Regulatory Environment - Part 5 (2018)
This eCourse consists of three modules. Module 1 describes the main provisions of the Alternative Investment Fund Managers Directive (AIFMD), including (among others) the requirements in relation to authorization, remuneration, risk management, liquidity management, securitization positions, valuation, delegation, and depositaries.
Module 2 describes the key provisions of the UCITS Directive and how it has evolved from the original UCITS Directive to the existing UCITS V (and UCITS VI) requirements. The tutorial also looks at the main attractions of UCITS funds from the point of view of both investors and fund managers.
European Market Infrastructure Regulation (EMIR) imposes significant clearing, reporting, and risk mitigation obligations in relation to OTC derivatives transactions on a broad range of market participants. Module 3 sets out the detail of these obligations and how they apply to these market participants.
On completion of this course, you will be able to:
- Identify the objective, scope, and key definitions associated with the Alternative Investment Fund Managers Directive (AIFMD)
- Recognize the main requirements that the AIFMD places on alternative investment fund managers
- Describe how the key provisions of the UCITS Directive have evolved through the years since the first directive in 1985
- Outline the attractions of UCITS as an investment vehicle for both investors and fund managers
- Outline the purpose and scope of EMIR
- Describe the clearing obligation under EMIR, including the clearing thresholds for nonfinancial counterparties (NFCs)
- Explain the details of EMIR's reporting obligation, including the data that is required to be reported
- Describe the risk mitigation techniques that apply to OTC derivatives contracts that fall outside the scope of the clearing obligation
Module 1: AIFM Directive
Topic 1: Overview of the AIMF Directive
Topic 2: Key Requirements
Module 2: UCITS
Topic 1: UCITS - The Directive
Topic 2: UCITS – The Product
Module 3: European Market Infrastructure Regulation (EMIR)
Topic 1: Overview of EMIR
Topic 2: The Clearing Obligation
Topic 3: The Reporting Obligation
Topic 4: Risk Mitigation Techniques for Non-Centrally Cleared Derivatives