Regulations & Operational Compliance for Funds (July 4, 2022)

Dublin, May 10, 2022 (GLOBE NEWSWIRE) -- The "Regulations & Operational Compliance for Funds" training has been added to's offering.

This is a unique opportunity to complete this programme remotely via a live virtual and interactive class which will be delivered on 4 Jul 2022 by a senior expert with over 30 years of experience. It's a full-day programme from 9 a.m. until about 5 p.m.

Our online classes are so much more than just a webinar - they provide an interactive experience where you will be able to get your questions answered in real-time by our senior experts and have discussions with other participants. You will receive a comprehensive set of course materials and course certificate on completion.

Fund Managers together with their service providers need to ensure that their funds are operated in a compliant manner. However, this is a greater challenge today than ever due to the increasing demands of regulation and the greater complexity of funds. Demands for increased efficiency and robust risk management processes only add to the complexity.

This practical one day workshop will equip you with the most up-to-date knowledge about the latest regulation requirements which apply to the operations of authorised funds.

You will have a chance to explore the impact of MiFID and the latest developments in UCITS Funds as well as the key regulations in the COLL sourcebook.

You will also learn about the transfer agency and fund accounting, concentrating on high-risk areas where mistakes frequently occur, such as fund pricing and will examine case studies. Finally, you will work through the techniques and examples of "intelligent oversight" which can greatly simplify the identification and resolution of administration. Examples are provided of due diligence questionnaires and oversight reports.

What will you learn

By the end of this training you will:

  • Understand implications of Brexit on fund management operations and regulation
  • Have a great understanding of all the major regulations affecting fund management today
  • Learn about UCITS Funds and the latest developments under UCITS V Directive
  • Assess the impact of MiFID 2
  • Explore the requirements of the key COLL regulations
  • Recognise the FCA regulation and approach to the operation of investment funds
  • Get a thorough understanding of processes required to provide effective fund oversight
  • Learn about the fund governance procedures
  • Understand the roles and responsibilities of all parties involved
  • Explore the development of effective controls for fund accounting
  • Learn how to manage risks and set up appropriate compliance monitoring frameworks including high risk areas in fund accounting and transfer agency
  • Learn about the challenges of overseeing offshore funds
  • Learn how to structure third party agreements and oversee third parties
  • Understand the aspects of particular concern from the FCA
  • Learn about the FCA's approach towards operational resilience and fund management
  • Explore the rise in the FCA's expectations in relation to Environmental, Social and Governance 'ESG'

Main topics covered during this training

  • UCITS Directives and AIFMD
  • Impact of MiFID 2 on fund management
  • Key COLL regulations
  • Main parties involved
  • Fund governance
  • Fund documentation
  • Fund administration - the Transfer Agent and accountant
  • Developing effective control environment for fund accounting
  • FCA Conduct Risk, Operational resilience and ESG - Environmental, Social and Governance
  • Investment & borrowing powers of UCITS vs NURS funds
  • The RDR & share classes
  • Oversight of offshore funds
  • Third party agreements and oversight
  • Risk management and compliance
  • FCA Review of Outsourcing Oversight

Key Topics Covered:


  • Key Fund terminology
  • Impact of Brexit

The Key Regulations

  • The FCA handbooks
  • COLL
  • COLL extracts - prospectus, dealing, fund accounting


  • The impact on fund managers
  • Retrocessions
  • Dealing commission
  • Product suitability
  • Timescale

The main parties

  • Transfer Agent
  • Fund accountant
  • Custodian
  • Depositary
  • Investment manager
  • Auditor
  • Legal adviser
  • Who requires oversight?

Fund governance

  • Oversight by the Board
  • TCF
  • Risks
  • Oversight of third parties
  • The importance of challenge
  • Fund governance and UCITS IV

Fund documentation

  • The prospectus
  • KIID
  • Investor documentation
  • Report & accounts
  • TER & OCF

Fund administration - the Transfer Agent

  • Dealing
  • Settlement
  • The register
  • Box management
  • What is client money?
  • Where can things go wrong?

Fund administration - the Fund Accountant

  • NAV calculation
  • Income & expenses
  • Distributions

Share Classes

  • RDR
  • Distribution of income
  • Monitoring for share class divergence

Developing effective controls for fund accounting

  • Controls over valuation of individual securities
  • Income and expense accruals
  • Daily fund level checks
  • Periodic checks

Investment & Borrowing Powers

  • UCITS vs. NURS
  • Eligible assets
  • Investment restrictions
  • Advertent and inadvertent errors
  • Derivatives heat map
  • Monitoring investment & borrowing powers

Offshore funds

  • UK vs Ireland & Luxembourg
  • Issues when overseeing offshore fund ranges and third parties
  • Reporting fund status
  • Taxation in the UK

Third-party agreements

  • Service Level Agreements
  • Identification of key SLAs
  • Key Risk Indicators
  • Key Performance Indicators

Risk management

  • What are the key risks?
  • The Integrated Risk Assessment
  • Portfolio risk management
  • Risk mitigation
  • Heat maps

Oversight of Third Parties

  • Key Issues
  • Three lines of defence
  • Fund oversight teams
  • Visits to the administrator
  • Risk based reviews

FCA Review of Outsourcing Oversight

  • TR 13/10
  • Key concerns of the FCA
  • The Outsourcing Working Group response


Paul is a regulatory expert with 20 years of experience in the financial services. Previously a Compliance Director with one of the country's largest Investment Management firm, before moving into consultancy and holding interim roles as Head of Compliance and MLRO as well as leading a number of projects that took firms such as Dresdner Kleinwort Wasserstein, Axa and Deustche Bank through authorisation and responding to the FCA sanctions.

His professional experience includes the development and implementation of compliance processes and procedures that include areas such as: governance and oversight, effective systems and controls, client on-boarding and market conduct projects. His area of expertise includes Financial Crime, Client Assets, Conduct Risk, Governance and Oversight, Senior Management Regime and Effective Compliance Monitoring.

He has worked closely with the FCA, Financial Ombudsman Service and the Finance and Lease Association on complaint handling and management and continues to work with Financial Service firms in negotiations with the FCA. He has recently taken on Head of Compliance, Money Laundering Reporting Officer and Head of Client Money Client Assets positions for a Portfolio Management firm and an emerging Peer to Peer platform.

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