A short programme which includes a focus on the role of the Designated Person for Distribution. This masterclass is conducted over 3 evenings commencing Tuesday 26 September 2023.
Select a day for more information on the curriculum on that day. All sessions are from 4pm to 7pm.
Overview of the Legal and Regulatory Environment for Fund Distribution
European and Irish legal and regulatory requirements
Cross Border Fund Directive and Regulation including implications of pre-marketing and deregistration requirements;
ESMA CSA on undue costs.
Central Bank of Ireland expectations for fund boards and the designated person for fund distribution
UCITS and AIF timelines;
Market specific requirements;
Global distribution / registration requirements
Ongoing registrations v reliance an available exemptions;
UK: Temporary Permissions regime, Private placement regime and Overseas Fund regime;
US: Federal and State requirements;
Other third countries – private placement regimes and other available approaches;
Costs: including those covered by the fund and those which are not;
Role of locally appointed distributors in complying with local regulatory requirements.
The broader regulatory environment and how this impacts on funds and on the Designated Person for Distribution. In particular:
MiFID II product governance rules.
Designated Person for Distribution – Functions and Responsibilities
Mapping of responsibility which Fund Management Companies are required to undertake in accordance with Central Bank of Ireland expectations;
Responsibilities typically allocated to the Designated Person for Distribution;
How approaches may differ - Including between proprietary ManCos and ManCos acting for third party funds.
Three key requirements around distribution:
Distribution strategy for new sub-funds;
Ongoing reporting by the Designated Person for Distribution;
Review of marketing materials.
The Distribution Strategy
Key areas of input when defining the distribution strategy;
The Designated Person for Distribution role in defining the distribution strategy.
Due Diligence over distributors
Initial and ongoing due diligence;
In-house vs. outsourcing;
Use of standardised DDQs;
Assessment of criticality, level and frequency of due diligence;
Regulatory expectations e.g. Central Bank’s Cross Industry Guidance Paper on Outsourcing;
Use of SLAs, KPIs, contractual undertakings;
Relationships with group sales teams.
Reporting to the Fund Management Company and to Fund Boards
European MiFID Templates;
Target Market Confirms;
Designated person reports.
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