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Citigroup Global Transaction Services
European Fiduciary Seminar
Regulatory update (Central Facility for Funds, REITs, FSA Update)
Monday 4 December 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 another European Fiduciary Seminar 2006 - click here for location of seminar

By December we expect to know the provision of the Chancellor's pre-budget report. Citigroup invites you to save the date for the next in its series of Fiduciary Services seminars, which will cover the potential impact of the report and other industry issues.

We look forward to welcoming you on 4th December.

Overview

In the UK we have been following with interest the discussions on the potential take up of the new Real Estate Investment Trusts (REITs) which go live in January 07 and their effect on our own segment of the industry. In particular whether Managers will take the opportunity to launch funds investing specifically in REITs or withdraw investments from Unit Trusts and OEICs.

In Luxembourg we welcome the initiative taken by Clearstream to automate the post trade settlement process for Collective Investment Schemes and we will be following the developments closely to see whether other European markets will follow.

2006 has been an extremely busy year for European Regulators and we are very fortunate that the FSA can join us once again to present on the latest developments in the UK market including the Markets in Financial Instruments Directive (MiFID).

We have an exciting line up of industry experts who will provide an overview of these changes in the UK and European regulation from a practical and business perspective.

We look forward to welcoming you on 4th December.

Bronwyn Wright
European Head of Fiduciary Services Global Transaction 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 Registration and Tea/Coffee

3.00 pm Central Facility for Funds

Philippe Seyll - Director, Investment Funds Services - Clearstream Banking Luxembourg

The New Central Facility for Funds Initiative in Luxembourg;

· Potential for UK Managers marketing to UK fund of funds and multi manager schemes;

Discussion on benefit to management groups including;

· Delivery Versus Payment (DVP) capability between fund distributors and transfer agents.

· Standard settlement and payment instructions

· Simplification of operational processes and the effect on reduction of risk

3.30 pm UK-Real Estate Investment Trusts (REITs)

Ronald Paterson and Nick Bartlett - Partners Eversheds

Discussion on the issues arising from their launch to the UK market on the 1st January 2007 including;

· Outline of the REIT structure

· Tax - In general and on distributions, conversion charge

· Substantial Shareholdings

· Potential to take business from UK OEICs and Unit Trusts?

· Ability to incorporate within Unit Trust and OEIC fund of funds

4.00 pm Break

4.15 pm FSA Regulatory General Update

Bruce Robson - The Financial Services Authority

· Derivative usage in UCITS III funds and recent developments

· Markets in Financial Instruments Directive (MiFID)

· Responsibility of Managers and Distributors for the fair treatment of customers

· Current issues of interest

4.45 pm Questions and Answers

5.00 pm Close; followed by Festive drinks reception at the Carlton Club

Speakers

Ronald Paterson Partner, Eversheds LLP

Ronald is a partner in the financial services group at Eversheds. He has more than 20 years experience in advising the fund management industry.

In particular, he specialises in advising on investment trusts and other closed-ended and open-ended investment funds and limited partnerships and has experience of setting up funds to invest in a wide range of asset classes. Ronald has been closely involved in the development of the REITs legislation and is a member of the Law Society's working party on REITs and of the Technical Committee of the Association of Investment Companies (formerly the Association of Trust Companies).

Nicholas Bartlett Partner, Eversheds LLP

Nicholas is a partner in the real estate group at Eversheds. He has extensive experience advising foreign and domestic investors on high profile real estate transactions. In particular he specialises in advising on the structuring of real estate sales and acquisitions using both onshore and offshore vehicles. He also advises on the governance aspects of real estate transactions guiding investors and their trustees through the regulatory aspects of real estate transactions and structures.

Nicholas chairs Eversheds' REITs group which has monitored the development of the REITs legislation, played an active role in the REITs consultation process and lobbied for change in a number of key areas.

Philippe Seyll Director, Head of Investment Fund Services

Philippe has been the Head of Investment Managers since 1997. His remit is to expand the business line and deliver efficient processing solutions in partnership with the industry. He joined the company from Bank of New York, London, where he was Managing Director. Prior to this he was Head of Sales & Marketing, managing the international sales and marketing team for Europe, at Banque Indosuez Luxembourg. Previously, he sat on the European Fund and Asset Management Association (EFAMA) Board and worked at Swift where he held responsibility for the management of SWIFT clients for France Belgium and Luxembourg. Philippe holds a Master of Science degree in Management, Computer Science and Mechanical Industrial Engineering.

Bruce Robson Manager Asset Management Sector, Financial Services Authority

Bruce joined as Manager of the FSA's Asset Management Sector team in January 2006. Before that he was a Deputy Manager in the FSA's Retail Firms Division, supervising mainly life insurance firms. Bruce originally joined the Investment Management Regulatory Organisation in 2000, since which time he has specialised in the supervision of asset management firms. He has also supervised banks, stockbrokers and independent financial advisers and contributed to a number of significant asset management sectoral issues such as consolidated supervision and split capital investment trusts. Before joining the FSA, Bruce had 14 years working in a wide range of roles with two major UK financial services groups, including stints in compliance and internal audit functions.

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 Regulatory update (Central Facility for Funds, REITs, FSA Update) Monday 4 December 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
Regulatory update (Central Facility for Funds, REITs, FSA Update)
Monday 4 December 2006, 2:30pm
Citigroup, Stirling Square House, 5-7 Carlton Gardens, London SW1Y 5AD (near Pall Mall)

CTCL home page