A short programme which includes a focus on the Liquidity Risk Management in Investment Funds.
When is this masterclass?
Online classes will be delivered from 8.30am-10.30am over three morning as follows:
Tuesday 28th June 2022
Wednesday 29th June 2022
Thursday 30th June 2022
Select a day for more information on the curriculum on that day:
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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