Introduction to Shareholder Services

AIM AND APPROACH

This programme aims to give delegates an appreciation for the international fund scene in Ireland.  Topics covered range from legal structures, the participants, their functions to the regulations governing both UCITS and non-UCITS vehicles.   It also covers the ongoing responsibilities involved in listing the fund on the Irish Stock Exchange

PROGRAMME OBJECTIVES 

Following the programme participants will be able to:

• Outline the standard services offered by Shareholder Services 
• Understand the role of the Transfer Agent in the Funds Industry
• Differentiate between a Company, a Unit Trust and a Partnership and understand the implications for S.S. reports
• Differentiate between the various Investor types
• Process transactions such as Subscriptions, Redemptions and Transfers
• Process front-end loads, sales commissions, anti-dilution levies, exit charges, encashment penalties, trail/renewal commissions
• Appreciate the Anti-Money Laundering regulations and how they impact on S.S. processes
• Understand the Registration process
• Process a ‘continuous NAV’ fund 
• Process distributions
• Process Income & Accumulation units
• The basic concepts of performance fees 
• Know their responsibilities under Data Protection Act
• Know the provisions of the Taxation of Savings Directive

AUDIENCE

The programme is intended for anyone who works in the Funds Industry, who works in providing Shareholder Services or Transfer Agency. 

AGENDA
• Services provided by Shareholder Services 
        o Maintenance of Share register
        o Processing of transactions
        o Filing of client correspondence
        o AML checks and filing of documentation
        o Customer care – answering queries/writing letters 
• The role of the Transfer Agent in the Irish industry
• The different fund structures 
        o Company – Variable capital company, ICVC, SICAV
        o Unit Trust – FCP 
        o Partnership
        o What they issue e.g. shares, units & interests 
        o Income & Accumulation units
• Different Investor types 
        o Retail investors
        o Institutional investors 
        o Professional & Accredited investors
        o Qualifying and Qualified Investors
• Processing a subscription
        o Documentation required
        o Checks performed
        o Reports issued
        o Deadlines for receipt of sub.doc/money/supporting documentation and for issuing contract notes 
        o Cash and in-specie settlement
        o Front-end charges – how to account for them and who gets paid them
        o Application of Income equalisation (for UK distributor status)
• Processing a redemption
        o Documentation required
        o Checks performed – authorised signatories
        o Reports issued
        o Deadlines for receipt of red.req.doc/supporting documentation
        o When payment can take place
        o Back-end charges – how to account for them and who gets paid them
        o Application of income equalisation (for UK distributor status)
• Processing other transactions
        o Stock Transfers 
        o Death of shareholder
        o Separation of Joint shareholders
• Anti-money laundering provisions
        o Basic offences
        o Responsibilities & duties of designated bodies 
        o KYC and CDD
        o Risk-based enhanced customer due diligence
        o Documentation required on file
        o Resources to help ECDD – websites & directories
• The Registration process
        o Certificates
        o Renunciation
        o Contents of shareholder file
            -  Non-resident declaration under Taxation of Savings Directive
            - Tax identification number
            - Requirements under Data Protection Act
• Continuous NAV
        o Distributions
        o Issue of contract notes/reports to clients
        o Payment of monies
• Distributions
        o The role of the Fund Manager
        o The role of the Trustee
        o Payment of monies
        o Reconciliation of accounts
        o Production of reports
• Introduction to performance fees
        o Basic concepts
        o Methods of charging
        o How it works in practice
        o Worked examples to show impact on shares in issue and NAV per share
        o Defining terminology e.g. equalisation, high-water mark, loss carry forward, crystallisation, hurdle rates, performance fee redemptions 

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