Investment Management: Regulatory Challenges Ahead

Contents, challenges and impacts of regulatory evolutions

Course objectives

  • Understand the legal and compliance framework for UCITS
  • UCITS IV and roadmap to UCITS V
  • Analyze the impacts of Basel 3 and Solvency 2 on the Asset Management industry

Investment management industry in France in 2014

  • Edges and assets under management
  • Evolution of the asset management industry

Regulatory framework for Collective Investment Schemes

  • Regulating risk
  • Transparence rules
  • Regulation guidelines : MIFID, FCA supervision,etc.
  • How the supervisor operates and main model changes in Europe
  • Norms modules and controls by UCITS category
  • Constraints for investors based on the UCITS type

Solvency 2 and Basel 3 : contents and impacts on asset management

  • Content and stakes of Solvency 2
    • The 3 pillars
    • Standard Method Vs Internal model
    • Convergence with Basel 3 and calendar for implementation
    • Potential impacts by asset class
    • Potential impact for institutions
  • Content and stakes of Basel 3
    • Rationale for the reform
    • Progress over Basel 2 and calendar for implementation
    • Impact on financial markets
    • More and higher quality capital
    • New ratios
  • Combination of Solvency 2 and Basel 3 complementing the Conglomerates directive
    • Complementary capital
    • Subsidiaries and controlling stakes in insurance companies
  • Conclusions on combined impacts of Basel 3 and Solvency 2 reforms on asset management industry

UCITS IV : contents and impacts on asset management

  • Calendar for implementation
  • Content, new metrics and new compulsory documents
    • The KID (Key Information Document)
    • The SRRI (Synthetic Risk Reward Indicator, ratio for fund comparison analysis)
    • European harmonisation of risk-reward measures
  • Expected impacts on the European asset management industry
    • Simplification of cross border fund launch - Increased investor protection
    • Concentration, specialisation and differentiation of asset managers
    • Options for asset management firms
    • Synthesis: Combined impact of all reforms on asset management

The impact of AIFMD on the Alternative Investment Management industry

  • Rationale and content of AIFM : novelty
  • Costs and calendar for implementation
  • Just a burden or new market opportunities ?

Case Study: roadmap for reform

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