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Page last published: 16 January 2008

Citigroup® Global Transaction Services
www.transactionservices.citigroup.com
Fiduciary Services
European Fiduciary Seminar
New retail fund structures, Funds of Alternative Investment Funds, new risk management processes to key regulatory developments – UCITs, CESR, IOSCO and CSSF.
Wednesday 30 January 2008, 2:30pm
Citigroup, Stirling Square House, 5-7 Carlton Gardens, London SW1Y 5AD (near Pall Mall)

Citi invites you to Save the Date for the first of its 2008 Fiduciary Services Seminars. Hear from the FSA, Eversheds and Citi on what are expected to be the burning issues for 2008, including new retail fund structures, Funds of Alternative Investment Funds, new risk management processes to key regulatory developments – UCITs, CESR, IOSCO and CSSF.

- click here for the location of the seminar

Overview

With the introduction of MiFID now behind us, the European funds industry is looking forward to further challenges in 2008. Now that the consultation period on changes to the COLL sourcebook to implement the directive on UCITS-eligible assets CP 07/18 has ended in the UK, we look forward to hearing from the FSA on the latest UCITS developments and other industry changes.

This year, a number of managers are planning to use the full UCITS investment powers to launch more sophisticated products with alternative investment strategies, such as 130/30 or long/short funds. With this in mind, we will be discussing the legal aspects and structures, which can be accommodated in the various European jurisdictions.

Across Europe, Citi has been working closely with CESR, IOSCO and other international industry bodies on updates to UCITS IV and other industry developments. During the session, we will discuss our work to date and plans for 2008.

Overall this exciting line up of industry experts will provide a strong overview of the opportunities posed by the topics above and how we can enhance our products from a practical and business perspective.

We look forward to welcoming you on Wednesday 30 January 2008.

David Morrison
Head of Fiduciary Services, UK
Global Transaction Services

Note: CESR = Committee of European Securities Regulators; COLL = Collective Investment Schemes; CP (FSA) = Consultation Paper; IOSCO = International Organization of Securities Commission; MiFID = Market in Financial Instruments Directive; UCITS = Undertakings for Collective Investment in Transferable Securities.

If you would like to receive an invitation to the seminar, please contact Gosia Rzepczynska, Global Event Marketing - EMEA, Citi Business Services, Citi
Email: gosia.rzepczynska@citi.com
Tel: +44 (0)20 7508 7820
Fax: +44 (0)20 7508 7818

OR one of the following:

Sean Quinn	London	EMEA Head of Fiduciary Services	Tel: +44 (0)20 7500 5619	sean.quinn@citi.com
Dave Morrison	London	Head of Fiduciary Services, UK	Tel: +44 (0)20 7500 8021	david.m.morrison@citi.com
Iain Lyall	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8356	ian.lyall@citi.com
Francine Bailey	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8580	francine.bailey@citi.com
Andrew Newson	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8410	andrew.c.newson@citi.com
Patrick Watelet	Luxembourg	Head of Fiduciary Relationships	Tel: +352 451 414 231	patrick.watelet@citi.com
Francis Pedrini	Luxembourg	Fiduciary Relationship Manager	Tel: +352 451 414 228	francis.pedrini@citi.com
Daniel Mente	Luxembourg	Fiduciary Relationship Manager	Tel: +352 451 414 492	daniel.mente@citi.com
Shane Baily	Dublin	Head of Fiduciary Services, Ireland	Tel: +353 1 622 6297	shane.baily@citi.com
Ian Callaghan	Dublin	Fiduciary Relationship Manager	Tel: +353 1 622 1015	ian.joseph.callaghan@citi.com

Agenda

2.30 pm Tea/Coffee and Registration

3.00 pm Developments for UK retail fund structures planned in 2008

Becky Tilston Hales
Funds Lawyer, Eversheds LLP

Bridget Saunders
Associate, Eversheds LLP

· 130/30 funds

· Introduction of the new COLL rules on eligible assets CP 07/18, including extension of the risk-management process

· Property fund amendments to the NURS regime:

- Intermediate holding vehicles CP 07/13

- OEIC Property Authorised Investment Funds

· Funds of Alternative Investment Funds (FAIFs)

3.30 pm Industry representation and planned work with CESR, IOSCO and other international industry bodies in 2008

