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I know, let’s sign upI have an account, let me sign in firstThe ETF operating environment has developed in Europe and internationally over the last 25 years with what was originally passive funds based on well-known market indices, to the growth in active ETFs and passive ETFs based on lesser known indices.
The masterclass will aim to provide participants with an understanding and practical insight into the mechanics of ETF Operations
Who should attend
The masterclass will be of interest to anyone seeking to develop a deep understanding on the operations of ETFs. It will be very relevant to:
Directors (of Funds and of Fund ManCos – i.e. UCITS ManCos and AIFMs),
Designated Persons and other senior managers and staff within ManCos; and
All other industry professionals within fund service providers.
Welcome to Exchange Traded Funds – a masterclass, which is offered through IOB a recognised college of UCD.
Ireland is the leading jurisdiction for the location of EU Exchange Traded Funds. The first ETFs were authorised by the Central Bank of Ireland in 2000 and Irish domiciled ETFs represent approximately 73% of the total European ETF market at the end of 2024, (EFAMA).
An ETF is a hybrid structure, being both an authorized fund and an actively traded listed security. This masterclass is designed to provide participants with a deep understanding on how ETFs work in practice, from issue to trading.
The ETF operating environment has developed in Europe and internationally over the last 25 years with what was originally passive funds based on well-known market indices, to the growth in active ETFs and passive ETFs based on lesser known indices.
The masterclass will aim to provide participants with an understanding and practical insight into the mechanics of ETF Operations. It will:
Provide participants with an introduction to ETFs and what makes an ETF a UCITS ETF;
Explain who does what – the fund; the fund management company, the fund administrator; the fund depositary; the Authorised Participants; the Market Makers; and the Market Place;
Set out the regulatory framework for EU ETFs at EU and national levels.
Discuss more advanced features and innovations including emerging trends.
Ken Owens is a highly accomplished financial services professional with over 30 years of experience, including 23 years as a partner at PwC Ireland, specializing in Asset and Wealth Management. A Chartered Accountant and a member of the Institute of Directors, Ken has a deep understanding of the investment fund landscape, with particular expertise in ETFs.
Throughout his career, Ken has provided audit and regulatory advisory services to a wide range of clients, including a seven-year engagement as the assurance partner for a new ETF issuer with UCITS-compliant ETFs and precious metal ETPs. He has also advised a fund administration and depositary group on establishing their ETF servicing capabilities in Ireland.
A former Chair of Irish Funds, the representative body for the Irish funds industry, Ken has a proven track record of leadership and has been instrumental in shaping industry policy. He is currently collaborating with the Institute of Banking in Ireland to develop and deliver a comprehensive ETF masterclass. Ken's extensive experience in fund establishment, servicing, and distribution, combined with his in-depth knowledge of the regulatory environment, makes him a sought-after advisor in the asset management sector.
Nicola Sheridan is a Tax Director and ETF Tax Leader at PwC Ireland. She also leads the firm's Fintech & Payments Committee. She has worked extensively for over 15 years advising fund managers on product structuring and the tax implications of distributing investment funds into Europe and beyond. She has considerable experience in advising on local and international tax structuring issues for ETFs and ETPs, including tax considerations at investor, fund and portfolio level. She has also supported many ETF issuers with market entry and distribution strategy.
Nicola is a central member of PwC’s global ETF leadership team, regularly contributing to thought leadership in this area and is the Co-Head of the Irish Chapter of Women in ETFs. She currently sits on the Irish Funds ETF working group and Digital Assets working group.
Nicola is a fellow of the Chartered Accountants in Ireland and a qualified Chartered Tax Advisor with the Irish Taxation Institue.
Martina Kelly is a Director of Funds at IOB having joined the IOB in January 2020. Prior to that she was Head of Markets Policy Division within the Central Bank of Ireland with responsibility for the formulation of policy in relation to investment funds, investment firms, markets and market infrastructure.
