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UCITS 2014 - The 4th Annual Conference

  • Course Instructor

    Gareth Murphy, Director, Markets Supervision, Central Bank of Ireland
    Christopher Buttigieg, Deputy Director, Securities and Markets Supervision Unit, Malta Financial Services

    Verena Charvet, Legal Director, European Regulatory Affairs, Invesco
    Sean M. Tuffy, Vice President, Investor Services, Brown Brothers Harriman
    David Morrison
    , Managing Director, Citi Fiduciary Services EMEA
    Jean-Pierre Gomez
    , Head of Regulatory & Public Affairs,  Société Générale Securities Services Luxembourg S.A.
    Monica Gogna, Partner, Pinsent Masons LLP
    André Zerafa
    , Partner, GANADO Advocates
    Vincent Ingham
    , Director, Regulatory Policy, EFAMA – European Fund and Asset Management Association




4th UCITS Conference 2014

Maximising opportunities for growth under UCITS IV, V and VI

21st & 22nd May 2014, London

UCITS regulation is set to change rapidly in 2014 as EU regulators finalise legislation for UCITS V and VI. As negotiations continue questions abound how the latest iterations will impact on product development and distribution in Europe and beyond. How will the proposed changes interact with the AIFM Directive, MIFID II, the proposals on PRIPs and EMIR and plans to regulate shadow banking? Is the EU finally moving towards a single rule book for funds?
Euromoney Legal Forums is pleased to provide once again a high level forum for expert debate and discussion on the implications of the latest round of UCITS regulation on the market now and into the future. Now in its 4th year, we are pleased that once again speakers will include regulators and fund managers in addition to legal and compliance experts who will provide attendees with the very latest analysis and insights on regulatory developments in the UCITS space.

Come with questions and leave with in-depth knowledge on questions including:

  • How is the latest round of UCITS regulation likely to impact on product development and distribution?
  • Will proposed changes to depositary liabilities, remuneration and administration actions under UCITS V serve to improve investor protection?
  • What should UCITS VI include? Is it too early to make decisions on this before UCITS V is finalized?
  • Will plans to split UCITS into complex and non-complex categories limit options for retail investors keen to get exposure to the alternatives market?
  • What does the future hold for UCITS and ETFs, following the latest guidance from ESMA
  • How fund managers are choosing between AIFM Directive and UCITS
  • Ensure your organization is fully up to speed with how the rest of the industry is assessing and evaluating the key legislative developments.

Confirmed Speakers:

Gareth Murphy, Director, Markets Supervision, Central Bank of Ireland
Verena Charvet, Legal Director, European Regulatory Affairs, Invesco
Jeremy Soutter, Global Head of Product Development, Ignis Asset Management
Sean M. Tuffy, Vice President, Investor Services, Brown Brothers Harriman
David Morrison, Managing Director, Citi Fiduciary Services EMEA
Jean-Pierre Gomez, Head of Regulatory & Public Affairs,  Société Générale Securities Services Luxembourg S.A.
Monica Gogna, Partner, Pinsent Masons LLP
André Zerafa, Partner, GANADO Advocates
Vincent Ingham, Director, Regulatory Policy, EFAMA – European Fund and Asset Management Association

To ensure you are fully briefed by the experts, book your place now at Euromoney Legal’s UCITS 2014 conference

For more information on opportunities for speaking, sponsorship and marketing, please contact Tommaso Dimitri at tdimitri@euromoneytraining.com or tel: 44 20 7779 8060.

4th UCITS Conference 2014

Maximising opportunities for growth under UCITS IV, V and VI

21st & 22nd May 2014, London

Agenda

 
Day One:  Wednesday 21st May 2014

08.30 Registration and refreshments

09.00 Opening remarks from the Chair
Michelle Moran, Partner, Ropes & Gray

09.10 What’s next for UCITS regulation and the broader funds industry?

  • In light of the current regulatory agenda, where is funds regulation going?
  • What are the key challenges and opportunities for future fund regulation in the 21st century?
  • What are the 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?
  • Regulating UCITS in Ireland - what are the key issues at present?
Gareth Murphy, Director, Markets Supervision, Central Bank of Ireland

09.40 Addressing the remaining barriers to the cross border business of UCITS

Christopher Buttigieg, Deputy Director, Securities and Markets Supervision Unit, Malta Financial Services Authority 

10.10 Moving towards UCITS VI

  • 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?

John Young, Associate, Ropes & Gray LLP

Verena Charvet, Legal Director, European Regulatory Affairs, Invesco 

10.40 Morning refreshments

11.10 AIFM and UCITS – are the paths converging?

  • UCITS or AIF – which way to go for fund managers?
  • Doubling up – using one manager for UCITS and AIFs?
  • Practicalities of operating under both regimes
  • Is one rule book likely in the future for both AIFs and UCITS?

Heleen Rietdijk, Global Lead AIFMD, Director, Regulatory Advice, KPMG Ireland

11.50 Panel: Current opportunities and challenges in UCITS product development and distribution

  • Managing the compliance issues for UCITS and wider fund regulation requirements – is over-regulation a concern?
  • Costs of compliance – are costs inhibiting market development?
  • Prospects and problems for product development and expansion under current and proposed regulations
  • How is regulation impacting on national and cross border distribution of UCITS?

