UNIT PRICING FORUM 2011

Transcription

1 The only forum designed exclusively for Unit Pricing professionals REGISTER BEFORE THE 9th APRIL AND SAVE $400 UNIT PRICING FORUM th-27th MAY 2011, GRACE HOTEL SYDNEY OPERATIONAL SAVINGS, IMPROVING EFFICIENCY, AND DRIVING SIMPLICITY & SAVE 50% COST Special Keynote Session - APRA Good Practice - Five Years On: what is APRA's likely areas of focus going forward? Craig Roodt - Senior Manager Market Risk, Australian Prudential Regulation Authority ( APRA) HEAR FROM INDUSTRY EXPERTS SUPPORTING ORGANISATIONS John Brogden Chief Executive Officer, Financial Services Council Graeme Arnott Chief Operating Officer, First State Super Glenn Hoover Head of Investment Management, AMP Finance Paul Toepfer Head of Fund Operations, Vice President, State Street Australia Ltd Joanne MacDonald Head of Risk Management and Compliance, Colonial First State Global Asset Management Stuart turner Partner, Ernst & Young David Mackaway General Manager Operations, Challenger Ltd Kyle Ringrose Head of Investment Operations, QSuper Mark Neary Managing Director Client Relationships Milestone Group Ricky Notarangelo Manager, Investment Accounting & Tax, Suncorp Life Amy Diab Head of Sales, Asset Servicing, NAB Andy Young Partner, Financial Services, Deloitte Touche Tohmatsu Mark Bland Partner, Clarendon Lawyers limited places only! Jules Gribble Director, Enterprise Metrics Rob Desoisa Executive Director, Financial Services, Ernst & Young David Glen Tax Counsel, TOWER Australia Caroline Marull Deputy Head of Operations BNP Paribas Securities Services Matt Githens Associate Director, Advisory, KPMG Pre conference Masterclass, Wednesday 25th May UNIT PRICING GOVERNANCE AND IMPLEMENTATION: HARDER THAN IT LOOKS Master Class Leader: EVENT SPONSOR BRING YOUR UNIT PRICING TEAM, REGISTER 2 AND GET 2 FREE! TO REGISTER Phone: register@ibrc.com.au Web:

2 UNIT PRICING FORUM 2011 LIMITED PLACES ONLY! Pre Conference Master Class 25th May 2011, Wednesday Registratioin:8:30 Timing am pm UNIT PRICING-GOVERNANCE AND IMPLEMENTATION: HARDER THAN IT LOOKS Unit pricing principles to work with Effective policy and governance Operational risk reserves Deferred tax assets Liquidity Issues, errors and materiality Error management and remediation Supervisory themes Emerging issues and risks Participants will also receive a Toolkit of useful materials Master Class Leader: Profile: Dr Jules Gribble is a Director of Enterprise Metrics, a boutique consultancy in the financial services. Jules brings over a decade of experience with all aspects of unit pricing issues, ranging from policy and governance, through unit pricing reviews and process improvements, transition form crediting rates to unit pricing for funds, to all aspects of managing and executing remediation projects for unit pricing errors. He has worked with the key stakeholders in the unit pricing process, including funds managers, superannuation funds, administrators, life insurers, administrators and custodians. Jules has over 25 years experience as business consultant, actuary and educator, and has also published several papers regarding unit pricing and the operational risks it entails. He is also a member of the Institute of Actuaries of Australia s Life Insurance and Wealth Management practice committee s Wealth Management subcommittee. Jules is an experienced presenter and trainer who encourage discussion and active participation in his workshops. Who should attend: All those with an interest in, or responsibility for, the management of the equitable attribution of value to investors, including Unit pricing managers Unit Pricing Analyst Fund Accounting Manager Trustees and Board members Senior management responsible for activities related to unit pricing Managers of fund operations Managers of funds administration Managers of compliance, risk and audit Chief Financial Officer EVENT SPONSOR Trust Accounting Manager Taxation Accountant Actuary Head of Investment Management General Manager Legal & Compliance Investment Services Manager Unit Trust Supervisor. Join us in May... Milestone Group s pcontrol software platform introduces a new approach to process improvement in fund accounting operations. pcontrol simplifies fund operations by automating key business functions and providing fully integrated process control dashboards, transaction, accounting, data management and reconciliation capabilities. Sponsorship Opportunities - sponsorship@ibrc.com.au

