Unit Trusts: A Trustee Briefing


Background

This course provides an overview of the whole area and considerable detail on the responsibilities, roles and functions relevant to Trustee staff monitoring a Unit Trust. 

 


Delegates 

  • Trustee and Custodian staff and supervisors
  • Unit Trust administration staff dealing with Trust companies

This course is eligible for CPD or CPE requirements.

 

Details on request.

 

 

Day 1

 

Unit Trust Overview and Organisation

 

-The players-functions and relationships between the Client (Unit Holder), Trustee, Manager.

-The Trust Deed: Significance, content, changes to the Deed.

-U.T. authorisation and legal framework.

-Scheme particulars - content and importance.

-Types of Unit: Income v. Accumulation. U.T. charges.

-Types of U.T.: Aims and objectives

-General, Geographic, Theme.  

 

Pricing and Dealing

 

-Daily Trust valuation.  Pricing process.

-Equalisation.  Bid and offer prices and spread derivations.

-Forward v. Historic pricing.  Single pricing.

-Dealing round - Sale, Repurchase, Creation, Liquidation of Units.

-Contract notes.  Settlement procedure.

-Dealing examples.

-Unit cancellation.  Mistakes, rule breaches.

-The box - its significance and use.

-The art of Box Management.

-Sources of revenue to a U.T. Company.

-Pricing examples.

 

Distributions    

 

-XD dates - Closing the Books.  Timetable.

-Unit distribution calculation.  Warrant issue.

-Re-investment calculation.  Equalisation.

-Managers' holding rights.

-Dividend or distribution mandate forms.

 

Reporting Issues  

 

-Review of a report to unit holders.  Required content.

 

Registration and Certification

 

-Register of Unit Holders.  Content.  Transfer of Units.

-Procedure and paperwork.  SIB rules.

-Issue of certificates.  Certificate narration and signature.

-Damaged and lost certificates: Indemnities.

-Outline of procedures in change of Unit Holder status, e.g. marriage, divorce, probate, minors, change of address, joint holdings, splitting holdings and corporate holdings.   

 

 

Day 2

 

Regulation and Legal Background

 

-An outline of the Regulation and Compliance aspects, general law and FSA demands on Trustees.

-Rule breaches and complaints procedure.

 

Taxation Issues


-Outline of Taxation of Income and Capital Gains within the fund.

-Overseas income.  Franked income.

-VAT and quarterly returns.

-CT61, its importance and completion.

-Penalties for non-compliance.

 

The Trustee Role in Practice

 

-Objectives of Trusteeship.

-Responsibilities.

-Framework of operation.

-Investment and Borrowing Powers: their importance and monitoring.

-Relationships with Fund Managers, Registrar, Custodians.

-Trust Accounting.  Reconciliation. 

-Distributions.  Valuation and Pricing.

-Rule Breaches.

 

The course also includes several quizzes and exercises.

 

N.B.

 

This course has an overlap with our Unit Trust Administration course (UTA).  Delegates attending both within a one-year period will receive a 30% discount on the second course fee on notification to us.   

 

 

 

 




Todays Date:


Duration 2 days
Available as an in-house course







Investment Education PLC
45 Old Hall Road, Manchester M7 4JF, United Kingdom
Tel:+44 (0)161 832 3800
Email: mail@investmentEducation.net
Registered in England Number 2129160
VAT Registered Number GB 480 2112 85



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