassify complex UCITS under MiFID II
- To what extent do investors need to be further protected?
- What impact would a division of UCITS brands have on market appetite?
Dr. Christian Szylar, Global Head of Risk and Performance, Marshall Wace LLP
Rhodri Mason, Head of UCITS Management, Man Investments
Michèle Eisenhuth Partner, Arendt & Medernach
10.50 Morning refreshments
11.20 What is the current status of the IRS FATCA guidance?
Simon Leach, Director, PricewaterhouseCoopers
11.50 Discussion: How is the Foreign Account Tax Compliance Act (FATCA) likely to impact on the UCITS sector and how should the sector prepare?
- Understanding the objectives of FATCA
- What obligations will FATCA bring to UCITS fund managers?
- Can compliance be achieved and at what cost?
- Who is affect and what are the implications?
- What are the key strategies for compliance?
Jorge Morley-Smith, Head of Tax, Investment Management Association* (tbc)
Barry Breen, Counsel, Sidley Austin LLP
Aileen Barry, Director, National Tax Investigations, DLA Piper UK LLP
Malcolm Powell, Executive Director, Investment Products Tax Group, Morgan Stanley
12.30 Close of conference
Separately bookable workshop
UCITS IV: How to manage risk and deliver Key Investment Information Document requirements
Afternoon of 24th May 2012
Led by: Barry Breen, Counsel, Sidley Austin LLP and Attilio Veneziano, Lawyer, Carne Global Financial Services (UK) LLP
UCITS IV has increased the level of regulatory requirements and the compliance burden on fund management companies operating in Europe. This focused workshop will provide you with practical advice on ensuring that you are achieving full compliance with the detailed requirements focusing on risk management and reporting, practicalities of cross border marketing, and delivering comprehensive and complete Key Investor Information Documents.
13.40 Workshop registration
14.00 Introductory remarks from the workshop leaders
How to calculate and manage global exposure and counterparty risk
- Commitment approach calculations; conversion of financial derivatives into the equivalent position in the underlying assets – UCITS IV guidelines
- Changes required to a manager’s investment compliance monitoring s systems
- Where VaR methodologies must be used and choosing between Relative and Absolute VaR
- VaR disclosures in the Prospectus and Report and Accounts under UCITS IV
- Counterparty exposure – changes in calculation methodology
- Requirements for identification, monitoring, management and reporting of risk
Maximising the opportunities of the cross-border marketing and notification process
- Why these enhancements were necessary
- Form and content of the standard model notification
- Transmission of the attestation file and the obligation of the member states’ competent authorities
- Timeframe for the notification process
Ensuring full compliance with the Key Investor Information Document (KIID) requirements
- Reasons for requiring the KID
- When does it need to be provided
- General format requirements
- Key contents of the KID
- Past performance
- The Synthetic Risk Reward Indicator (SRRI)
- Multiple share class KII
- General requirements for the KID (plain language, translation, durable medium)
17.00 Close of workshop