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Page last published: 10 July 2006

Citigroup Global Transaction Services
European Fiduciary Seminar
MiFID, Hedge Funds, FSA regulatory update
Tuesday 11 July 2006, 2:30pm
Citigroup, Stirling Square House, 5-7 Carlton Gardens, London SW1Y 5AD (near Pall Mall)

CTCL home page

Following the success of Fiduciary Services Seminars in 2004 and 2005, we are delighted to invite you to save the date for the European Fiduciary Seminar 2006 - click here for location of seminar

The seminar will feature:

- MiFID (Markets in Financial Instruments Directive) and the changing way financial services are sold across the European Union

- Hedge Funds - Discussion on the changing regulatory regime in the UK

- The latest regulatory update from the Financial Services Authority

We look forward to welcoming you on 11th July.

Overview

At Citigroup we welcome the suggestion by the FSA to extend the range of Non UCITS Retails Schemes (NURSs) to include Funds of Unregulated Schemes in their feedback paper DP05/3.

We have also been following the MiFID developments with interest as the eventual FSA rules will determine how and to what extent we will oversee the activities of the Manager in areas as Conflicts of Interest which are likely to be more onerous than the previous disclosure regime.

We have an exciting line up of industry experts giving an overview of both of these changes to UK and European regulation from a practical and business perspective.

Sean Quinn
European Head of Fiduciary Services

If you would like to receive an invitation to the seminar, please contact one of the following:

Sean Quinn	London	European Head of Fiduciary Services	Tel: +44 (0)20 7500 5619	sean.quinn @citigroup.com
Bronwyn Wright	Dublin	European Head of Fiduciary Relationships	Tel: +353 1 622 2791	bronwyn.wright @citigroup.com
Dave Morrison	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8021	david.m.morrison @citigroup.com
Iain Lyall	London	Fiduciary Relationship Manager	Tel: +44 (0)20 7500 8356	ian.lyall @citigroup.com
Francis Pedrini	Luxembourg	Fiduciary Relationship Manager	Tel: +352 45 1414 228	francis.pedrini @citigroup.com
Nicola Byrne	Dublin	Fiduciary Relationship Manager	Tel: +353 1 622 1056	nicola.byrne @citigroup.com
Daniel Mente	Luxembourg	Fiduciary Relationship Manager	Tel: +352 45 1414 492	daniel.mente @citigroup.com

Agenda

2.30 pm Tea/Coffee and Registration

3.00 pm MiFID

· Organisational requirements

· Description of compliance arrangements

· Measures governing personal account transactions

· Internal systems and controls covering business continuity

· Staff, risk assessment /management/mitigation

· Internal audit; IT systems

· Record keeping and management of conflicts

· Efficiency and effectiveness of the arrangements for risk management and compliance

· Arrangements for identifying and managing conflicts of interest

· Outsourcing of critical functions.Hedge funds v EPM v UCITS for investment purposes

Paul Ryan - Dillon Eustace

3.30 pm Hedge Funds - The changing regulatory regime in the UK

· Discussion on FSA release dp 05_04

· Effect on Managers of Authorised Unit Trusts and OEICs

Pamela Thompson - Senior Partner Eversheds

4.00 pm Break

4.15 pm FSA regulatory update

· FSA priorities (and latest position) for Authorised Fund Managers in 2006 including MiFID, Simplification of the disclosure regime and Hedge Fund Regulation

· Possible changes to UK regulations with reference to the EU commission Green Paper?

Bruce Robson - The Financial Services Authority

4.45 pm Questions and Answers

5.00 pm Close followed by evening drinks reception and Canapés

Speakers

PAUL RYAN - Dillon Eustace

Paul Ryan joined Dillon Eustace in August 2004 as a Director in the Regulatory & Compliance Unit. Prior to joining, Paul was Director of Compliance for Bank of Bermuda Group and Head of Bank of Bermuda's trustee company, in Dublin. A Business and Economics graduate of Trinity College Dublin, Paul has held a variety of positions within the Funds Administration and Global Custody industries including Head of Compliance with JPMorgan Investor Services Australia between 1999 and 2002 and Head of Hedge Fund Accounting and Shareholder Services with Daiwa Securities Trust and Banking (Europe) between 1996 and 1999. Paul also holds post-graduate diplomas in Legal Studies from the Dublin Institute of Technology and Applied European Law from the Law Society of Ireland.

PAMELA THOMPSON - Partner, Eversheds

Pamela is the National Head of the financial services Group. She has been a partner with specialist responsibility for financial services matters since 1987.
Throughout this period, Pamela, has acted for investment management, insurance companies and banking clients, handling their work in the UK and overseas, relating to all types of investment and ancillary matters including collective investment schemes in the UK and offshore, pooled investment vehicles for pension funds, charities and other capital gains tax exempt bodies and investment trust companies.
Pamela also has extensive experience of acting for UK and overseas management groups operating in overseas jurisdictions and for overseas fund management groups operating in the UK.
She was retained by the FSA to act as a consultant on a review of the Collective Investment Scheme section of the FSA Sourcebook. This has culminated in COLL containing rules for new types of UK authorised investment funds.

BRUCE ROBSON - The Financial Services Authority

details to follow

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.

Contents

Citigroup Global Transaction Services European Fiduciary Seminar MiFID, Hedge Funds, FSA regulatory update Tuesday 11 July 2006, 2:30pm Citigroup, Stirling Square House, 5-7 Carlton Gardens, London SW1Y 5AD (near Pall Mall) CTCL home page

Citigroup Global Transaction Services
European Fiduciary Seminar
MiFID, Hedge Funds, FSA regulatory update
Tuesday 11 July 2006, 2:30pm
Citigroup, Stirling Square House, 5-7 Carlton Gardens, London SW1Y 5AD (near Pall Mall)

CTCL home page