Course dates
Time is running out. The AIFM Directive will be implemented into national law on 22nd July 2013 and you need to be ready.
Full price: £1,295 + VAT
Early bird price: £1,095 + VAT
The changes demanded by the Directive will have huge implications for the industry and how it operates on a day to day basis. Yet, despite 4 years of consultation, controversy and debate, many crucial details of the legislation are still far from clear.
• Are you fully up to speed on the requirements around capital, delegation, depositories, transparency and disclosure
• How will you manage any potential conflicts of interest?
• Have you put in place procedures for the valuation of fund assets, and for risk management?
These are just some of the questions which will be answered in full at Euromoney Legal’s 5th AIFM Directive conference. This timely event, taking place not long after the July implementation date on 26th and 27th September 2013 in London, will enable attendees to benefit from the most up to date information and advice on the practical steps that need to be taken to ensure full compliance with the legislation.
Attend this timely event and hear direct from the National Regulators.
The agenda will include a combination of keynote address, case studies and lively panel debates. Delegates will also hear detailed advice from national and European regulatory authorities on the key steps necessary to implementation.
Share the experiences of other fund managers on how they are preparing to achieve full compliance. Take the opportunity to ask the leading legal experts how to interpret the legislation as it affects your business.
For alternative fund managers in the EU and beyond, the time has finally come, and the key steps that will ensure full compliance with the new law, must now be taken.
Attend this event and make sure you are ready.
Preliminary agenda
Day 1:
26th September 2013
08.30 Registration & Refreshments
09.00 Opening remarks from the Chair
09.10 Keynote address: Making the implementation of the AIFM Directive work
- How do the final legislation measures differ from the original?
- Outlining the outstanding issues and details – what is the next stage?
- What are the next steps for national implementing authorities?
- Understanding the transitional arrangements – what is meant by compliance on a ‘best efforts basis’ to 2014?
09.35 Opportunities and challenges posed by the AIFM Directive following its transposition into national law
- Exploring the extent to which national authorities are going beyond the requirements of the Directive? What does this mean in practice for fund managers?
- Outlining when the legislation takes effect and the transitional arrangements in place
- Exploring the management company passport approval process
- How are private placement regimes being impacted?
- Looking beyond the AIFM Directive - marketing to retail investors
National Regulatory perspectives 1: Ireland and France
Martina Kelly, Head of Investment Funds Team, Markets Policy Division, Central Bank of Ireland
Frédéric Pelese, Deputy Head of Asset Management Regulation Division, Autorité des Marchés Financiers (AMF), France
10.30 Morning refreshments
11.00 National Regulatory perspectives 2: Germany
Thomas Neumann, Head of Investment Supervision, BaFin
12.00 Questions and discussion on progress of member state implementation and next steps
12.40 Lunch
14.00 Making the organizational changes required under the AIFM Directive
- Assessing the legislative overlap with MiFID and UCITS and the additional organizational requirements of the AIFMD
- Identifying and dealing with conflicts of interest
- Risk management at a policy and procedural level
- Implementing systems and procedures to manage liquidity
14.30 Valuing the assets of an alternative investment fund (AIF) post implementation
- Who can value AIF assets?
- Defining the methodology and frequency of the valuation
- Liabilities and responsibilities of the AIFM for the proper valuation of the assets and net assets values toward the AIF and investors
15.00 Panel: Roles and responsibilities when delegating AIFM functions
- How far can an AIFM go in delegating its functions?
- Understanding the ‘letter box entity’ requirement
- Key considerations with regard to supervising the delegation of core and administrative functions
- Liabilities and responsibilities when tasks and functions are delegated – who is in charge?
- How is the multi-manager model treated under the legislation?
- How important is the independence of the AIFM?
15.40 Afternoon refreshments
16.00 Fund marketing and passporting under the new regime – what has changed?
- Legislative requirements for marketing an EU alternative fund to professional investors
- The management company passport approval process Assessing the cooperation agreements requirement between relevant regulators
- Understanding the FATF (Financial Action Task Force) requirements for countries
- Private placement regimes now and after 2015
- The practicalities and costs of marketing to member states of funds domiciled outside the EU
- Depository, transparency and disclosure requirements
- Prospects of passporting for non-EU AIFM from 2015
16.30 Industry Panel: Managing the realities of operating under the detail of the AIFM Directive
- Evaluating the level 2 provisions and how they may work in practice
- Assessing the requirements to achieve compliance with the Directive’s requirements focusing on:
- Organisational changes
- Remuneration
- 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?
Roman Hackelsberger, Chief Legal Officer EMEA, Deputy General Counsel, PineBridge Investments
Alex Nightingale, Director, Legal & Compliance, BlackRock
17.20 Chairman’s closing remarks
17.30 Close of Day One
Day 2:
27th September 2013
08.45 Refreshments
09.20 Opening remarks from the Chair
09.30 How are remuneration guidelines working in practice?
- Key drivers behind the remuneration policies under the AIFM Directive
- What are the main principles of the policy?
- Understanding the categories of staff covered
- Who determines the remuneration policy and who is responsible for it?
- Considerations for risk alignment and disclosure
- Sanctions for non-compliance
10.00 How to manage leverage and systemic risk in AIFs
- Systemic risk and the AIFMD approach to leverage
- Approaches to be used in the calculation of leverage and exposure of an AIF – assessing the commitment vs. gross methods
- Reporting leverage to the home regulator - what information needs to be included?
- Setting leverage limits – what constitutes reasonable?
- The role of the home regulator in deciding when to impose leverage limits or other restrictions
10.30 Disclosure requirements to increase the transparency of alternative investment funds and managers
- Defining the form and content of information to be reported to competent authorities
- What information must be disclosed to investors before investment and periodically?
- Clarifying disclosure requirements for private equity AIF
11.00 Morning refreshments
11.30 The post-AIFMD Prime Brokerage and Depositary operating model: how is it working?
- Consideration of the different prime broker /depositary operating models post AIFMD
- Key outstanding issues
- Implications for managers and funds
12.00 Discussion: Clarifying the liabilities of depositaries under the AIFMD
- Has the Directive met its aim of ensuring high levels of investor protection without imposing undue responsibility on depositaries?
- Analysing depository liabilities under the AIFM Directive
- Costs and consequences of the liability regime
- When is an asset considered to be lost?
- What are the liabilities of sub custodians?
12.40 Chairman’s closing remarks
12.50 Close of Day Two
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Confirmed speakers:
- Martina Kelly, Head of Investment Funds Team, Markets Policy Division, Central Bank of Ireland
- Frédéric Pelese, Deputy Head of Asset Management Regulation Division, Autorité des Marchés Financiers (AMF), France
- Thomas Neumann, Head of Investment Supervision, BaFin
- Roman Hackelsberger, Chief Legal Officer EMEA, Deputy General Counsel, PineBridge Investments
- Alex Nightingale, Director, Legal & Compliance, BlackRock
Central London Hotel Venue, London, UK
Venue Details
All of our non-residential training courses are held in 4 – 5 star venues throughout central London.
The training venues are selected by both their location and training and refreshment facilities, this ensures that you will only learn in comfortable and convenient environments. Due to the variation of delegate numbers, confirmation of the central London venue, full address and details of how to get there can only be sent to you approximately three weeks prior to the course start.
Delegate are responsible for their own accommodation.
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
Course dates