Hugh Hunter, Principal, Independent UCITS
Carine Delfrayssi, Deputy Head of International Affairs Division , AFG
Dan Hedley, Head of European Regulatory Policy, Fidelity Worldwide Investment
Sheenagh Gordon-Hart, Client & Industry Research Executive, Executive Director, JP Morgan Investor Services

12.40 Lunch

14.00 Outlining the proposed obligations and liabilities of UCITS depositary institutions under UCITS V

  • Assessing the changes to depositary obligations and liabilities 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?
  • How will UCITS V tackle the issues and anomalies surrounding depositary liability?
  • What will be the duties and responsibilities of the depositary under UCITS V?

14.35 How will delegation to subcustodians work under UCITS V?

  • Under what conditions can a depository delegate tasks to a sub-custodian?
  • What is delegation under UCITS V?
  • How will delegation in third country markets work


15.10 Afternoon refreshments

15.40 Evaluating remuneration proposals outlined in UCITS V

  • Aims and objectives of revised remuneration policies in UCITS V
  • Who will be affected? Understanding ‘identified staff’
  • Disclosure requirements on remuneration practices
  • Clarity on bonuses and when they apply

Andreas Stepnitzka, Regulatory Policy Advisor, EFAMA – European Fund and Asset Management Association

16.10
Panel: Responding to the UCITS V proposals

  • Does UCITS V address the outstanding issues in UCITS regulation?
  • What are the likely implications of changes to obligations and depositary liabilities?
  • Will proposals on remuneration address risks to investors?
  • How will administrative sanctions work in practice?
  • How prepared is the industry for the implementation timetable?
  • Should UCITS V and UCITS VI be combined for ease of compliance?

David Morrison, Managing Director, Citi Fiduciary Services EMEA
Jean-Pierre Gomez,
Head of Regulatory & Public Affairs, Société Générale, Securities Services Luxembourg S.A.
Andreas Stepnitzka,
Regulatory Policy Advisor, EFAMA – European Fund and Asset Management Association
Stephen Carty, Partner,
Investment Funds, Maples and Calder

17.00 Chair’s closing remarks

17.10 Close of Day One


Day 2:
22nd May

08.30 Registration and refreshments

09.00 Opening remarks from the Chair

Michelle Moran, Partner, Ropes & Gray

09.10 UCITS and shadow banking – latest concerns and thinking

  • Latest 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?

Jean-Pierre Gomez, Head of Regulatory & Public Affairs, Société Générale Securities Services Luxembourg S.A.

09.40
Trading UCITS OTC derivatives under the European Market Infrastructure Regulation (EMIR)?

  • Current status of EMIR
  • Analysing the clearing model
  • Documentation requirements
  • Particular issues for UCITS – assessing UCITS limits on counterparty risk

Craig Bisson, Managing Associate, Simmons & Simmons LLP

10.10 UCITS IV two years on - how is it working in practice?

  • To what extent is the management passport being used within and outside of the EU?
  • What is the natural evolution for the UCITS passport?
  • Is the master-feeder structure yielding the projected efficiencies?
  • Benefits and challenges of the notification process
  • Practicalities of achieving compliance with the KIID – how is it likely to feed into the proposed PRIPS KIID?

Aymeric Lechartier, Managing Director, Carne Group

10.40
Morning refreshments

11.10 Update on the implications of proposed MiFID II measures for complex UCITS

  • What is the objective of the proposed recategorisation of UCITS?
  • Defining complex and non-complex UCITS
  • Developing and applying an appropriateness text
  • Challenges and opportunities of the proposal for consumers and investors

André Zerafa, Partner, GANADO Advocates

11.40
UCITS and ETFs – what does the future hold?

  • Clarifying the latest proposals on th regulation of UCITS ETFs and structured
    UCITS
  • What implications could these proposals have for the ETFs industry? Are they necessary?
  • Are investors at risk from UCITS ETFs?
  • Trends in appetite for physical vs. synthetic ETFs

Monica Gogna, Partner, Pinsent Masons LLP

12.10 Panel: Satisfying retail demand for alternative investments

  • Reviewing the regulatory landscape – UCITS, MIFID, RDR, AIFMD
  • The managers dilemma – UCITS or AIFM Directive? Does AIFMD favour large over small fund managers?
  • Addressing uncertainty in the execution only market between complex and non-complex products
  • To what extent do investors need to be further protected?
  • What impact would a division of UCITS brands have on market appetite? 

Moderator: Rupert Barnes, Senior Legal Counsel, Legal Department, Northern Trust
Monica Gogna
, Partner, Pinsent Masons LLP
Neil Brown
, Senior Partner, Earth Capital Partners LLP

12.50 Chair’s closing remarks and close of conference

  • Gareth Murphy, Director, Markets Supervision, Central Bank of Ireland
    Christopher Buttigieg, Deputy Director, Securities and Markets Supervision Unit, Malta Financial Services

    Verena Charvet, Legal Director, European Regulatory Affairs, Invesco
    Sean M. Tuffy, Vice President, Investor Services, Brown Brothers Harriman
    David Morrison
    , Managing Director, Citi Fiduciary Services EMEA
    Jean-Pierre Gomez
    , Head of Regulatory & Public Affairs,  Société Générale Securities Services Luxembourg S.A.
    Monica Gogna, Partner, Pinsent Masons LLP
    André Zerafa
    , Partner, GANADO Advocates
    Vincent Ingham
    , Director, Regulatory Policy, EFAMA – European Fund and Asset Management Association





 
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