Objectives

The objectives are to provide participants with an overview of the obligations applicable to UCITS under: (i) the EU Benchmarks Regulation; (ii) the EU KIIDs Regulation, as interpreted by section II of the European Securities and Markets Authority’s (ESMA) Questions and Answers on the application of the UCITS Directive (ESMA UCITS Q&A); and (iii) the ESMA Guidelines on performance fees in UCITS and certain types of AIFs.

Content

a) Benchmarks Regulation:

• temporal and geographical scope
• key concepts used by the regulation including the definition of a benchmark and the various types of use with a focus on border line cases
• obligations applicable to UCITS management companies/UCITS boards
• current developments in the area of benchmarks, including the transition away from Interbank Offered Rates
• case studies linked to the completion of the CSSF’s Benchmarks Questionnaire

b) KIIDs Regulation (as interpreted by the ESMA UCITS Q&A):

• interplay with the Benchmarks Regulation
• notion of a benchmark index
• scope of the disclosure rules/notion of a fund managed in reference to a benchmark index
• consistency between various marketing materials and timing for updates
• case studies on the approach to the disclosure of a benchmark for various categories of investment strategies

c) Guidelines on performance fees in UCITS and certain types of AIFs:

• interplay with the Benchmarks Regulation and the KIIDs Regulation
• notion of a reference benchmark index
• obligations in relation to the use of a reference benchmark index

Speakers

Piotr Giemza-Popowski (Counsel, Investment Management practice, Arendt & Medernach)

Allison Niccoletti (Associate, Investment Management, Arendt & Medernach) 

Target Group

Directors of UCITS funds, compliance officers within UCITS management companies and sponsors/distributors of UCITS products.

Duration

3 hours

Language

English

Price

€400

For more information, please contact us by e-mail at institute@arendt.com