UCITS IV - Developing your Business Model

Course Code:	UBM 1103
Dates:	On a date of your choice
Venue:	Central / City of London
Course Fees:	Available on application
CPD Credits:	3

Workshop Overview & Objectives

UCITS IV has the potential to dramatically enhance the European authorised funds environment. The UCITS IV Efficiency Package is expected to drive consolidation of the currently fragmented European investment fund industry, including through the creation of a framework for mergers between UCITS funds and for the use of "master feeder" structures and also through a functioning management company passport.

In this workshop, we will consider what the UCITS Directive and Commission Directive 2010/42/EU of 1 July 2010 mean for fund mergers, master-feeder structures and notification procedures.

Through practical case studies, we will explore the opportunities for consolidation - both at fund, Management Company and service provider level - and develop a framework that Managers can use to define their own Post-UCITS IV Business Model.

You may also be interested in our related workshops on:

UCITS IV - Preparing for Change
and
UCITS IV - Key Investor Information Document

Who will benefit?

This course will be of value to authorised fund professionals responsible for:

Business Strategy
Distribution
Market Development
Compliance
Legal
Operations
Product Management

Workshop Leader: Darren Burrows

Darren Burrows, Managing Director of Funds-Axis, is a law graduate and qualified chartered accountant and has over 10 years financial services and fund management experience. Prior to forming his own specialist authorised funds consultancy, was Head of Funds Compliance at a leading trustee company. Darren's areas of specialism include derivatives and eligible assets under UCITS III, fund accounting and implementation of investment restriction monitoring systems. He is also a member of the Chartered Institute for Securities and Investment.

Programme

Management Company Passport

Key elements of the management company passport
Capital savings
Evaluation of the opportunities for cost savings and operational efficiency
Arguments for retaining multiple management companies
Removal of the substance requirements
Cross-border UCITS - governance issues to be assessed from the number of relationships
Operational challenges
Information sharing agreements
Documentation requirements

Master/Feeder Structure

Rationalization vs product proliferation
Accommodating the cultural preference towards domestic funds;
The requirement of the feeder to invest at least 85% of its assets in the master UCITS
Product opportunities – the other 15%
Basis of investment and disinvestment by the feeder
Standard dealing arrangements
The agreement between the master UCITS and the Feeder
Impact of the liquidation, merger or division of the master UCITS
Information sharing agreement between the depositary of the master UCITS
and the feeder UCITS
Reporting of irregularities by the Depositary of the Master UCITS
Information sharing agreements between auditors of the master UCITS and feeder UCITS
Timelines and transitional arrangements

Fund Mergers

Methods of conducting mergers
Information to be provided to unit holders of merging and receiving UCITS in the event of a merger
Specific issues in respect of cross-border mergers
Regulatory approval processes
Roles of the independent auditor and the depositary bank, including in respect of the merger ratio
Key investor information communications to unit holders and new unit holders
The treatment of costs associated with the preparation and completion of the merger
Outstanding issues, including taxation

Booking

If you are interested in booking this course, or if you have any questions, please call call us on 020 3170 5779.

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