LUNCH’N LEARN › ... › lunchnlearn2016-2017.pdfstatus and trends, with specific focus on CSSF...

LUNCH’N LEARN Training programme 2016-2017

!

Operations & Techniques• Share Class Hedging Techniques (FX

Overlay, Duration & Delta) - 1 JUN 2017

• Introduction to derivative Instruments (Part 1) - 18 MAY 2017

• Introduction to derivative instruments (Part 2) - 29 JUN 2017

• Private Equity universe: Debt, new limited partnership regime, carried interest - 6 MAR 2017

• Luxembourg management companies: Current status and trends, with specific focus on CSSF Circular 12/546 - 17 NOV 2016

• KIID / PRIIPS: Key Investor Information Document – More work ahead - 3 APR 2017

• CSSF Circular 2002/77: NAV errors and compliance breaches management and corrections - 20 MAR 2017

• Country by country reporting for funds: UCITS and AIF - 10 NOV 2016

• Introduction to private equity - 27 APR 2017

• Introduction to IFRS - 27 FEB 2017

• ETF and Index tracker funds: Definition, market overview, latest developments - 8 MAY 2017

Investment Funds

Taxation• Introduction to transfer

pricing - 22 DEC 2016

• Introduction to the reformed German Investment Fund Taxation -14 NOV 2016

Risk & Asset Management• Introduction to risk management (1/2):

principles, concepts and techniques - 21 NOV 2016

• Introduction to risk management (2/2): risk management for UCITS and AIFs - 12 DEC 2016

Banking• VAT for banks - 2 FEB 2017

• Current consequences of the BEPS initiative for Banks - 23 FEB 2017

Regulatory• MiFID II in practice - 22 JUN 2017

• Introduction to AIF and AIFMD - 8 JUN 2017

• Impact of Basel III and Solvency II for the asset management and fund servicing industry - 30 MAR 2017

• The Supervisory Review and Evaluation Process (SREP): towards banking supervision 2.0 - 27 MAR 2017

• CRS FATCA for Alternative funds - 9 MAR 2017

• EMIR - next challenges: Clearing and collateral management and Transaction Reporting - 13 APR 2017

• AIFMD reporting and notification - 15 DEC 2016

• Better Managing Risk, Liquidity and Capital in Banks: the Basel III/CRD IV reform - 16 FEB 2017

Insurance• Solvency II and the governance

challenge - 13 OCT 2016

Private Equity• AEOI for the PE

industry - 9 FEB 2017

• Sustainability in Luxembourg - 2 MAR 2017

Sustainability

Insurance

2

1. Solvency II timeline: Where do we stand?

2. Key functions: Recent updates

3. Challenges and potential solutions

Solvency II and the governance challenge

Michael CravatteAziza El Amrani

13 October 2016 / 12.30-14.30

Target audience: • CEOs

• Authorized managers (dirigeants agréés)

• CFOs

• Compliance officers

• CROs

• Legal counsels

3

Banking

1. Input VAT deduction methodology: Circular 765

2. Input VAT deduction for banking groups using branches: The Crédit Lyonnais case

3. Independent Group of Persons Vand VAT grouping: the Skandia Life case

4. Discretionary portfolio management activities: The Deutsche Bank case

5. Brexit – Indirect taxes impact for Banks

VAT for banks

Raphaël Glohr Joachim Bailly

2 February 2017 / 12.30-14.30

Target audience: • Bank clerks

• Middle-management

4

Banking

1. Input VAT deduction methodology: Circular 765

2. Input VAT deduction for banking groups using branches: The Crédit Lyonnais case

3. Independent Group of Persons Vand VAT grouping: the Skandia Life case

4. Discretionary portfolio management activities: The Deutsche Bank case

5. Brexit – Indirect taxes impact for Banks

Current consequences of the BEPS initiative for Banks

Weber Armin

23 February 2017 / 12.30-14.30

Target audience: • Bank clerks

• Middle-management

5

Private Equity

1. Introduction: the rapid shift to global automatic exchange of information in tax matters

2. FATCA and CRS for supervised vs. non-supervised PERE funds

– Possible FATCA and CRS statuses of Luxembourg SIF, Soparfi, operational entities, property companies, etc.

