SICAV Briefing


Background

SICAV Funds based in Luxembourg are becoming of increasing interest to UK and other European Fund Managers concerned to have Pan European Funds with the maximum appeal, reputation and tax efficiency.

SICAVs can also be used in Life Assurance linked products as well as in
stand-alone funds.

This Briefing gives a complete review as to the Structure, Documentation and Administration processes of a Luxembourg based SICAV.   A basic knowledge of Mutual Fund structure is assumed eg of OEICS, ICVs, Unit Trusts (any type). 


Delegates

  • Fund Administration Managers
  •  Fund Managers & Stockbrokers
  •  Marketing Managers of Mutual Funds
  •  Product Designers
  •  Linked Life Administration Managers & Fund Managers
  •  Lawyers & Accountants needing a complete overview
  •  Custodians
  • IT Executives and Consultants designing Mutual Fund Systems


Content 
 
                                    

1          STRUCTURE & BACKGROUND                                                            

            European Context. Meaning of UCITS.

            The Luxembourg Regulations and relevant laws

            Who is the Regulator?

            The "SICAV" - Investment Company with Variable Capital and OEIC.

            Umbrella, Fund & Sub Fund structures explained.

            Meaning of Classes of shares

            Luxembourg FCP Structure

            UCITS III and IV: meaning and importance.

           

           

2          THE PARTIES INVOLVED IN A SICAV STRUCTURE & THEIR ROLES 

            The Management Company and the Board of Directors

            The Depositary /Custodian and the paying agent

            The Fund Administrators

            The Registrar and Transfer Agent                     

            The Investment Manager and investment adviser                       

            The Auditor and the Legal Adviser                   

            The Listing Agent                     

            Role of Intermediary and Distributor

           

3          OFFICAL DOCUMENTS AND REPORTING ASPECTS 

Articles of association

Key Investor Information Document (KHD)

Full prospectus

Annual and interim Financial report

Long form report

 

4         REGULATORY AND TAX ASPECTS  

             Basics of  AML/KYC

Meaning of Investment Objective and Restrictions

            Tax Aspects

            Risk management requirements for UCITS 3 SICAV (CSSF Circular 07- 308)

 

5          OVERVIEW OF VALUATION & PRICING PROCESS

            Structure of Fees and charges and Commissions

            Asset and Fund valuation

            Meaning of Accruals

            Meaning and calculation of Net Asset Value

            Price Calculation/NAV Error

            Meaning of Equalisation

            Share issuance, redemption, Creation, Cancellation      

 

6          OVERVIEW OF DEALING AND REGISTAR ASPECTS

            Account Opening

            Switching between sub funds

            Account Maintenance. Account Closing

Contribution/transfer in kind

            Register of investors.  Content.  Transfer of holdings.

            Late trading and market timing issues

 

7          DISTRIBUTION PROCESS

      Frequency and timing aspects

      Meaning of xd, Record and Payment dates

      Closing the books and distribution calculation

      Reinvestment calculation explanation    

 

8          OVERVIEW FUNDS CROSS BORDER SALE WITHIN EU

 




Todays Date:


Duration 1 day
London
Fee GBP 580 + VAT







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