Course dates
Is your company complying with the AIFM Directive?
July 22nd 2013 is the deadline for the AIFM Directive to be implemented into national law. 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.
Full price: £1,295 + VAT
Early bird price: £1,095 + VAT
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Are you fully up to speed on the requirements around capital, delegation, depositories, transparency and disclosure
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How will you manage any potential conflicts of interest?
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Have you put in place procedures for the valuation of fund assets, and for risk management?
Join us on 26th and 27th September and hear the answer to these and other questions from our exceptional line up of speakers which includes:
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Martina Kelly, Head of Investment Funds Team, Markets Policy Division, Central Bank of Ireland
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Frédéric Pelese, Deputy Head of Asset Management Regulation Division, Autorité des Marchés Financiers (AMF), France
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Thomas Neumann, Head of Investment Supervision, BaFin
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Christopher Buttigieg, Deputy Director Securities & Markets Supervision Unit, Malta Financial Services Authority
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Marco Boogaard, Manager, Alternative Investment Fund Managers Team, Strategy, Policy & International Affairs Division, Netherlands Authority for the Financial Markets *
Plus senior representatives from: BNP Paribas Securities Services, Equistone Partners Europe Limited, PineBridge Investments, BlackRock, Hermes Fund Manager, AFG, Citi Transaction Services, Société Generale Securities Services, Dechert LLP and many more.
Sponsor:
Supporting Partners:
Day 1
26th September 2013
08.30 Registration & Refreshments
09.00 Opening remarks from the Chair
Richard Frase, Partner, Dechert LLP
09.10 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?
Michael Collins, Director of Public Affairs, European Private Equity & Venture Capital Association
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, Malta, Netherlands
Thomas Neumann, Head of Investment Supervision, BaFin
Christopher Buttigieg, Deputy Director Securities & Markets Supervision Unit, Malta Financial Services Authority
Marco Boogaard, Manager, Alternative Investment Fund Managers Team, Strategy, Policy & International Affairs Division, Netherlands Authority for the Financial Markets *
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
James Grieg, Partner, Financial Services Regulatory Group, PricewaterhouseCoopers
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
Mathias Schumacher, Managing Director Valuation Services, Duff & Phelps Ltd
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?
John Bohan, Global Head of Operations, Apex Fund Services (Ireland) Limited
Susan Woodman, General Counsel and Compliance Officer, Equistone Partners Europe Limited
Florence Fontan, Head of Public Affairs, BNP Paribas Securities Services
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
James R. Modrall, Partner, Cleary Gottlieb Steen & Hamilton LLP
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:
o Organisational changes
o Remuneration
o Minimum capital requirements
o 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
Lucy Millar, Director – Legal Services, Hermes Fund Managers
Carine Delfrayssi, Deputy Head of International Affairs Division, AFG (Association Française de la Gestion financière)
17.20 Chairman’s closing remarks
17.30 Close of Day One Drinks Reception – Hosted by Dechert LLP
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
Stephen Sims, Partner, Skadden, Arps, Slate, Meagher & Flom (UK LLP)
10.00 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
Michael Booth, Senior Manager, Investment Management & Private Equity, Deloitte LLP
10.30 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
Leonard Ng, Partner, Sidley Austin LLP
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?
Nigel Kemp, Managing Director, Citi Transaction Services
Arun Srivastava, Partner, Financial Services Group, Baker & McKenzie LLP
Jean-Pierre Gomez, Head of Public & Regulatory Affairs, Société Générale Securities Services
12.40 Chairman’s closing remarks
12.50 Conference Ends
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Confirmed speakers:
National Regulators:
- 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
- Christopher Buttigieg, Deputy Director Securities & Markets Supervision Unit, Malta Financial Services Authority
- Marco Boogaard, Manager, Alternative Investment Fund Managers Team, Strategy, Policy & International Affairs Division, Netherlands Authority for the Financial Markets*
Plus:
- Roman Hackelsberger, Chief Legal Officer EMEA, Deputy General Counsel, PineBridge Investments
- Alex Nightingale, Director, Legal & Compliance, BlackRock
- James R. Modrall, Title, Cleary Gottlieb Steen & Hamilton LLP
- Mathias Schumacher, Managing Director Valuation Services, Duff & Phelps Ltd
- Arun Srivastava, Partner, Financial Services Group, Baker & McKenzie LLP
- Michael Collins, Director of Public Affairs, European Private Equity & Venture Capital Association
- James Grieg, Partner, Financial Services Regulatory Group, PricewaterhouseCoopers
- John Bohan, Global Head of Operations, Apex Fund Services (Ireland) Limited
- Susan Woodman, General Counsel and Compliance Officer, Equistone Partners Europe Limited
- Florence Fontan, Head of Public Affairs, BNP Paribas Securities Services
- Lucy Millar, Director – Legal Services, Hermes Fund Managers
Carine Delfrayssi, Deputy Head of International Affairs Division, AFG (Association Française de la Gestion financière)
- Stephen Sims, Partner, Skadden, Arps, Slate, Meagher & Flom (UK LLP)
- Michael Booth, Senior Manager, Investment Management & Private Equity, Deloitte LLP
- Leonard Ng, Partner, Sidley Austin LLP
- Nigel Kemp, Managing Director, Citi Transaction Services
- Jean-Pierre Gomez, Head of Public & Regulatory Affairs, Société Générale Securities Services
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