– Strategic considerations in respect of FATCA and the CRS

– FATCA and CRS classification and reporting obligations: differences in function of FATCA and CRS status

– Examples of how common structures are impacted

3. Important side-aspects

– Delegation of classification and reporting obligations

– Managing of data protection obligations by entities qualifying as RFI: notification of the CNPD, notifications of protected individuals, including controlling persons

– Ensuring ongoing compliance: operational procedures, sanctions framework and preparing for possible tax audits

4. Expected developments, such as

– Extension of CRS reporting country scope

– Impact of proposed amended AML Directive on controlling persons identification

– New proposed reportable data fields

Target audience:

• Private equity administrators

• Fund accountants

Alain Verbeken

AEOI for the PE industry

9 February 2017 / 12.30-14.30

6

Investment Funds 6 March 2017 / 12.30-14.30

1. Crowd funding: Myths and reality on this new fundraising process

2. Private debt: Main structuring consideration including regulatory and tax aspects in case of direct (origination) lending activity

– Use of a regulated vehicle vs non-regulated vehicle

– Tax aspects: Double tax treaty access and reduced withholding tax rate

– Loan administration / servicing

– Loan management (performing or non-performing): calculation, monitoring and accounting

– Interest advise letters and loan portfolio reporting

– Cash flow management

– Shadow banking concerns

3. Infrastructure vehicles, specificities and points of attention

Alexandre Prost-GargozNick Tabone

Private equity universe: Debt, new limited partnership regime, carried interest

Xavier Zaegel

Target audience:

• Private equity administrators

• Fund accountants

7

Investment Funds 17 November 2016 / 12.30-14.30

1. UCITS Management companies - Chapter 15

2. Non-UCITS Management companies - Chapter 16

3. Organisation and governance principles

4. Main substance requirements

5. Market trends and existing set-ups

Gerard Lorent

Luxembourg management companies: Current status and trends, with specific focus on CSSF Circular 12/546

Target audience:

• Conducting officers

• Employees of management companies

• Fund administrators

• Custodian bank employees in charge of relationship with management companies

8

Investment Funds

1. Lessons learnt from practitioners

2. Operational challenges

3. Production challenges

4. Impact due to PRIIPS forthcoming regulation

Target audience:

• Conducting officers and employees of management companies


• Legal advisors

• Distributors

Jeff MicallefMarc Noirhomme

3 April 2017 / 12.30-14.30

KIID/PRIIPS: Key Investor Information Document – More work ahead

Sylvain Crepin

9

Investment Funds

Target audience: • Conducting officers

and employees of management companies


• Custodian bank clerks

• Operators in middle management of fund administrations

• Transfer agents

20 March 2017 / 12.30-14.30Nicolas Hennebert Valérie Gouin

1. CSSF Circular 2002/77

2. Net Asset Value (NAV) errors and compliance breaches management and corrections

– NAV errors (CSSF Circular 2002/77)

– Calculation methods

– Application of CSSF Circular 2002/77 in Luxembourg

– Historical background and European harmonisation

– Focus on NAV errors (CSSF Circular 2002/77

– Computation errors

– Non-compliance with investment restrictions

– Anti-dilution techniques in Europe

– Dilution - What is it? How to calculate it? How to avoid it?

– Benefits and downturns of anti-dilution mechanisms

– Description of anti-dilution mechanisms

– Spread

– Dilution levy

– Full swinging

– Semi swinging

– Market practices in Europe

CSSF Circular 2002/77: NAV errors and compliance breaches management and corrections

10

Investment Funds

Target audience:

• Junior fund administrators

• Transfer agents

• Depository Bank clerks

• Staff in above function joining Luxembourg operations

1. General overview – based on OECD Guidance and Luxembourg draft Law (or just Law in in 2017)

– Regulation: Purpose of the regulations

– Content of the reporting (high level)

– Reporting entities for CbCR

– When the report has to be submitted

– (Lux) Penalties

– Exchange of information mechanism

2. Practical guidance to determine the scope – OECD Guidance

– General rule

– Specific rules for fund industry

Takeaways: Scoping for Investment Industry (at this stage, or Takeaways for Investment Industry if in 2017)

3. Summary of the disclosures

– Table to be filled and submitted to Tax Authorities

– Definition of the key items that needs to be reported

4. IT Solutions for CbC reporting: Deloitte tool called “CDX”

– Short presentation of the tool

– Short presentation/discussion on typical ratios (e.g. employees over revenues) that may highlight focus areas

5. How can Deloitte be of assistance

Country by country reporting for funds: UCITS and AIF

10 November 2016 / 12.30-14.30Filip Vukovic Sahira Ignacio

11

Investment Funds

1. Industry overview

– Private equity types (venture capital, buyouts, etc.)

