Selling into Europe post-aifmd

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Selling into Europe post-aifmd Implications for non-eu Fund Managers Distributing under

Reporting & Valuation Requirements MiFID II Rules & Regulations Conference: Selling in

2015, London Steve Bernat Director LEMANIK ASSET MANAGEMENT Mari Lakio Grundy VP and

Regulatory Strategy STATE STREET GLOBAL ADVISORS David Morrison Managing Director Global

Analyst, Asset Management Regulation AIMA Tobias Ettlin Vice President AQR CAPITAL

1 Selling into Europe post-aifmd Implications for non-eu Fund Managers Distributing under AIFMD AIFMD Passport Extension to Non-EU Managers National Private Placement Regimes Risk, Reporting & Valuation Requirements MiFID II Rules & Regulations Conference: Selling in Europe post-aifmd, London Workshop: MiFID II: Key Challenges for Asset Managers 30th April 2015, London Steve Bernat Director LEMANIK ASSET MANAGEMENT Mari Lakio Grundy VP and Assistant General Counsel JANUS CAPITAL Susanne van Dootingh Managing Director, Head of Regulatory Strategy STATE STREET GLOBAL ADVISORS David Morrison Managing Director Global Head of Trustee & Fiduciary Services CITIBANK INTERNATIONAL Anna Berdinner Regulatory Analyst, Asset Management Regulation AIMA Tobias Ettlin Vice President AQR CAPITAL MANAGEMENT (EUROPE) Register Today: Tel: +44 (0) or : +44 (0) : kmregistration@informa.com

Highlights for Marketing Funds in Europe post-aifmd AIFMD High Level Issues Update on ESMA s deliberation of the AIFMD passport extension The impact MiFID II rules will have on distribution Investor

2 Highlights for Marketing Funds in Europe post-aifmd AIFMD High Level Issues Update on ESMA s deliberation of the AIFMD passport extension The impact MiFID II rules will have on distribution Investor perceptions of AIFMD v UCITS European, US & Asian Perspectives on Marketing Funds in Europe Selling in Europe in a post-aifmd environment The latest around passporting & 3rd country Depository obligations under the directive Understanding what the future holds for National Private Placement Regimes Risk, Reporting & Valuation Requirements National authority reporting obligations AIF and AIFM valuation responsibilities Understand the latest risk management requirements How remuneration works in practice 8.30 Registration & Welcome Coffee 9.00 Selling into Europe within an AIFMD Environment How managers are working within the framework - key pressure points - remuneration & costs - depository liability & fees - rising fees from multi-service providers - what has been the impact and what s next? Understanding how to distribute throughout Europe Third party AIFM platforms - will the third party manco platform take over? Regulatory preferences - has AIFMD facilitated business continuity? - private placement rules etc. vs. inducements and disguised charging Investor perceptions: AIFMD v UCITS Charles Muller, Partner, KPMG Steve Bernat, Director, LEMANIK ASSET MANAGEMENT Nigel Williams, Chairman, ROYALTON PARTNERS Aymeric Lechartier, Managing Director, CARNE GROUP Tobias Ettlin, Vice President, AQR CAPITAL MANAGEMENT (EUROPE) Charles Muller Steve Bernat Nigel Williams Aymeric Lechartier Tobias Ettlin 9.40 Depository Obligations under AIFMD Duties, delegation and liability Depositary v depositary-lite How to assess and select a depositary provider Passport extension - implications on depositary obligations - will there be the capacity and willingness to fill the demand? Future proofing your strategy What are the costs and risks for depositories post AIFMD? Mark Sweeney, Branch Manager & Head of Trustee Services, CITCO Bill Prew, Founder & CEO, INDOS David Morrison, Managing Director, Global Head of Trustee & Fiduciary Services CITIBANK INTERNATIONAL Paul Ellis, European Head of Product Solutions, Fund Services, HSBC SECURITIES SERVICES Brian McMahon, Managing Director, Asset Servicing, BNY MELLON Bill Prew David Morrison Paul Ellis Brian McMahon Register Today: Tel: +44 (0) or : +44 (0) : kmregistration@informa.com

