Training Courses

UCITS and SICAVS Workshop

Category: Investment Products

Course level: Introductory to Intermediate

In house

This 3-hour workshop provides a broad-based understanding of Collective Investment Schemes in the UK and Europe.

It explains the principles behind open-ended funds, regulations governing their marketing investment powers, documentation, pricing, buying and selling, and shareholder rights.

Wherever possible, real-life product examples will be used.

Objectives

By the end of the workshop, delegates will have a greater understanding of:

  • open-ended Collective Investment Schemes
  • the role of the administrator, manager and depositary of a UCITS
  • the difference between a unit trust and OEICs

Length

3 hours

Course Content

Available Collective Investment Schemes

Differences between unit trusts, SICAVs, OEICs, ICVCs
Non-UCITS-SICAVs
Level I vs Level II SICAVs in Luxembourg

Umbrella structures

Different share classes
Contagion risk (Luxembourg rules vs UK)

Fund distribution

Fund distribution channels
Advisers, banks, sales teams. etc.
FSA polarisation regime
UCITS II and Simplified Prospectus
Risk and charges disclosure
TER and RIY calculations
Potential for managing overseas funds
Rules for marketing UK funds into Europe
Rules for marketing SICAVs into the UK
Distance Marketing Directive
Fund authorisation for cross border marketing

Business relationships

Role of the ACD and manager
Role of the depository
Enforcing the investment rules
Dealing with pricing errors
Safeguarding investors
Role of the administrator
Fund valuation – capital and income accounts
Fund pricing
Statutory reporting – structure of report and accounts, tax

Taxation of UCITS

Withholding tax
Local regulatory taxes
Corporation tax
Investor taxes

Pricing and dealing

Pricing an open-ended fund
Charges and expenses
Calculating the NAV
Dilution levy vs swinging mid-price
Buy and selling shares in the fund

UCITS III

Wider investment powers
Mixed funds, wider use of derivatives, new investment limits
Limited issue funds
Guaranteed funds
Fund of funds
New spread rules
CESR consultation on eligible assets – use of derivatives, tracking methods, MMIs
Time line for implementation

FSA COLL sourcebook

Retail UCITS funds
Non–UCITS retail funds
Qualified Investor schemes
Performance fees

This course would be suitable for:

  • Client services and call centres
  • Investment administration and operations
  • IT and software developers
  • Legal & Compliance
  • New entrants
  • Risk management
  • Sales and marketing

This course would be suitable for these exams:

  • SII IAQ - Collective Investment Schemes
  • UKSIP - Investment Operations
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