Overview of COLL and Fund Sourcebooks
Training
In London
Description
-
Type
Training
-
Level
Intermediate
-
Location
London
-
Class hours
14h
-
Duration
2 Days
-
Start date
Different dates available
The UK regulatory regime for Collective Investment Schemes is contained in the FCA’s COLL sourcebook and now also in the FUND sourcebook.
This focused 2 day course will equip delegates with a sound grasp of the fundamentals of CIS regulation and a practical understanding of how the rules apply in practice.
Attending will enable you to:
• Gain a firm and comprehensive grounding in CIS regulations and how they apply in practice
• Learn the structures, characteristics and constraints of different types of CIS, including UCITS, NURS, QIS, Property funds covered by COLL and the wider fund types now covered under FUND
• Examine how COLL applies to the activities of Directors, Managers, Administrators, Transfer Agents, Trustees and Custodians
• Identify the key compliance and technical challenges in operating and marketing CIS
• Explore the implications of developments in EU regulation, including UCITS and the AIFMD
Facilities
Location
Start date
Start date
About this course
This course will be of value to anyone who wishes to improve or refresh their knowledge of the fundamentals of the CIS market and regulation in the UK.
Reviews
Subjects
- Investment Management
- Regulatory Compliance
Teachers and trainers (1)
Darren Burrows
Managing Director
Darren is a law graduate, qualified chartered accountant and Member of the Chartered Institute for Securities & Investment. He has 20 years financial services and fund management experience, including with Big 4 Accountancy firms and with leading depositary banks. His specialist focus is UCITS and AIFMD Fund regulation, specifically as regards investment compliance and risk management. Darren is the founder of Funds-Axis and has delivered the vision for the industry-leading FundWare solution for integrated investment compliance, regulatory reporting and risk.
Course programme
Session: Overview of the UK Funds Landscape
Funds under COLL – UCITS, NURS and QIS schemes
Wider scheme types covered under FUND and AIFMD
An overview of the COLL and FUND Sourcebooks
Other regulations / provisions
Session: UCITS Fund Regulations under COLL
An Introduction to UCITS Funds:
Features
Operating principles
Structures
Roles and responsibilities: ACD, Fund Manager, Fund Administrator, Transfer Agent, Trustee, Custodian
Unit Holder dealing:
Dealing
Purchases, redemptions, switches
Cash vs. in specie payments
Dealing prices – single or dual, dilution methods
Creations and cancellations:
Handling cash flows in funds
The Manager’s box
Late dealing issues
Investment and borrowing powers:
UCITS III vs. UCITS I
Eligible assets for UCITS
Spread and concentration rules
Using derivatives – EPM vs. Investment purposes
Key fund types – index funds, fund of funds, guaranteed, capital protected
Fund valuation:
General principles
Elements of the Fund NAV
Distribution
Breaches and errors
Pricing errors:
Examples of how pricing errors can arise
Trade capture, suspended securities, incorrect accruals etc
Regulation of pricing errors – materiality, FSA reporting etc
Processes for resolution of pricing errors
Investment and borrowing breaches:
Different types of breaches
How breaches can occur – dealing, stock and fund pricing, amalgamations etc
Advertent vs. Inadvertent
Resolution
Fund distribution and investor communication:
Key distribution channels – IFAs, Fund supermarkets
Contract notes
Prospectus, simplified prospectus and key disclosures
Report and Accounts
Fundamental, significant and notifiable change events
Session: Non UCITS Retail Schemes (NURS)
Key investment limit differences between UCITS and NURS
Key operational differences, including dealing and redemption arrangements
Making the choice between UCITS and NURS
Property schemes under COLL:
Common legal structures
Key Players and responsibilities, including the Standing
Independent Valuer
Investment powers
Operational powers – issue and redemption powers
Monitoring and managing liquidity
Qualified Investor Schemes (QIS):
An overview of the QIS rules in COLL
Comparison of QIS, UCITS and NURS: investment limits and operational responsibilities
Review of selected QIS funds launched and the challenges to uptake
Session: UCITS IV
UCITS IV – new opportunities and obligations
Management company obligations, including risk management requirements
Cross-border fund mergers
Master / Feeder Structures
The management company passport
Simplified notification procedures
Key Investor Information
Session: An overview of AIFMD and FUND
Alternative Investment Fund Managers Directive (AIFMD)
Timetable and progress
Implementation into FCA’s new “FUND” Sourcebook
Scope, Authorisations and Exemptions
Organisation requirements, conduct of business and conflicts of interest
Risk Management, leverage and liquidity
Disclosures to investors
Reporting to regulators
Depositary requirements and depositary liability
Regulatory disclosures
Impact on fund distribution
Overview of COLL and Fund Sourcebooks