UCITS IV - Developing your Business Model
||On a date of your choice
||Central / City of London
||Available on application
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.
Who will benefit?
This course will be of value to authorised fund professionals responsible for:
- Business Strategy
- Market Development
- 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.
|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
- 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
- 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
If you are interested in booking this course, or if you have any questions, please call call us on 01908 488170.