Stefano Pierantozzi
Director and Head, Fiduciary Oversight & Research Fiduciary Services, EMEA, Citi

· UCITS IV

- Fund mergers

- Asset-pooling structures

· Other expected regulatory and industry developments in 2008:

- Fund processing standardisation

- Risk management

- Non-UCITS products and harmonised private placement regime

4.00 pm Break

4.15 pm Update and discussion on the FSA's plans for retail fund structures in 2008

Mark Glibbery
Senior Associate The Financial Services Authority

· FAIFs

· Eligible Assets Directive

· 130/30 funds

· Other Initiatives including simplified prospectus

4.45 pm Questions and Answers

5.00 pm Close followed by drinks reception

Speaker Biographies

Mark Glibbery
Senior Associate, Retail Policy Division, The Financial Services Authority

Mark Glibbery is a senior associate in the FSA’s CIS Policy Team, a role he has held since 2004. He previously worked for various fund-management groups, in compliance and technical roles, before joining the FSA’s Wholesale Policy Division in 2002.

During his time in the CIS team, Mark has worked on various initiatives including dual pricing for authorised funds, treatment of softing and bundled brokerage in retail investment products, and the introduction of hedged unit classes. He is currently working on implementation of the UCITS Eligible Assets Directive, and the introduction of electronic transfer of title and unit settlements through CREST. On the international front, he has previously worked on the UCITS III transitional arrangements and is currently involved in CESR’s work to recommend a replacement for the Simplifi ed Prospectus.

Stefano Pierantozzi
Director, Head of Fiduciary Oversight & Research, Fiduciary Services, Citi, EMEA

Prior to joining Citi, Stefano Pierantozzi was Head of European Compliance at Clerical Medical Europe (part of the HBOS group) and Head of Compliance and Audit for BISYS Fund Services (Luxembourg) S.A. (part of the BISYS group). He has also held positions with Schroders and IMI Bank.

Stefano is the author of many articles on technical and compliance matters for investment funds and related topics. In addition, he is a member of EUROFI’s steering group on the optimisation of distribution and processing of investment funds in the European Union and the International Securities Services Association’s working group on investment funds.

He holds a Master’s degree in Economics and Business from the LUISS university in Rome and is an Italian chartered accountant and Italian public accountant who speaks and works in four languages.

Bridget Saunders
Associate, Eversheds LLP

Bridget is an associate in the financial services group. She undertakes a broad range of fi nancial services work including the formation, regulation and reconstruction of unit trusts and open-ended investment companies, regulatory work for fund-management clients and related company and commercial advice. Bridget’s clients in this area include Schroders, Morgan Stanley and JPMorgan.

She has advised a number of clients on the rationalisation of their fund ranges and the conversion of their collective investment schemes into the new regulatory regime governing authorised funds (UCITS III and COLL) and has expertise in the sphere of UCITS III and the related legislation and guidance issued by the European Commission and the Committee of European Securities Regulators (CESR).

Bridget has more recently been advising clients on the establishment of UK authorised 130/30 funds and has given various client seminars on the proposed development of authorised funds of unregulated funds (or FAIFs in the UK).

Becky Tilston-Hales
Funds Lawyer, Eversheds LLP

Becky is a solicitor in the financial services group. She specialises in authorised investment funds and her experience includes the authorisation, amalgamation and termination of unit trusts and OEICs.

She was involved in converting several large fund ranges to COLL and UCITS III as well as drafting simplified prospectuses. Her European work to date includes registering sub-funds of an OEIC in various jurisdictions including Switzerland, Germany,

Austria, Italy, Luxembourg, Chile and Ireland as well as obtaining recognition for an Irish fund in the UK. Recently, she has been involved in drafting performance fees and the launch of 130/30. Notable projects include the authorisation of a Non-UCITS Retail scheme, assisting in the project management of the COLL conversion of Capita’s UK-authorised fund range and assisting a client in planning the structure of property fund.

The material in this communication is for information purposes only. At the time of publication, this information was believed to be accurate, but neither Citibank nor Citicorp Trustee Company Limited makes any representation or warranty to any person as to the accuracy or completeness of the material contained herein. The material contained herein does not constitute in any way investment or legal advice or a recommendation reference or endorsement by Citibank or Citicorp Trustee Company Limited or any person or entity named herein.