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Page last published: 4 August 2009

Funds-Axis
REGULATORY DEVELOPMENTS CONFERENCE -
THE CHALLENGES AHEAD FOR ASSET MANAGERS
London, Thursday 13th August 2009

REGULATORY DEVELOPMENTS CONFERENCE -
THE CHALLENGES AHEAD FOR ASSET MANAGERS

LONDON, THURSDAY 13TH AUGUST 2009

Venue: The Capital Club, 15 Abchurch Lane, London EC4N 7BW

Cost: £550 30% discount for bookings from 3d subscribers

To reserve your place at this event, please email events@funds-axis.com

The challenges and opportunities awaiting Asset Managers in the year ahead are immense with UCITS IV and a wave of global regulation in respect of OTC Derivatives, Credit Rating Agencies, Retail Distribution Review, Alternative Investment Funds Directive and more.

At this event, we consider the opportunities for Asset Managers and also the challenges which merit early attention by your organisations.

Speakers:

· Colm Callaly, General Counsel, Pioneer Investment Management Limited

· Mahrie Webb, Partner, Burges Salmon LLP

· David Morrison, Director & Head of UK Fiduciary Services, Citibank

· John Steele, Head of Risk and Compliance, Aviva Investors

· Dana Ward, Tax Partner, Grant Thornton

· Kevin Lee, Managing Director, Calastone Transaction Network

· Darren Burrows, Director, Funds-Axis

Conference Overview

8:45am-9:15am Registration

9:15am-9:30am Opening Address

9:30am-10:10am Session 1: UCITS IV (part 1)
Presented by Pamela Thompson, Senior Partner, Eversheds LLP
In our first Session on UCITS IV Eversheds provide an overview of the key features of UCITS IV. The session provides an overview of the legislative and implementation timeframe and also focuses on the key issues of Key Investor Information, cross-border registration and distribution of funds.

10:10am-10:50am Session 2: UCITS IV (part 2): the opportunities ahead
Presented by Colm Callaly, General Counsel, Pioneer Investment Management Limited
In our second session on UCITS IV we review the UCITS IV Directive. Our focus is on the opportunities that UCITS IV will present for UCITS Managers as regards product development and for consolidation of existing fund ranges, through the use of Pooling, Feeder Funds and the Management Company Passport. We consider the steps firms can take to formulate their UCITS IV strategy.

10:50am-11:10am Tea/Coffee Break

11:10am-12noon Session 3: The Alternative Investment Funds Directive - impact for NURS and QIS schemes
Presented by Mahrie Webb, Partner, Burges Salmon LLP
There is no doubt that this very political EC Directive is going to happen! It has been drafted and is progressing through Europe without the usual consultation processes. It has the potential to be ill-considered and damaging to the Industry and Managers need to be aware of the possible impacts. It looks set to cover all non-UCITS scheme and hence UK NURS and QIS schemes as well as private equity, listed investment funds and real estate investment funds. With conduct rules that are more prescriptive than UCITS, possible implications for Depositary liability and propositions for information disclosure to Regulators, this demands the attention and response of the industry.

12noon-12:40pm Session 4: A Depositary's perspective of the post-Madoff world
Presented by David Morrison, Director & Head of UK Fiduciary Services, Citibank
A key issue falling out of the Madoff affair is the question of whether the Depositary has strict liability for safekeeping of the assets of the scheme where sub-custody is delegated. We hear the latest on this issue and also hear a Depositary's perspective on the key issues facing the industry at this challenging time.

12:40pm-2pm Lunch

2pm-2:40pm Session 5: Retail Distribution Review - how to reward Advisers
Presented by John Steele, Head of Risk and Compliance, Aviva Investors
The FSA have made it quite clear that the current approach of commission based selling can no longer be tolerated. This poses particular problems for asset managers as regards how to reward Advisers. Here we consider the issues and opportunities available to Managers. We also consider the FSA's proposals to ban factoring and the impact of this on the future viability of regular premium arrangements.

2:40pm-3:20pm Session 6: Tax reform - making the UK a competitive funds domicile
Presented by Dana Ward, Tax Partner, Grant Thornton
In the 2009 Budget the Government announced changes which threaten to make the UK a competitive funds domicile. In this session, we consider these developments and the opportunities they offer for UK asset managers.

3:20pm-3:40pm Tea/Coffee Break

3:40pm-4:20pm Session 7: Automation of Mutual Fund Processing
Presented by Kevin Lee, Managing Director, Calastone Transaction Network
This session reviews some progress in mutual fund processing that should have a positive impact on the industry. We consider how Managers can ensure they take advantage of these opportunities. These include: rule changes to enable electronic transfer of title, the fund processing passport and the emergence of electronic cross border transaction networks for mutual funds - STP and automation efficiencies that can be achieved throughout the trade and settlement lifecycle, the scope for reduction of operational risk and cost and the potential benefits for investors.

4:20pm-5pm Session 8: Derivatives - CESR's work on Quantitative Limits for Derivatives Risk Management; What future for VaR?
Presented by Darren Burrows, Director, Funds-Axis
To conclude, we explore CESR's work on the Quantitative Limits for Derivatives and consider the fallout in respect of the future use of VaR as a measurement technique of choice as regards sophisticated UCITS funds. Also, Central clearing OTC derivatives will be available by July of this year. We consider the issues and practicalities involved and the cost and risk reduction advantages for UCITS Managers who address this issue proactively.

Funds-Axis provide extensive consultancy and training services, including in respect of derivatives, operational risk and counterparty risk. For details of our Governance, Risk and Compliance software, click here. Click here for details of our recent assignments or contact info@funds-axis.com

Funds-Axis Limited
31 Southampton Row
London, WC1B 5HJ

info@funds-axis.com

Tel: +44 (0)800 783 67 91

Contents

Funds-Axis REGULATORY DEVELOPMENTS CONFERENCE -THE CHALLENGES AHEAD FOR ASSET MANAGERS London, Thursday 13th August 2009

Funds-Axis
REGULATORY DEVELOPMENTS CONFERENCE -
THE CHALLENGES AHEAD FOR ASSET MANAGERS
London, Thursday 13th August 2009