The objectives are to: (i) provide participants with an overview of the legal and regulatory framework applicable to UCITS with regard to eligible asset classes; as well as (ii) details related to the CSSF administrative practice for specific instruments (including disclosure requirements and specific CSSF expectations).
1. Transferable securities
- Explanation of the conditions applicable to the qualification of a financial instrument as a “transferable security”
- Additional conditions applicable to the eligibility of transferable securities under article 41(1) of the law of 17 December 2010 relating to undertakings for collective investment (the “2010 Law”)
- The concept of the so-called “thrash ratio” under article 41(2) of the 2010 Law
- Case study related to transferable securities and their eligibility for UCITS
2. Money market instruments
- Explanation of the conditions applicable to the qualification as “money market instrument”
- Case study related to money market instruments and their eligibility for UCITS
- Explanation of the rules applicable to investments in financial derivative instruments
- Case study related to financial derivative instruments and their eligibility for UCITS
4. Overview of the CSSF administrative practice related to specific instruments
- Contingent convertible bonds (CoCos)
- Catastrophe bonds (Cat bonds)
- Securitisation instruments (incl. ABS/MBS)
- Special Purpose Acquisition Companies (SPACs)
- Digital assets
- Case studies related to the eligibility of certain specific instruments for UCITS
5. How to take exposure to ineligible assets?
- Investment in delta one certificates
- Investment in financial indices
- Case study related to exposure to ineligible assets
Piotr Giemza-Popowski (Cousel, Investment Management, Arendt & Merdernach)
Allison Niccoletti (Associate, Arendt & Medernach)
Directors of UCITS; compliance officers, legal officers and risk managers within UCITS management companies, portfolio managers managing UCITS and junior auditors involved in the audit of UCITS.
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We have also a session available on 15 September "UCITS investment restrictions – legal and regulatory framework".
For more information, please contact us by e-mail at firstname.lastname@example.org