3 10.20 The Impact MiFID II Rules will have on AIFMD How MiFID II is shaping up off the back of ESMA s advice - overview of the likely impact on managers - post-trade reporting, disclosure and transparency - dealing with inducements - interaction with the AIFMD provisions - implications of the legislation for reverse solicitation - AIFM passporting under MiFID II How MiFID II is shaping distribution strategies - identifying necessary operational changes Where we seem to be going with what constitutes added value to justify an inducement - examine where the gold plating has got to - other gold plating candidates - potential pitfalls of interpretation in the cross border context Examining MiFID II from the perspective of the split in UCITS - complex / non-complex - what this implies for suitability and appropriateness tests - the issue of due diligence on distributors and how you go about it - differing standards in different jurisdictions - the Italian stock exchange model Christopher Stuart-Sinclair, Director - Regulatory, Consulting, DELOITTE Dana Anagnostou, Partner, KRAMER LEVIN NAFTALIS & FRANKEL Juan Pablo Urrutia, European General Counsel, ITG Christopher Stuart-Sinclair Dana Anagnostou Juan Pablo Urrutia Networking Break & Refreshments What Does the Future Hold for National Private Placement Regimes? Practicalities and costs of marketing to member states of funds domiciled outside the EU Depositary, transparency and disclosure requirements Update on cooperation agreements between national regulators Assessing NPPRs for major jurisdictions: - UK - Netherlands - Ireland - Germany - Italy - Switzerland Differences in local implementation Whether to use service providers or administrators - how is everyone finding it? Jerome Lussan, CEO, LAVEN PARTNERS Mari Lakio Grundy, VP and Assistant General Counsel, JANUS CAPITAL Dr Heiko Bailer, Partner, SWISS TRUST ADVISORS Jerome Lussan Mari Lakio Grundy Dr Heiko Bailer Register Today: Tel: +44 (0) or : +44 (0) : kmregistration@informa.com

4 12.00 Marketing AIFs & AIFMs in Europe Update on ESMA s deliberation of the AIFMD passport extension - understanding the process & possible outcomes - common misconceptions & dynamics - timeframes for potential implementation Experiences and impact on fund managers outside the EU - Asia and US managers - marketing your fund to EU investors - partnering with EU managers Obligations under the regime - clarification aroudnd outstanding issues To what extent does AIFMD ease the NPPR? - differing private placement regimes and barriers to entry for non-eu managers - practical compliance challenges for non-eu managers Anna Berdinner, Regulatory Analyst, Asset Management Regulation, AIMA Li Yu, Senior Product Manager, China Specialist, HSBC SECURITIES SERVICES Jean-Pierre Gomez, Head of Regulatory & Public Affairs Luxembourg, SOCIETE GENERALE Susanne van Dootingh, Managing Director, Head of Regulatory Strategy STATE STREET GLOBAL ADVISORS Xiaojian Wang, Executive Partner, YAOZHI ASSET MANAGEMENT Anna Berdinner Li Yu Jean-Pierre Gomez Susanne van Dootingh Networking Lunch National Authority Reporting Obligations Transparency & Disclosure Reporting to investors Requirements Mario Mantrisi Chief Strategist & Research Officer KNEIP AIF and AIFM Valuation Responsibilities How valuation risk and pricing models have changed under AIFMD - different valuation models - level 3 - external valuers Clarifying valuation policies and procedures Pros and cons of in-house or external valuations - what are the key questions to ask? Oliver Morris Director, Advisory KPMG CHANNEL ISLANDS Sponsorship Opportunities for this Conference This event provides an excellent opportunity for you to meet investment professionals from across Europe. As a provider to this exclusive market, this unique conference offers you a platform to showcase your services to a highly targeted audience in a relaxed environment. For further information please contact Max Tattersall on: +44 (0) or max.tattersall@informa.com Register Today: Tel: +44 (0) or : +44 (0) : kmregistration@informa.com

5 15.00 Break & Refreshments Risk Management Requirements under AIFMD Risk structuring Delegation of investment management under the AIFMD Integrating risk management for AIFMD reporting Demonstrating that you have a grip on risk monitoring and reporting Challenges around prime brokers and segregation issues Operational allocation of risk responsibilities and liabilities Grant Lee Director PWC Closing Remarks Close of Conference MiFID II: Key Impacts for Asset Managers Half day workshop, 30th April 2015, London MiFID II will significantly impact market structures, as well as the organisation, transparency and conduct of business requirements applying to investment firms. With the impact of the number of proposals around enhancing investor protection, increased transparency and transaction reporting obligations this half day workshop aims to address the key challenges asset managers will be affected by in 2015 and beyond. Overview of MiFID II: What the January 2017 Start Dates Means Directive & Regulation Timeframes Harmonised pan-european process Obligations relating to derivative trading Directive: local interpretations MiFID II Requirements Requirements in relation to inducements & research Key business impacts Dealing commission Other commission payments Level 2 Measures ESMA s discussion paper and consultation paper The work of the European Banking Authority ESMA s proposals The EBA s proposals Inducements & Research Payments The current regime ESMA s new guidance Clarifications to the Quality enhancement test Limitations on what amounts to a minor non-monetary benefit What the requirements are Who the requirements apply to The requirement for an on-going service to be provided Annual disclosure of inducements and benefits Conflicts of Interest Identifying and managing conflicts Disclosure of conflicts Record keeping Disclaimers Transaction Reporting Types of transactions that need to be reported Fields within a transaction report Impact on those entities that have a reporting obligation Start 9.00am - Close of Day 12.00pm Register Today: Tel: +44 (0) or : +44 (0) : kmregistration@informa.com

, London MiFID II: Key Impacts for Asset Managers Thursday 30th April 2015, London FKW52887 FKW52887w WHEN AND WHERE VIP CODE Please quote the above VIP code when registering FKW52887 FKW52887W

If you wish to book a room, please call Venue Search on +44 (0)20 8546 6166 stating that you are an IIR delegate PERSONAL DETAILS 1st Delegate Mr/Mrs/Ms Company Address Venue: Central London FOUR

registration. All registrations must be paid in advance of the event. Your VIP Code is given above. HOW MUCH?

