8.30 Registration and refreshments
9.10 Opening remarks from the Chair
9.20 The outlook for UCITS regulation in the coming year
Head of Public Affairs, Nordea Wealth ManagementStéphane Janin,
Head of Global Regulatory Development, AXA Investment Managers
, Partner, KPMG Luxembourg
10.00 What are the remuneration challenges facing UCITS fund managers?
- What are the key challenges and where are the opportunities for UCITS providers?
- What will developments such as CRD, EMIR and MiFID mean for UCITS?
- UCITS VI how will it expand on or roll back on existing UCITS regulations UCITS III and UCITS IV?
- How far will it go in relation to eligible assets and the use of derivatives?
- What are the next steps and what is the planned timetable for consultation and implementation
Senior Regulatory Policy Advisor, EFAMA Andrea Finn,
Partner, Simmons & Simmons
10.50 Morning Refreshments
- What constitutes a sound remuneration policy under UCITS V?
- What differences exist between the UCITS code and that applicable to AIFMs?
- Understanding the proportionality principle
- How to assess proportionality in relation to size, internal organization, and nature, scope and complexity of activities?
- How should remuneration rules apply to third parties?
11.10 How will MiFID II change the distribution landscape for UCITS?
Executive Director, Goldman Sachs Asset Management*
11.45 National regulator feedback session
- Understanding the proposed ban on inducements for independent financial advisors
- How will this ban interact with existing local legislation already in existence in different European countries
- Understanding the implications of the complexity label for structured UCITS
- Clarifying the need for defined target markets and distribution strategies
Moderator: Richard Heffner
, Partner, Dechert Franck Guiader,
Head of Asset Management Regulation Division, Autorité des Marchés Financiers
(AMF), France Thomas Neumann,
Head of Investment Supervision, BaFin, Germany
Counsel for International Affairs, CSSF, Luxembourg
Representative, Central Bank of Ireland
12.35 Morning refreshments
- Tips for participants on dealing with the regulators
- Could Capital Markets Union (CMU) provide a boost to cross-border UCITS?
1.45 Update on the interaction of the PRIIPs and UCITS KIIDsMichèle Eisenhuth
, Partner, Investment Management, Arendt & Medernach SA
2.15 Panel: Successfully achieving compliance with the UCITS V stricter liability rules for depositaries
- Overview of the PRIIPs KIID regime
- Exemption of UCITS from regulatory requirements how will it work in practice?
- Comparing and contrasting UCITS vs. PRIIP KIIDs
- Prospects for harmonizing both KIIDs
- What will happen after 2019?
Moderator: Tara Doyle,
Partner, Matheson David Morrison,
Managing Director, Global Head of Trustee & Fiduciary Services, Citibank International Ltd Alan Calder,
Director of Risk and Compliance, NatWest Trustee & Depositary Sean M. Tuffy,
Senior Vice President, Investor Services, Brown Brothers Harriman
3.10 Afternoon Refreshments
- Which categories of institutions are eligible to act as depositaries to UCITS funds?
- What are the duties and responsibilities of the depositary under UCITS V?
- Role of the depositary is independence paramount or is the bundled service from the single provider sufficient
- Where are the real risks for the depositary post implementation of UCITS V
- Has UCITS V added to the cost of providing depositary services
- To what extent does the eligibility criteria and the liability measures differ from those in AIFMD?
- How will delegation to sub-custodians work under UCITS V?
- What are the liabilities of sub-custodians?
3.30 What are the practicalities of operating under the AIFM Directive and UCITS?
Head of Regulatory and Public Affairs, Société Générale Securities Services
- UCITS or AIF which way to go for fund managers?
- What are the issues posed by using one manager for UCITS and AIFs?
- Is one rule book likely in the future for both AIFs and UCITS?
4.00 Industry Panel: Challenges and opportunities for UCITS market participants
Moderator: Michelle Moran, Partner Investment Management, Ropes & Gray LLP
Alexander Nightingale, Head of Transaction Management Fund Services, Deutsche Bank
Martin Parkes, Director, Government Affairs and Public Policy, BlackRock
Neil Brown, Senior Partner, Earth Capital Partners
Rena Morjaria, Executive Director and Senior Counsel, Legal Department (Investment Management Division), Goldman Sachs*
5.00 Chairs closing remarks and close of conference
- Reviewing current investor appetite for UCITS funds current and predicted areas of growth
- To what extent has AIFMD eaten into UCITS market share?
- How is industry dealing with the implementation of UCITS V?
- How is regulation impacting on product development and distribution?
- How is increasing investor demand for sustainability/impact investing affecting product development?
*Subject to final confirmation