– Global perspective

– Luxembourg perspective

2. Structuring private equity in Luxembourg

– Initial structuring

– Legal vehicles

– Cross-border tax structuring: A rule of three

– Three levels of jurisdiction to consider

– Three key moments to assess tax exposure

3. Accounting and valuations

– Valuations

– Reporting GAAPs

Target audience:

• Private equity administrators and fund accountants

Christian Van DartelFrancisco Da Cunha

27 April 2017 / 12.30-14.30

Introduction to private equity

12

Investment Funds

Gukhool NareshFabien Delante

Target audience: • Fund accounting and

financial reporting teams


• Tax advisors

• Custodian bank clerks

27 FEBRUARY 2017 / 12.30-14.30

Introduction to IFRS

1. IFRS and investment funds

2. Primary financial statement presentation for funds reporting under IFRS

3. Application of relevant IFRS standards to accounting and reporting for funds

4. Latest developments in IFRS where applicable to funds

13

Investment Funds

Target audience: • Fund administrators

• Fund promoters

• Fund managers

• Managers of management companies

• Product development officers

• Private bankers


Guillaume Brousse

8 May 2017 / 12.30-14.30

ETF and Index tracker funds: Definition, market overview, latest developments

1. What are ETC and the tracker funds?

2. The ETF and tracker fund market: Why ETF and index tracker funds?

3. Latest regulatory developments

4. ETFs and index tracker funds in Luxembourg

14

Operations & Techniques

Target audience: • FX Overlay Managers

• Risk Managers

• Fund Administrators

• Conducting Officers of Management Companies

• Asset Managers

Dylan SoalhatJulien Baguet

1 June 2017 / 12.30-14.30

Share Class Hedging Techniques (FX Overlay, Duration & Delta)

1. Operational considerations

– Hedging structures

– Impacts from ESMA consultation paper on UCITS share classes

– Controls and risk reporting:

– Monitoring the risks through a set of pre-defined hedging KPI/KRI’s

– Graphical representation of the hedging impacts

– Impact and volatility of the hedge

2. Hedging structures

3. Impacts from ESMA consultation paper on UCITS share classes

4. Controls and risk reporting:

– Monitoring the risks through a set of pre-defined hedging KPI/KRI’s

– Graphical representation of the hedging impacts

– Impact and volatility of the hedge

5. Sources of FX hedging impacts

6. Duration Hedging

7. Delta Hedging

15


Hervé Hens

18 May 2017 / 12.30-14.30

Introduction to derivative instruments (Part 1)

1. Credit default swaps

2. Total return swaps

3. Credit linked note

Target audience: • Junior fund administrators

• Transfer agents

• Depository bank clerks


16


Hervé Hens

29 June 2017 / 12.30-14.30

Introduction to derivative instruments (Part 2)

1. Swaps: Interest and currency swaps

2. Forward contracts and futures

3. Options

4. Contract for difference

Target audience: • Junior fund administrators

• Transfer agents

• Depository bank clerks


17

Regulatory

Julie van Cleemput Paulina Laparra Kevin Demeyer

22 June 2017 / 12.30-14.30

MiFID II in practice

1. Introduction

2. Timeline of what has been done and what is to come

3. Current state of transposition of the directive

4. Key challenges and market practice (high level)

Target audience: • Fund professionals

• Middle management

• Banking professionals

• Middle management of banks

18

Regulatory

Paola Liszka - Draper Ladislas de Crouy-Chanel

8 June 2017 / 12.30-14.30

Introduction to AIF and AIFMD

1. Overview of general principles

– Scope, definitions and key compliance areas

2. Transparency, notification, disclosure and reporting

– AIFM and AIF notification requirements

– Investor and regulatory disclosures

– Reporting requirements


• Custodian banks clerks


19

Regulatory

Sylvain Crépin Michael Cravatte

30 March 2017 / 12.30-14.30

Impact of Basel III and Solvency II for the asset management and fund servicing industry

1. Introduction

2. Overview of the Basel III framework

3. Indirect impacts for asset managers & investment funds

4. Overview of the Solvency II framework

5. Indirect impacts for asset managers & investment funds

Target audience: • Risk managers

• Asset managers

• Conducting officers of management companies

• Fund sales managers and account managers

• Fund directors

• Heads of client reporting

• Risk managers

• CROs


• Asset managers


20

Regulatory

Arnaud Duchesne Bertrand Parfait

27 March 2017 / 12.30-14.30

The Supervisory Review and Evaluation Process (SREP) : towards banking supervision 2.0

1. Introduction to SREP and reacting to the changing environment

2. Business analysis

3. Assessment of internal governance and institution-wide controls

4. Assessment of risks to capital (ICAAP)

5. Assessment of risks to liquidity and funding (ILAAP)

Target audience: • Chief internal auditors

• Chief risk officers, compliance officers

• CEOs

• Board members

21

Regulatory

Alain Verbeken Anthony Tremblier

9 March 2017 / 12.30-14.30

CRS FATCA for Alternative funds

1. FATCA and CRS implementation & maintenance: Feedback exchange of information operated under FATCA. What remains to be done? Upcoming first exchange under the CRS

2. Sanctions framework

3. Remediation: What needs to be done if shortcomings are detected?

4. Compliance programme: Providing assurance on how FATCA and CRS are operated

Target audience: • Conducting Officers of

Management Companies

• Fund sales managers and Account managers

• Legal counsels

• Tax advisors

• Funds directors

22

Regulatory

Laurent Collet Kevin Demeyer

13 April 2017 / 12.30-14.30

EMIR - next challenges: Clearing and collateral management and Transaction Reporting

