Compliance, Legislative & Regulatory Standards

Regulatory Environment - Part 5 (2019)


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 provides an overview of EMIR and the changes introduced by the EMIR Refit.


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
- Identify the purpose, key provisions, and scope of EMIR
- Define the clearing obligation and list key exemptions
- Define the reporting obligation and recognize the role of trade repositories
- List and define the key risk mitigation provisions of EMIR, including portfolio reconciliation and collateral exchange


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


Relevant Subject
Regulatory Compliance
SFC:3.50, PWMA:3.50
Chinese Securities Association of Hong Kong (HKCSA): HK$1100
All Member: HK$1050
Staff of Corporate Member: HK$1050
Non-Member: HK$1575