UCITS 2013 - The 3rd Annual Conference
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Keeping up with the pace of UCITS regulation
The regulation of the UCITS industry is set to change rapidly in 2013 as the EU Commission develops legislation for UCITS V and VI following the outcome of market consultations
Keeping up with the pace of UCITS regulation
The regulation of the UCITS industry is set to change rapidly in 2013 as the EU Commission develops legislation for UCITS V and VI following the outcome of market consultations.
How these measures will impact on the future development of the UCITS business, combined with the potential implications of the AIFM Directive, PRIPS, MiFID II, EMIR, the RDR in the UK, and the steps proposed to regulate shadow banking, raises important questions for the industry:
- Is the market suffering from too much regulation too soon?
- Are the twin goals of investor protection and prevention of system risk being achieved?
- Is a single set of rules the next step for the funds industry?
These and other key questions will be addressed at the forthcoming Euromoney Legal Forums’ UCITS 2013 conference.
Now in its 3rd year, this hugely successful event is THE forum for leading market players to share their expert knowledge and experience on the implications of increased regulation for UCITS funds.
Agenda highlights include discussion and debate on:
- The funds industry and whether it is over regulated
- UCITS V: How the proposed changes to depositary obligations and liabilities, remuneration and sanctions will improve investor protection
- How the UCITS industry will be impacted by the implementation of the AIFM Directive at national level in July 2013
- UCITS VI: What it should it include - is it too early to make decisions on this before UCITS V is drafted?
- Whether UCITS funds will be affected by any moves to regulate the shadow banking industry
- The proposals to divide UCITS funds into complex and non-complex categories. Is this the right step for the industry?
- How UCITS managers trading OTC derivatives will operate under the European Market Infrastructure Regulation?
Make sure that your organisation is fully up to speed with how the rest of the industry is assessing and evaluating the key legislative developments. This really is an invaluable opportunity to ensure that you are briefed by the leading legal and industry experts.
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Testimonials from UCITS 2012 Conference:
“
The conference was very informative. Very strong speakers and focus on the key issues” -
Royal London “
Certainly one of the best events I’ve been to. Very good choice of speakers and topics. Would suggest it to anyone” -
David Griscti & Associates “
High quality both in content and presentation” -
Erste Asset Management “
The conference, with particular evidence to the UCITS V Depository obligations, was very informative and well delivered” -
Bank of Valletta PLC
Day One: Wednesday 22nd May 2013
08.30 Registration & refreshments
09.00 Opening remarks from the Chair
Michelle Moran, Partner, Dechert LLP
Regulation overview
09.10 Regulation in the European and global funds industry – a lot done and a lot more yet to do?
• Reviewing the regulatory landscape - is EU fund regulation achieving its goals of risk management and investor protection?
• How are the US and European regulatory infrastructure working together?
• Keeping pace with the volume of regulation – is a more cohesive approach requirement to ensure effective compliance?
• Is fund regulation keeping up with the needs of today’s investors?
• Challenges to successful implementation at country and company level
Karel Lannoo, Chief Executive Officer, The Centre for European Policy Studies
09.40 Examining market appetite for UCITS in Europe and beyond in the context of increasing regulation
• What impact is the ongoing uncertainty having on investor appetite for UCITS funds?
• What is the industry response to UCITS and broader fund regulation – helping or hindering marketing development?
• What are investors seeking from the UCITS wrapper in today’s economic conditions?
• What are the key likely risks for UCITS in the coming year?
Charles Muller, Partner, KPMG Luxembourg
10.10 Examining the AIFM Directive – will it present opportunities or challenges for the UCITS industry?
• Beyond July 2013 – how will the AIFM Directive requirements interplay with UCITS regulation?
• How attractive will the UCITS structure be to alternative asset managers in the context of the AIFM legislation?
Carine Delfrayssi, Deputy Head of International Affairs Division, AFG (Association Française de la Gestion financière)
10.40 Morning Coffee
Regulation Overview contd.
11.10 Looking ahead to UCITS VI – what should the next level address?
• Is consultation on UCITS VI too soon after UCITS V?
• What should the scope of UCITS VI include?
• Will UCITS VI bring all the regulatory pieces together?
Verena Charvet, Legal Director European Regulatory Affairs, Invesco
11.40 Industry panel: Achieving compliance with increasingly complex UCITS and fund legislation
• Is the fund industry being regulated to death in Europe? What are the implications of over-regulation in the UCITS sector?