1. EMIR - AG29: where do we stand today? Wrap-up on RMT and reporting

2. The latest developments of mandatory clearing

3. The exchange of bilateral collateral: Key requirements and next milestone

4. Implications of clearing and bilateral collateral on the operational model of the institution - the way forward

Target audience: • Conducting officers of

management companies

• Custodian bank operations officers, managers / Fund administrators

• Risk and collateral management function

23

Regulatory

Paola Liszka-Draper

15 December 2016 / 12.30-14.30

AIFMD reporting and notification

1. AIFMD reporting

– Reporting requirements: scoping, frequency

– Overview of the report content

– Solving the reporting puzzle in 5 steps

– Focus on the analysis phase and its strategic impact

– Architecture of a typical operating model

2. AIFMD notification

– Distribution landscape – Different regimes for marketing and managing AIFs

– Notification – Overview of various notification possibilities – Investor and regulatory disclosures – What does the future hold?


• Custodian banks clerks


24

Regulatory

Arnaud Duchesne Bertrand Parfait

16 February 2017 / 12.30-14.30

Better Managing Risk, Liquidity and Capital in Banks: the Basel III/CRD IV reform

1. Why holding capital to cover risks?

2. From Basel I to Basel III: A bit of history

3. Overview of main components of the CRD IV / Basel III framework

4. Zoom on Solvency requirements

– Credit risk

– Counterparty credit risk

– Market risk

– Operational risk

5. Zoom on liquidity requirements

6. Zoom on pillar II and the ICAAP

7. Impact of Basel III on business models of the banks and observed challenges

Target audience: • Risk managers

• Treasury officers

• CFOs and finance managers in credit institutions and investment firms (PSF)

25

Risk & Asset Management

!Sylvain Crepin Gildas Blanchard

21 November 2016 / 12.30-14.30

Introduction to risk management (1/2): principles, concepts and techniques

1. Introduction to risk management (1/2): principles and techniques

2. Risk management principles

3. Overview of main risk categories

4. Financial risk quantification

5. Market / Credit Value-at-Risk: principles and methodologies

6. Emerging risks and challenges

Target audience: • Risk Managers

• CROs

• Compliance Officers

• Asset Managers


26

Risk & Asset Management

!Sylvain Crepin

12 December 2016 / 12.30-14.30

Introduction to risk management (2/2): risk management for UCITS and AIFs

1. Introduction to risk management (2/2): risk management for UCITS and AIFs

2. Regulatory context & timeline

3. Main risk management regulatory requirements

4. Risk Management Process (“RMP”)

5. Introduction to risk management for AIFs and illiquid assets

6. Key attention points

Target audience: • Risk Managers

• CROs

• Compliance Officers

• Asset Managers


27

Sustainability

Nilgun Okür Julie Castiaux

2 March 2017 / 12.30-14.30

Sustainability in Luxembourg

1. The new directive on disclosure of non-financial and diversity information

2. Deloitte sustainability market survey

3. Presentation of the main drivers

4. Presentation of main sustainability topics


• Fund promoters

• Fund managers


• Tax and legal advisors

• Product development officers

• Private bankers

28

Taxation

Stéphan Tilquin Balazs Majoros Enrique Marchesi Herce

22 December 2016 / 12.30-14.30

Introduction to transfer pricing

1. Introduction

2. What is transfer pricing?

3. Transfer pricing basics

4. International trends (BEPS)

5. OECD BEPS Action Plan

6. Action 8: Transfer pricing aspects of intangibles

7. Action 13: Transfer pricing documentation

8. Luxembourg landscape

9. Current Luxembourg transfer pricing regulations

10. Local and international standards

11. Transfer pricing in Luxembourg: Circular 164/2 LITL

12. EU Commission: The Fiat Case

13. Banks, other Luxembourg FSI actors and transfer pricing considerations

Target audience: • Trust Companies

• Fiduciary

• Tax Departments of management companies

• Real estates and private equity vehicles with Luxemburg Soparfis,

29

Taxation

Jacquou Martin Markus Jung Marie Van Gaisberg

14 November 2016 / 12.30-14.30

Introduction to the reformed German Investment Fund Taxation

1. Overview of the new German Investment Tax Act (GITA)

2. Taxation of the Investment Fond and their investors under the new GITA

3. Taxation of the Specialized Investment Fond and their investors under the new GITA

4. Transition rules

5. Outlook


• Transfer agents

• Fund promoters

LUNCH’N LEARN › ... › lunchnlearn2016-2017.pdfstatus and trends, with specific focus on CSSF...

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