80 EASY WAYS TO PAY Web: www.ibc-events.com/ FundsinEurope The VAT rate is subject to change and may differ from the advertised rate.

6 , London MiFID II: Key Impacts for Asset Managers Thursday 30th April 2015, London FKW52887 FKW52887w WHEN AND WHERE VIP CODE Please quote the above VIP code when registering FKW52887 FKW52887W Thursday 30th April 2015 Delegates are responsible for the arrangement and payment of their own travel and accommodation. IBC has arranged a special room rate at a number of hotels. If you wish to book a room, please call Venue Search on +44 (0) stating that you are an IIR delegate PERSONAL DETAILS 1st Delegate Mr/Mrs/Ms Company Address Venue: Central London FOUR EASY WAYS TO REGISTER : Tel: +44 (0) Please remember to quote FKW52887 : Complete and send this registration form to: : +44 (0) Payment should be made within 14 days of registration. All registrations must be paid in advance of the event. Your VIP Code is given above. HOW MUCH? Choose your package Conference + Workshop Conference Only Workshop Only Register by 6 March 2015 q % = Save 300 q % = Save 200 q % = EASY WAYS TO PAY Web: FundsinEurope The VAT rate is subject to change and may differ from the advertised rate. The amount you are charged will be determined when your invoice is raised. Savings include Multiple Booking & Early Booking Discounts. All discounts can only be applied at the time of registration and discounts cannot be combined. All discounts are subject to approval (apart from early booking discounts which are available to everyone). Please note the conference fee does not include travel or hotel accommodation costs. 50% Discount for 3rd and subsequent delegates. We are happy to accept a replacement delegate for the whole event, however delegate passes cannot be split or shared between delegates under any circumstances. TERMS AND CONDITIONS Attendance at this conference is subject to IIR & IBC Finance Terms and Conditions at com/division/finance/termsandconditions. Your attention is drawn in particular to clauses 6, 8 and 14 of IIR & IBC Finance Delegate Terms and Conditions which have been set out below: Cancellation Policy: You may cancel your registration in accordance with this Condition 6. You will receive a refund of your fees paid to IIR and IBC Finance (if any): (i) if you cancel your registration 28 days or more before the Conference, subject to an administration charge equivalent to 10% of the total amount of your fees plus VAT; or (ii) if you cancel your registration less than 28 days, but more than 14 days before the Conference, subject to an administration charge equivalent to 50% of the total amount of your fees plus VAT. IIR and IBC Finance regrets that the full amount of your fee remains payable in the event that your cancellation is 14 days or less before the Conference or if you fail to attend the Conference. All cancellations must be sent by to kmregistration@informa.com marked for the attention of Customer Services and must be received by IIR and IBC Finance. You acknowledge that the refund of your fees in accordance with Condition 6 is your sole remedy in respect of any cancellation of your registration by you and all other liability is expressly excluded. Changes to the conference: IIR and IBC Finance may (at its sole discretion) change the format, speakers, participants, content, venue location and programme or any other aspect of the Conference at any Register by 27 March 2015 Scan with Smart Phone QR Reader App: q % = Save 200 q % = Save 100 q % = : kmregistration@informa.com Register after 27 March 2015 q % = Save 100 q % = q % = BY BANK TRANSFER: Full details of bank transfer options will be given with your invoice on registration. BY CREDIT CARD; To ensure we provide the highest level of security for your credit card details we are unable to accept such payments via or fax which ensures that these details are never stored on our network. To make payment by credit card on-line, please enter your credit card details in our secure payments website that you will use when making your booking via the event website (the event web address is near the top of the booking form). 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Tel: +44 (0) , fax: +44 (0) or integrity@iirltd.co.uk Incorrect Mailing: If you are receiving multiple mailings or you would like us to change any details, or remove your name from our database, please contact the Database Manager at the above address quoting the reference number printed on the mailing label. By completing and submitting this registration form, you confirm that you have read and understood the IIR and IBC Finance Delegate Terms and Conditions and you agree to be bound by them. Nature of Business Billing Address (If different from above address) Yes! I would like to receive information about upcoming events by . By giving you my address I am giving ONLY IIR companies the permission to contact me by 2nd Delegate Mr/Mrs/Ms Company Address Yes! I would like to receive information about upcoming events by . By giving you my address I am giving ONLY IIR companies the permission to contact me by 3rd Delegate Mr/Mrs/Ms Company Address 50% discount Yes! 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Cross-border alternative fund distribution

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