UCITS for Hedge Funds
| Course Provider |  |
| Dates | 24 September 2010 9 am -5 pm |
| Venue | Clarion Hotel, IFSC, Dublin 1 |
| Course Fees | Full Fee: €525 Network Members Fee: €315 |
Objectives
This course prepares hedge fund administrators and managers, trustees and compliance professionals, lawyers, auditors and consultants for navigating the UCITS (Undertakings for Collective Investment in Transferable Securities) environment for hedge funds. It is of particular benefit to experienced hedge fund professionals working in the UCITS environment for the first time.
At the end of this course participants will be able to
• Describe the UCITS product and why a promoter might set up a hedge fund as a UCITS
• Discuss why a promoter might consider the UCITS structure unsuitable for a hedge fund
• Describe the authorisation process for a UCITS and its service providers
• Outline the key requirements and contents of the full and simplified prospectus
• Outline the process of converting a fund from its existing structure into a UCITS
• Describe the role of the trustee
• Discuss the role of the prime broker in the UCITS environment and highlight how it differs from the typical prime broker function
• Distinguish between eligible and ineligible assets
• Identify permitted financial derivative instruments
• Describe and apply the UCITS rules on investment restrictions and risk spreading
• Calculate global exposure and counterparty risk exposure according to the CESR Guidelines
• Apply the UCITS exposure limits
• Discuss the required contents of the risk management process document
• Outline on-going UCITS reporting requirements
• Discuss the implications of UCITS IV for hedge funds
• Discuss current regulatory and market developments affecting UCITS hedge funds
Content:
• The UCITS Product
o Development
o Structure and types
o Market
o Benefits of launching a hedge fund as a UCITS
• Launching a UCITS
o Approval of service providers
- Promoter
- Investment manager
- Custodian/depositary/trustee
- Administrator
o Approval of the fund
- Directors
- Documentation
• Converting a fund into a UCITS
o Same jurisdiction
o Re-domiciliation
• The role of the trustee
• Prime broker for a UCITS
• Hedge fund operations in the UCITS framework
o Liquidity
o Eligible assets & investment restrictions
o Risk spreading rules
o Permitted Financial derivative instruments
o CESR Guidelines on Risk Measurement
- Commitment approach
- Value at Risk (VaR) approach
- OTC Counterparty risk exposure
- Risk management process
• Reporting
• Why NOT launch a hedge fund as a UCITS?
• UCITS IV
• AIFM Directive and other developments
Who Should Attend?
• Hedge fund professionals who require a greater understanding of the UCITS product Hedge