• How are markets outside of Europe responding to UCITS regulation?
• What opportunities does the regulation present to the asset management industry?
• Do regulations allow too much discretion on interpretation at national regulator level?
• What is the outlook for UCITS in the coming year and beyond?
Graham Goodhew, Director and Conducting Officer, JP Morgan Asset Management (Europe) Sarl
Perry Braithwaite, Advisor – Product Regulation, Investment Management Association
Philip Warland, Head of Public Policy, Fidelity Worldwide Investment
Robert Slange, Legal Counsel & Vice President, Robeco
12.30 Lunch
UCITS V
13.50 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 do eligibility criteria overlap with AIFM Directive requirements?
• How will UCITS V tackle issues and anomalies around depositary liability?
• What will be duties and responsibilities of the depositary under UCITS V?
Sean M. Tuffy, Head of Regulatory Intelligence, Brown Brothers Harriman
14.20 How will delegation to sub-custodians 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?
• How will liability be affected by delegation?
Lucy Frew, Head of Investment Funds and Financial Regulation, London, Gide Loyrette Nouel LLP
14.50 Are Depositary Passport’s the next step for UCITs?
• Exploring how depositary passports might work in practice?
• What implications would passports have for competition and single market operations?
• How would passports impact on system risk issues?
Tom Weiland, Director, Industry & Government Relations, RBC Investor Services Bank S.A.
15.20 Afternoon refreshments
UCITS V
15.50 Evaluating remuneration proposals outlined in UCITS V
• Aims and objectives of revised remuneration policies in UCITS V
• Who will be affected?
• What are the suggested responsibilities of the UCITS management company regarding remuneration?
16.20 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 depositary liabilities and obligations?
• 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?
John Siena, Assistant General Counsel, Director of EMEA External and Regulatory Affairs, The Bank of New York Mellon
David Morrison, Head of Fiduciary Services EMEA, Citibank International plc
Matthew Francis, Legal Counsel – Product Management, Investec Asset Management
Agneta Blomquist, Director, Investment Fund Law, Finansinspektionen, The Swedish Financial Supervisory Authority
17.10 Chairman’s closing remarks
17.20 Close of conference
17.40 Evening Network Reception hosted by Dechert LLP
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Day Two: Thursday 23rd May 2013
08.30 Registration and refreshments
09.00 Chairman’s opening remarks
09.10 Shadow banking and UCITS
• Defining what is understood by shadow banking? Does the EU Commission’s definition and scope accurately reflect market reality?
• What are the objectives of proposed measures to regulate the developing shadow banking industry?
• To what extent does 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?
John Parkhouse, Partner, PwC Luxembourg
09.40 How will UCITS managers trading OTC derivatives operate under the European Market Infrastructure Regulation (EMIR)?
• Current status of EMIR Clearing
• Risk Mitigation for uncleared trades
• Documentation requirements
• Particular issues for UCITS
Craig Bisson, Managing Associate, Simmons & Simmons LLP
10.10 Cross border marketing under UCITS IV – how is it working in practice
• To what extent is passporting being used within the EU?
• Passporting outside of the EU
• Update on cross border UCITS marketing in Switzerland
• Looking ahead to UCITS VI – what is the natural evolution for the UCITS passport?
Aymeric Lechartier, Managing Director, Carne Group (London)
10.40 Morning refreshments
Newcits Developments
11.10 Update on the proposal to divide UCITS funds into complex and non complex categories
• 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
• Crossborder marketing UCITs IV
11.40 Are Newcits the future of hedge funds or does the AIFM Directive provide a more attractive framework for managers and investors?
• How important is the reputational value of UCITS to the hedge fund manager and investor?
• Is the reputation of hedge funds being repaired by the association with the UCITs/Newcits wrapper?
• Will the AIFM Directive measures allow managers to provide a competitive, less restricted product more attractive to managers and investors?
Alain Dubois, Chairman of the Board, Lyxor Asset Management
12.10 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?
Townsend Lansing, Head of Regulatory Affairs, ETF Securities (UK) Ltd
Becky Tilston-Hales, Director, Strategic Product Management, BlackRock Investment Management (UK) Limited
12.50 Chairman’s closing remarks
13.00 Close of conference
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