3 UNIT PRICING FORUM 2011 PANEL DISCUSSION 8:20 Registration & coffee 8:55 Opening remarks from Chair CONFERENCE DAY-1 THURSDAY, 26TH,MAY-2011 Stuart Turner, Partner, Ernst & Young OPENING ADDRESS - APRA 9:00 GOOD PRACTICE - FIVE YEARS ON The APRA/ASIC Guide to Good Practice in Unit Pricing was launched five years ago, with some amendments in What has the experience been from APRA's point of view, and what is APRA's likely areas of focus going forward? Craig Roodt, Senior ManagerMarket Risk, Australian Prudential Regulation Authority( APRA) KEYNOTE ADDRESS: 9: THE YEAR OF REFORM Implementation of the Government s response to the Cooper Review of superannuation; Changes to the financial planning industry through the Government s Future of Financial Advice (FOFA) package; and The Government s announcement to increase the superannuation guarantee from 9% to 12%. John Brogden, Chief Executive Officer, Financial Services Council 10:00 IMPACTS OF RECENT REGULATORY REVIEWS ON UNIT PRICING How may the landscape change with these substantial government reviews Impacts of recent regulatory reviews on unit pricing Panel chair: Stuart Turner, Partner, Ernst & Young Panellist: APRA Representative Invited Graeme Arnott, Chief Operating Officer, First State Super Glenn Hoover, Head of Investment Management, AMP Finance Craig Roodt, Senior ManagerMarket Risk, Australian Prudential Regulation Authority( APRA) Morning Coffee ERRORS AND STAKEHOLDER MANAGEMENT 11:00 UNIT PRICING ERRORS AND STAKEHOLDER MANAGEMENT What APRA, ASIC, Boards and Audit Committees want to know Key Risk Indicators Tips on Transparency Board papers - Getting the detail right Use of experts Glenn Hoover, Head of Investment Management, AMP Finance IMPLEMENTATION OF ERROR POLICY 11:30 IMPLEMENTATION OF ERROR POLICY Delegation of responsibilities between outsourced providers (Administration and Accounting) Setting of tolerances policy and contract When to suspend unit prices audit requirements under Section 155 Taxation review/rebalance/attribution DTA policy Third party reviews Graeme Arnott, Chief Operating Officer, First State Super IMPACT OF DERIVATIVES 12:00 THE IMPACT OF DERIVATIVES ON UNIT PRICING Derivatives in portfolios relationship to unit prices Errors on derivatives what happens to your unit price? Portfolios of derivatives and how pricing works Derivative risk: what are you disclosing to investors in relation to price impact? Joanne MacDonald, Head of Risk Management and Compliance, Colonial First State Global Asset Management 12:30 Lunch Sponsor TAX ISSUES FOR UNIT PRICING- POST GFC 1:30 TAX ISSUES FOR UNIT PRICING IN THE UNCERTAIN POST GFC REGULATORY ENVIRONMENT. Unit pricing and loss transfers Winding back deferred tax asset caps in an improving market. Adjusting unit price estimates to match actual tax liabilities. Unit pricing under the TOFA Regime. Monitoring compliance with unit pricing policy. Adjusting unit pricing policy in a dynamic environment. David Glen, Tax Counsel, TOWER Australia TAX PROVISIONING- RESULTS OF SURVEY & NEW APPROACH 2:00 RESULTS OF TAX PROVISIONING SURVEY There are varied practices for tax provisioning in unit pricing Unit pricing errors in this area are ongoing A targeted survey of those practices has been conducted Key findings and analyses are presented GROUP DISCOUNT OFFER - REGISTER 2 & GET 2 FREE