Martina has considerable experience in investment funds policy and regulation having led the Central Bank’s work in this area for many years. In that capacity she was directly involved with the development of the Irish regulatory regime applicable to funds and fund service providers. Martina represented the Central Bank at the ESMA Investment Management Standing Committee from it’s inception until she left the Central Bank in 2019. She also participated in various European Council Working Groups including those related to AIFMD and UCITS and was the Central Bank representative at the Irish IFSC Funds Working Group.
Martina is a non-executive director of Northern Trust Fiduciary Services (Ireland) Limited
9 hours in total to complete the masterclass.
Delivery is entirely online, over three evenings from the 3 September - 24 September.
Assessment is voluntary and is based on an online Multiple Choice Questions (MCQ) examination. The MCQ test comprises 4 questions in relation to each part. The pass rate is 75% (9 of 12 questions.) If this level of correct questions is not achieved, a participant can resit the MCQ test.
When you successfully complete this masterclass, you will be awarded with Exchange Traded Funds – a masterclass certificate by IOB.
CPD hours are awarded to each of the following designations.
4 hours - MCC Cat 3 (Savings)
4 hours - LCI
4 hours - FCIC
4 hours - AFP
4 hours - CFRCP
3 hours - WMP
3 hours - CIFD
€295
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4pm
Welcome from Martina Kelly
4pm - 7pm
(Nicola Sheridan and Guest speakers)
Set the Scene: What makes an ETF an ETF (and a UCITS ETF) – what are the key characteristics. Provide an overview of the global, European and Irish markets in terms of AUM and a brief intro to current trends. Provide a brief overview of models in US, Ireland and Luxembourg.
Who does what: Start with the fund (the ETF issuer); the fund administrator; the depositary; the delegate investment manager; the Appointed Participants; the Market Makers; the Exchange (the INAV calculation agent; the paying agent); the Index provider.
The arbitrage mechanism: How the arbitrage mechanism is the defining mechanism of the ETF. How it operates and why it works
The creation and redemption process (primary market operations)
Creating liquidity: The role of Market Makers and other Liquidity Providers.
Who gets paid by the ETF and who does not.
Secondary market dealing:
How the secondary market operates and links to the primary market.
Role of the Central Securities Depositary (CSD)
How investors interests are held
The status of secondary market investors and rights to apply for redemption
ETFs v ETNs and other ETPs
4pm
Welcome back - Recap Class 1 from Martina Kelly
4pm - 7pm
(Ken Owens and Guest speakers)
The legal and regulatory framework supporting Exchange Traded Funds The UCITS Rules
The UCITS Directive / the Irish UCITS Regulations
NCA rules:
The Central Bank (including the Central Bank 2024 Themed Review of Primary and Secondary Market Trading Arrangements)
The CSSF
Other
ESMA Guidelines
ESMA QA
Physical v synthetic ETF
Stock Exchange Requirements:
Appointment of Market Makers
INAV
Voluntary control mechanisms (such as circuit breakers)
Different exchanges, different rules
MiFID rules (and the forthcoming consolidated tape)
IOSCO on ETFs:
2013 ETF Principles
2024 ETF Good Practices
4pm
Welcome back - Recap Day 1 and Day 2 from Martina Kelly
4pm - 7pm
(Nicola Sheridan and Guest speakers)
Role of the ETF Management Company:
Proprietary vs Third Party ManCo
Third party ETF platforms
Due diligence over Aps/LPs/MMs
Meeting regulatory expectations:
Central Bank 2024 review
IOSCO Good Practices
Contingency planning:
Arbitrage mechanism
Concentration issues
ETF challenges:
Index rebalancing and other index changes
Tracking error
Tax issues
ETF and non-ETF share classes in a single fund or sub-fund
This online masterclass will be delivered from 4pm - 7pm over three evenings as follows:
Wednesday 3 September
Wednesday 17 September
Wednesday 24 Septemner
An important aspect of this programme is active engagement in the class discussions. Where participants contribute their views based on their individual experience in their work within a fund service provider, a fund management company, or in the funds industry generally, these differing perspectives will enrich the learning experience of all students, helping to determine and develop best practice standards.
Experience will also be enhanced through recommended pre-reads which will be shared in advance .
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