4 UNIT PRICING - OPERATIONAL SAVINGS, IMPROVING EFFICIENCY, AND DRIVING SIMPLICITY PANEL DISCUSSION 2:30 A NEW APPROACH TO TAX PROVISIONS IN UNIT PRICING Problems and Solutions in provisioning for tax in unit prices - case study on how to easily transform from complexity to simplicity A new approach, which is in use, is presented Driven by investor equity, not ATO calculations Simplicity, transparency and robustness Resilience and equity under stress Regulatory reactions and consistency with guidance Kyle Ringrose, Head of Investment Operations, QSuper 3.10 Afternoon Tea 3:30 TAX PROVISIONING AND RELATED ISSUES Panel Chair: Jules Gribble, Director, Enterprise Metrics Panellists: Kyle Ringrose, Head of Investment Operations, QSuper FRIDAY 27TH MAY-2011 David Glen, Tax Counsel, TOWER Australia SUPER SYSTEM REVIEW-IMPACT ON UNIT PRICING 4:00 SUPER SYSTEM REVIEW This will look at how the landscape may change with these substantial government reviews, and provide scenarios of how future practice may look Consideration of impacts on unit pricing arising from the Cooper Review and Government responses. 5:00PM- 6:00 PM NETWORKING DRINKS 8:55 Opening remarks from Chair KEYNOTE ADDRESS: CONFERENCE DAY-2 Friday 27th MAY Stuart Turner, Partner, Ernst & Young 9:00 KNOWING THE NAV IS RIGHT: IMPLICATIONS FOR INVESTORS, FUND OPERATORS AND OUTSOURCERS. Outsourcing vs in-sourcing common issues Price validations versus price surveillance. Who does what and why? Characteristics that deliver certainty, confidence, and efficiency. What do investors really want? Mark Neary, Managing Director, Client Relationships & Business Development Asia Pacific, Milestone Group INTEGRATING CHALLENGES- LESSONS LEARNT 9:30 CHALLENGES OF INTEGRATING 2 DISCRETE BUSINESSES ONTO A COMMON UNIT PRICING PLATFORM Developing a target unit pricing policy during the GFC. Identifying and assessing obligations to all stakeholders. Role of the Unit Pricing Committee. Rationalising and migrating legacy products onto a single unit pricing system. Co-ordinating efforts with other integration activities. Lessons learnt. Ricky Notarangelo, Manager, Investment Accounting & Tax, Suncorp Life Matt Githens, Associate Director, Advisory, KPMG BENEFITS & RISKS-OUTSOURCING UNIT PRICING 4:30 EFFECTIVE OUTSOURCING RELATIONSHIPS Weighing up the benefits of Outsourced unit pricing When you outsource unit pricing do you outsource responsibility for errors? 4.55 Closing remarks from the chair SUCCESSFULLY MANAGING UNIT PRICING CHALLENGES 10:00 MANAGING UNIT PRICING CHALLENGES Educate, train and develop resources Eliminating manual processes to reduce risk Leveraging technology Greater transparency Amy Diab, Head of Sales Asset Servicing, National Australia Bank 10:30 Morning Coffee SPEAKING OPPORTUNITIES - info@ibrc.com.au

5 UNIT PRICING FORUM 2011 DISCUSSION EFFECTIVE UNIT PRICING PROCESSES 11:00 EFFECTIVE UNIT PRICING PROCESSES AND ESTIMATING INFREQUENTLY PRICED ASSET People, Process and Providers Reviewing Securities Pricing Assumptions Benchmarking in Volatile Markets Pricing Securities not Trading David Mackaway,General Manager Operations, Challenger Limited FIDUCIARY ROLE IN UNIT PRICING THE FIDUCIARY ROLE IN UNIT PRICING What being a fiduciary entails What can be delegated What are the limitations How the fiduciary role has evolved in practice Mark Bland, Partner, Clarendon Lawyers 12:00 MEETING FIDUCIARY RESPONSIBILITIES EQUITABLY Balancing practicality and obligations Business issues Policy clarity Panel Chair: Jules Gribble, Director, Enterprise Metrics Panelist: Mark Bland, Partner, Clarendon Lawyers David Mackaway, General Manager Operations, Challenger Limited 12:30 Lunch Sponsor SUCCESSFUL UNIT PRICING EVNIRONMENT - HOW TO ACHIEVE THIS? 1.30 PEOPLE INGREDIENTS FOR A SUCCESSFUL UNIT PRICING ENVIRONMEN People management putting theory into practice Change and innovation Running operations - people matter OPEN DISCUSSION ARBITRAGE RISK 2.00 ARBITRAGE - HISTORIC PROBLEM OR BURNING ISSUE? Why is arbitrage an issue Identifying unit holder behaviours Impact of arbitrage Rob Desoisa, Executive Director, Financial Services, Ernst & Young 2.30 Afternoon Tea FUTURE BEST PARCTICES IN UNIT PRICING 3.00 FUTURE BEST PRACTICE IN UNIT PRICING - WHERE ARE WE HEADING? Understanding 'good practice' methodology Knowing your risks The effective implementation of software Caroline Marull, Deputy Head of Operations, BNP Paribas Securities Services UNIT PRICING PROCESS- HOW EFFECTIVE IS YOUR PROCESS? 3.30 EFFECTIVE TESTING OF YOUR UNIT PRICING PROCESSES Principles of testing controls Compliance considerations Pre-release testing - benchmarking, attribution analysis Post-release price assessment are you getting it right? Andy Young, Partner, Assurance & Advisory Financial Services, Deloitte Touche Tohmatsu 4.00 INTERACTIVE OPEN DISCUSSION: UNIT PRICING OPERATIONAL SAVINGS, IMPROV ING EFFICIENCY, AND DRIVING SIMPLICITY- HOW TO ACHIEVE THIS? This session will cover the key elements delivered during each presentation and will provide valuable insights regarding future of Unit Pricing in Australia. This will be a very interactive session. Delegates are encouraged to ask specific questions related to unit pricing. Stuart Turner, Partner, Ernst & Young 4.40 CLOSING REMARKS FROM THE CHAIR Paul Toepfer, Head of Fund Operations, Vice President, State Street Global Services, State Street Australia Limited BRING YOUR UNIT PRICING TEAM - REGISTER 2 AND GET 2 FREE!

6 save 50% REGISTER 2 AND GET 2 FREE! cost International Business Review presents: UNIT PRICING FORUM 2011 REGISTER BEFORE THE 12th March 2011 AND SAVE $500 REGISTER EARLY & SAVE UP TO $500! Please tick Conference Package Full conference Package (2 day conference plus master class) 2 Day Conference only EARLY BIRD SAVE DISCOUNTED RATE SAVE Pay before the 12th March 2011 $ gst = $ Pay before 9th April 2011 NORMAL RATE Pay after 9th April 2011 $500 $ gst = $ $400 $ gst =$ $ gst = $ $400 $ gst= $ $300 $ gst= $ *Only one discount applies per delegate and group discounts are calculated from the normal rate. UNABLE TO ATTEND THE CONFERENCE Purchase the conference presentations $ % GST = $ st Delegate Name (Mr/Mrs/Ms) 2nd Delegate Name (Mr/Mrs/Ms) 3rd Delegate Name (Mr/Mrs/Ms) 4th Delegate Name (Mr/Mrs/Ms) Company Name: Address: Approving Manager (Mr/Mrs/Ms): Booking Contact (Mr/Mrs/Ms): For additional delegates please photocopy this form. PAY BY CHEQUE - CHEQUE ENCLOSED FOR $ CREDIT CARD PAYEMENT - Bankcard Visa Mastercard Diners Credit Card Number Expiry date / Amex 4 digit code Amount $ Name of card holder PAY BY EFT EFT-Remitting to IBR Conferences - BSB A/C No with National Australia Bank, 345 George Street, Sydney Expected date of transfer.. EFT reference No I do not wish to receive any more mail from IBR conferences POST: Mail the form with payment to: Registrations Manager PO Box 411, Wentworthville,NSW 2145 VENUE DETAILS GRACE HOTEL, SYDNEY 77 York Street Sydney 2000, Australia (02) EASY WAYS TO PAY PLEASE CHARGE REGISTER NOW ( Cheques payable to IBR conferences) AMEX 3% Credit card fee will apply for Diners & AMEX GROUP DISCOUNT For 4 or more people, phone FOR CONFERENCE PAPERS: info@ibrc.com.au CANCELLATION POLICY visit our web site or call PRIVACY POLICY Visit our web site at INSURANCE: Registration fees do not include personal, travel or medical insurance of any kind. Delegates are advised when registering for the workshop and booking travel that a travel insurance policy be taken out to cover loss, cancellation, medical cover, etc for any reason. IBR Conferences do not take any responsibility for any attendees failing to insure. DISCLAIMER: IBR Conferences reserves the right to change the speakers, venue, dates or alter or delete items from the program as circumstances dictate and takes no responsibility for any errors, omissions and changes. ABN PHONE: (+61 2) FAX: C omplete and fax this registration form to: (+61 2) register@ibrc.com.au WEB: SPONSORSHIP OPPORTUNITIES sponsorship@ibrc.com.au